CyberGRC Prime: Simplifying IT & Cyber Risk Management with an All-in-One SolutionIT Risk & Cyber Risk | 6 Min Read |26 July 23|by Agnishwar Banerjee
In the foreseeable future, the unavoidable trend is that IT and cyber risks will continue to rise in volume while simultaneously improving in sophistication and complexity. There is no doubt about this, with the digital world advancing at an unprecedented pace. Today cyber risk is a top 10 risk according to the World Economic Forum, while the cost of a data breach is at a global high of $4.4M, according to thinktank, Ponemon Institute. Additionally, the interconnectedness of global systems and the increasing interdependence of economies will result in cyber risks getting amplified.
The solution lies in staying one step ahead by gaining a holistic view of your organization’s cyber risk posture, continuously adapting security strategies, and building cyber resilience—only possible with the right cyber risk product. Scroll down as we explore the key areas of cyber risk management, the criticality of a centralized platform, and how MetricStream’s CyberGRC Prime package can help.
Key Areas of IT and Cyber Risk Management
The generally considered key areas of IT & Cyber risk management are:
- Threats and Vulnerabilities
This includes potential threats and vulnerabilities that can impact the confidentiality, integrity, and availability of an organization's information technology systems. These risks can arise from internal factors such as inadequate IT infrastructure or lack of employee awareness or external factors like cyberattacks. It is crucial for organizations to identify and manage these risks effectively to ensure the continuity of their operations and protect sensitive information.
- IT Compliance
A key area that ensures compliance with relevant IT regulations and standards. Compliance refers to adherence to legal, industry-specific, or internal requirements related to IT security and data privacy. Non-compliance can result in severe consequences, including financial penalties, reputational damage, and loss of customer trust. Therefore, organizations must establish robust IT compliance programs that include regular audits, risk assessments, and the implementation of controls to mitigate identified risks.
- IT Policy Management
A vital area that plays an integral role in ensuring risk mitigation by implementing rules, guidelines, and processes for threat detection, vulnerability assessments, compliance with regulatory and framework requirements, ensuring operational efficiency for internal activities such as user roles, social media engagement, onboarding/offboarding employees, vendors and partners, incident response and resolution. Policies and, more importantly, adherence to them go a long way in ensuring the organization stays on top of its risk posture.
- Third-Party Risks
Third and fourth-party risks have become an unavoidable and indispensable part of any organization’s IT ecosystem. From day-to-day applications to cloud storage, software development, or network management, these relationships introduce additional risks as the organization is dependent on the security practices and controls implemented by the third party. Failure to adequately assess and manage third-party risks can lead to data breaches, service disruptions, or non-compliance with regulatory requirements. Therefore, organizations must conduct thorough due diligence before engaging with third parties and establish proper oversight mechanisms to monitor their performance.
Complex and Interconnected Risks Require a Single, Centralized Platform
In today's world, all the above key areas of IT and cyber risk management are becoming increasingly complex and interconnected, and thus they need to be viewed together. It is, therefore, crucial for organizations to have a centralized platform to manage these risks effectively. By consolidating IT risks, IT compliance, and third-party risk on a single platform, businesses can streamline their risk management processes and reap numerous benefits such as:
- 360-Degree Panoramic View of the Cyber Risk Landscape
Managing IT risks, IT compliance, and third-party risks on a single platform allows organizations to have a holistic view of their risk landscape. This comprehensive perspective enables businesses to identify potential vulnerabilities and threats within their IT infrastructure, ensuring that all areas of risk are adequately addressed. By having a centralized platform, companies can align their risk management efforts, improving overall efficiency and effectiveness.
- Reduce the Risk of Non-Compliance
Consolidating these different aspects of risk management helps organizations in achieving IT compliance. Compliance with various regulations and standards is essential to protect sensitive data and maintain customer trust. By having a single platform that incorporates all compliance requirements, businesses can easily monitor and track their adherence to industry regulations. This not only saves time and resources but also reduces the risk of non-compliance penalties and reputational damage.
- Protect from Third-Party and IT Vendor Risk
With the increasing reliance on outsourcing and partnerships, organizations often share sensitive information with external parties. However, these third-party relationships can introduce significant cybersecurity risks. By centralizing third-party risk management on the same platform as IT risks and compliance, businesses can ensure that all potential vulnerabilities are identified and addressed. This proactive approach minimizes the chances of a cyber breach or data compromise through third-party channels.
- Break Down Organizational Siloes
Consolidating these risk management processes on a single platform enhances collaboration and communication within the organization. Different departments can easily access and share information related to IT risks, compliance requirements, and third-party risks. This improved visibility enables cross-functional teams to collaborate effectively and make informed decisions that align with the organization's overall risk management strategy.
While the numerous benefits are inherently apparent, the current challenge faced by organizations is the unavailability of integrated and consolidated platforms that can proactively manage all the key areas in IT and cyber risk. The market currently offers only single-solution products. High-quality and reliable products that can cater to the comprehensive needs of cyber risk leaders are still in a nascent stage.
MetricStream CyberGRC Prime: A Pre-Packaged, Integrated SaaS Solution
This is where MetricStream's CyberGRC Prime Package comes in. CyberGRC Prime Package is a pre-packaged, integrated SaaS solution designed to streamline and enhance your IT and cyber risk and compliance program. You gain:
Comprehensive and Integrated Solution
One of the most significant advantages of the CyberGRC Prime package is its comprehensive and integrated approach to cyber risk management and compliance. With four built-in modules covering Risk Management, Compliance Management, Policy Management, and Third-Party Risk Management, the package provides a holistic view of an organization's risk landscape. Some specific benefits include:
- Pre-configured workflows for conducting bespoke risk assessments at pre-defined intervals
- Built-in compliance frameworks that enable simplified and quick set-up to create a bespoke compliance repository
- Automated compliance management, which reduces manual effort, minimizes errors, and speeds up compliance activities
- Enhanced ability to define, attest, distribute, communicate, assess, and manage policies and procedures related to IT and cyber risk management
- Effective due diligence, tiering, continuous monitoring, and risk mitigation of third-party risks
In turn, this integration allows companies to break down silos and create a unified risk and compliance framework. Teams can collaborate seamlessly across functions, sharing information and insights that lead to better risk mitigation strategies and streamlined compliance efforts.
- Rapid Deployment and Hassle-Free Implementation
When it comes to adopting new software solutions, time is of the essence. CyberGRC Prime package's pre-packaged nature ensures a rapid deployment process in a matter of weeks and not months, thus allowing your organization to get your risk and compliance programs up and running quickly and realize quick time-to-value. In practical terms, this translates into immediate risk visibility and actionable insights. Your organizations can now identify vulnerabilities and potential threats promptly, enabling you to respond faster to emerging risks and incidents. This agility is crucial in today's fast-paced cyber threat landscape.
- Fixed and Visible Cost
It is important to determine the total cost of ownership of any solution. The CyberGRC Prime package makes this possible with fixed costs for the duration of the term with no hidden costs or surprise price escalations, which provides management with clear and unambiguous visibility into investment requirements and returns on such investments.
By leveraging the CyberGRC Prime package, your organization is empowered to confidently navigate the complex landscape of cyber risks and regulatory requirements, safeguarding your operations and reputation in an increasingly digital world.
So why wait any further?
- Set up a demo and see it in action
- Request for a limited period trial and see the benefits for yourself
Learn more: Download our CyberGRC Prime package product overview.