Managing cybersecurity threats, risks and uncertain events is a regular challenge for modern-day businesses. With constant changes, both internally and externally impacting your risk exposure, maintaining up-to-date insights is increasingly difficult.
Whether you’re building a new risk management practice or looking for a system to mature and optimize your current programs, it’s important to establish a data framework that can support quick adjustments to stay current as you re-tool your business over time. With an up to date view of your risk posture, you can readily identify and address cybersecurity threats.
The Importance of Your Risk Infrastructure
Your data structure should:
- Serve as a central source of truth
- Provide additional context to individual data points
- Mirror your organizational hierarchy and operations
In this article, we’ll focus on how business operations have changed, their impact on your risk management programs, and how leveraging a flexible GRC platform can advance your insights for cybersecurity initiatives.
Changing Landscape of Cybersecurity Threats and Digital Operations
The extent and speed of business operations is more complicated than ever. Systems to support agile and continuous processes have evolved to increase operational efficiency and deliver higher value to both customers and the business. From operating a global enterprise to managing a network of interconnected companies contributing to a shared customer value chain, each ecosystem has a dynamic mix of resources and assets that are regularly adjusted to meet business goals.
Technology to combat cybersecurity threats and support risk management from identification through mitigation has historically required heavy customizations to define your business processes, data inventories, and build in the structure to mirror your organization’s operations. This level of detail is needed to integrate technology into your operations. The problem with a heavily customized platform is that it can easily fall out of sync as your programs continue to advance and threats progress.
Emphasis on Digital Risk Management and Cybersecurity Threats
From intellectual property to customer information, the data flowing through your business is arguably the most valuable asset within your organization. How companies operate has increased their attack surface and vulnerability to cybersecurity threats from:
- The amount of data your businesses collect and accesses
- The locations of where the data is stored
- How data transfers and is processed within and outside of your organization.
While digital channels have fueled rapid growth and process optimization, relying on these means unchecked has left organizations open to cybersecurity threats. Technology and motivated threat agents are finding hidden new opportunities for vulnerabilities to be exposed. Changes in risk exposure continue to shift and change at an accelerated rate. Businesses need the ability to re-toll systems to accurately track resources and risk exposure to keep pace with cyber threats.
Having a system tailored to your organization is essential, but the system also needs to flexibly adjust to align with your programs and resources. A system out of sync can leave you exposed to cybersecurity threats, consume unprecedented resources, extend your time to value, and inflate your overall cost of ownership. There are GRC solutions that offer a robust catalog of features. Still, if the basic functions of your solution are unable to keep pace with your organizational alignment, the features become obsolete.
Read this blog to learn more about what elements support a flexible risk management infrastructure to build an agile foundation enterprise risk management system.
Contact our team of experts to discuss how the OneTrust GRC platform can support your business initiatives.