What’s new in GRC advisory for businesses in 2022?

Successfully navigating the ever-changing market and digital landscape is one of the biggest challenges modern businesses face today. Owing to business complexities, it often becomes baffling for them to prioritize steps they need to take and act upon them accordingly. Some of the major concern areas for organizations today involve:

  • Regulations (e.g. GDPR, HIPAA, SOX, etc.)
  • Technology (move to the cloud, IoT, payment methods, etc.)
  • Processes and
  • People (diversity, Gen-Z, skill gap) among any other aspects

A solid GRC strategy, therefore, becomes imperative for companies to safeguard sensitive data among their workforce and customers. Otherwise, their reputation, growth, and profit could be at stake. GRC typically consists of the following:

  • Enterprise risk management programs
  • Corporate governance policies
  • Industry and regulatory compliance

Post-pandemic business and security leaders are striving to respond nimbly to unexpected turbulences. Recent research has suggested the following GRC advisory trends to enable businesses to achieve maximum growth, sustainability and revenue.

Prioritize business continuity - Markets are quickly evolving, digital penetration is surging ahead, and risk appetites are being considered seriously with attack surface expansions. In the light of swiftly changing events, robust risk management programs can enable businesses to navigate uncertainty, protect resources, uncover reusable information and even improve brand reputation.

Increase investment in cloud migration - Migrating your daily operations and management to the cloud enables enterprise-wide collaboration. Apart from streamlining repetitive tasks, reducing costs, increasing efficiency and encouraging a secure work environment, it helps evaluate potential risks stemming from adopting digital initiatives across all organizational levels.

Evolution of the CISO - Chief Security information officers across the globe are slowly realizing their newfound importance driven by accelerated digital transformation efforts. As a result, around 80% of them are viewed as changemakers in contrast to their earlier roles as simply 'providers'. Instead, they are considered the 'drivers of innovation', strategizing and delegating versatile and responsive solutions in real-time.

Vendors - Until now, businesses had multiple solutions catering to a specific need, eventually leading to haphazard processes, incompatibility and security risks. Vendors are now consolidating security functions into single platforms, and pricing and license options are customized accordingly to make them more lucrative.

An ideal GRC advisory solution efficiently reduces data silos and streamlines data shared between a company's IT, finance, legal, marketing, and other departments. This maximizes visibility and departmental collaboration, thus mitigating or completely eradicating cyber risks. The problem with siloed data is that they can give rise to transparency issues, contribute to potential risk, and breed duplicative efforts. Companies can leverage the following benefits:

  • Full Customization
  • 24/7 Automation
  • Smooth Onboarding & Integration
  • Complete Visibility & Management
  • Real-Time Reporting & Monitoring
  • Data & Security
  • Cost Savings

GRC security solutions enable businesses to identify risks, evaluate them, and develop strategies to monitor, minimize, and react to them. When the requisite information is shared across all levels at a workplace in a secure manner, personnel are no longer struggling with gaps in permissions or missing formalities and efficiency is automatically restored. Planning, organization and attention are critical to a successful organization on the path to long-term sustainability.

Turn strategy into repeatable procedures and tactics to reduce risk and costs and enhance efficiency, security, compliance, visibility and communication with the leading cybersecurity company Cybalt. Offering experts with years of industrial exposure and experience who understand your business and curate solutions that align with your business goals, Cybalt helps enhance the overall company's ROI, reputation, and employee morale.

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