A Dynamic Infrastructure to Extent to Line of Business and Reinforce Controls
Security by Design focuses on embedding best practices into everyday operations, including your GRC technology systems. As a preventative strategy, Security by Design focuses on stopping a cybersecurity incident rather than repairing the issue and restoring systems after a company has experienced an attack or cybersecurity breach. Security by Design is a supporting tactic for implementing and promoting a proactive risk management culture. Initiating a proactive risk management strategy, such as SbD, is not a new concept. However, EY’s 2020 Global Information Security Survey, with insights from 1,300 cybersecurity leaders, revealed that
“65% of businesses only consider cybersecurity after it’s already too late.” (Lovejoy, 2020)
The changing landscape of our digital evolution and the reality of global economic interruptions have caused significant challenges for businesses to keep pace with cyber risk. While companies are still adapting to technology, stalled supply chains, and shifts to a remote workforce, threat agents do not experience interruptions.
Agile GRC Software
Though the pace of digital solutions and data sprawl can be overwhelming, cloud-based technology has made it easier for software providers to support businesses implementing security by design practices. The ability to operate without heavy customization is essential to your GRC technology infrastructure. Businesses need GRC technology that can adapt to organizational changes and connect to applications across the organization to support and validate security programs in practice. This allows your IT and risk managers to have improved visibility and report to leadership from a centralized platform.
Defining Risk Elements
Compliance efforts have largely dominated governance, risk, and compliance. Because compliance has well-defined boundaries, it is a more straightforward initiative to focus on risk management. On the other hand, cyber risk involves several variables, both inside and outside of your organization. To effectively support security by design practices, you first need a complete picture of your cybersecurity lifecycle. Having a GRC technology, and risk management software that can track the extent of these relationships between threats, vulnerably, potential risks, and pro-active controls is vital to supporting continuous monitoring to note changes in circumstance.
Threats, vulnerabilities, assets, and controls are the tangible elements to track in your cybersecurity practice. Risk is commonly inaccurately focused on threats. Cyber risk must be correctly defined as a potential business impact so that security by design controls and processes can be effectively designed, implemented, and tested.
Modeling Cyber Risk Treatment Plan
It’s essential that in outlining security by design practices, organizations can execute them both theoretically and practically. To validate both the design and effectiveness of processes, you need to engage the appropriate stakeholders from leadership, risk management, and line of business functions. In developing your information security policy that outlines intended processes and practices mapped back to your control records. Having an integrated GRC technology platform to support Security By Design practices encompasses policy development, risk and control management, as well as internal and IT audit capabilities. Streamlining data governance across these disciplines is key to support timely insights and proactive risk management responses and execution.
Aligning Stakeholders with Your GRC Technology
The key here is to take a strategic and prescriptive approach to planning and making sure that your cybersecurity professionals are coordinated with your GRC experts when drafting your corporate policies procedures and training programs. The challenge with this practice today, is that each business unit is well enabled by technology and their reliance on a central source such as IT is not the same today. CISO’s and GRC key stakeholders have to actively seek out and engage with these individuals to account for their unique needs, process, and goals to ensure that the GRC technology design is a practical use case. By optimizing practices at a strategic level, organizations can optimize that security controls can operate seamlessly with the line of business operations.
Having an agile GRC technology solution and a team with a consultative nature to help execute your organizational vision in also an important part of planning your Security by Design strategy. To learn more about OneTrust GRC and see how our tool can support your business processes from the first line to senior reporting request a demo today.
Lovejoy , K. (2020, February 7). How to manage cyber risk with a Security by Design approach Retrieved from https://www.ey.com/en_gl/advisory/how-to-manage-cyber-risk-with-a-security-by-design-approach