Governance, Risk Management & Compliance (GRC) and its impact on Cybersecurity
In this fast-moving world, organizations and enterprises rely a lot on technological services and resources to carry out their routine tasks. Not only their physical tools like mobiles, computers, smartphones, and tablets are vulnerable to cyberattacks but their digital tools like systems, e-mail, telecom connectivity, BPO firms, intercompany data transfers, cloud operations are also at stake.
With the increasing advancement in technology, the cyberattacks have also grown exponentially not only in volumes but also in sophistication, resulting in high risks and extreme losses for enterprises. The institutions operating in accounts and financial activities are primary targets for hackers due to the scale of their financial transactions and sensitive information. Every company’s vulnerability and the attack surface are consistently changing due to different business growth, IT obsolescence, and new technology trends.
The Term GRC (Governance, Risk Management, and Compliance)
GRC is an umbrella term, and it is a combined, systematic approach towards governance, risk, and compliance, powered by information technology. It deals with three areas that help organizations to achieve their targets. Governance G describes the whole management approach in which managers are controlled and monitored by executives using a combination of management information and hierarchical management control structures. Risk Management is the set of various practices in which respective management identifies, analyzes, responds, and mitigates possible threats that might affect the credibility of a business’s data. Compliance means if a business is compliant with laws, regulations,- standards, contracts, strategies, and policies set by either company or government to avoid the penalties that result from non-compliance.
Cybersecurity is an important aspect of new regulations, and organizations are needed to develop a framework to keep their own and their clients’ data secure. In this circumstance, compliance becomes an important parameter of governance. Every compliance and governance issue directly increases risk. Therefore, organizations and enterprises have started ensuring that governance, risk, and compliance must progress in the same direction. A well-planned GRC strategy comes with lots of benefits: improved decision-making, more optimal IT investments, reduction of silos.
A GRC cybersecurity platform
Organizations must deal with more precautions and strategies when it comes to cybersecurity. Cybersecurity personnel must be educated enough to understand the importance of GRC knowledge so they can further impart their knowledge to other workers through training sessions. Moreover, they are also required to know the legal and regulatory requirements of their organizations. In this case, an IT protection leader plays an important role in educating rules and regulations, governance rules, and plausible risk scenarios with their backup plans.
Cybersecurity attacks are running rampant with every passing day, and many of these attacks cannot be controlled by any firewall or antivirus software. Cybersecurity GRC makes the whole business process more secure and keeps the information safe through risk analysis beforehand. Antivirus software and firewalls can catch the viruses and attacks that are coming in through vulnerabilities in the IT infrastructure, but GRC can eliminate these vulnerabilities.
NetworkFort can Assist You In cybersecurity and GRC needs
Networkfort insight makes it easy for enterprises and small businesses alike to consistently watch over their environment for any suspicious activity from employees, contractors, and outside vendors. It helps companies understand enterprise security by focusing on user interaction levels and relationships with services and applications that may pose a threat. Networkfort can help any organization in improving their cybersecurity but also can help in fulfilling the GRC needs of that organization. NetworkFort can perform certain tasks to achieve GRC’s targets.
For example, it uncovers blind spots in your network and implements safeguards. It can perform a gap analysis to assure the compliance of enterprises with regulatory frameworks. Moreover, it identifies potential data exfiltration & malicious file activities in the organization’s network. In addition to this, Networkfort also understands the organization’s risk and Individual risk score.
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