Not only is cybersecurity a growing risk that demands attention, but it is becoming more complex every day. Suffice to say, expecting IT departments to be the gatekeepers and protectors against cybercriminals is not only ineffectual but generally considered a terrible strategy. The truth is that security has to be applied holistically as a responsibility across the business. Anything less will give a gap to the bad guys.
But this is not good news for risk managers. When faced with such a massive risk – one that could in a single swoop even destroy a company – there’s no comfort that it is so broadly based as well. In the world of risk, where certainty is derived through insight and metrics, a nebulous presence such as security fails to conform to otherwise proven risk management approaches.
What can you do? The answer lies in integration: bringing together data and risk behaviours from the various business units and departments, even their suppliers. This creates a consistent and reliable base – a single truth – from which the appropriate risk actions can be taken. Such an integrated risk strategy should be coupled with a unified compliance framework.
Today that is entirely possible and even more accessible than you might believe. The power of modern technology platforms such as Riskonnect lies in not only their integration of data sources but the levers provided to risk managers to take action. They can more easily extract and map mandates to controls, report on the mapping accuracy, and standardise audits. Best of all, deploying such a system does not start with a big bang approach – it can be organically expanded, winning support along the way.
You can get on top of cybersecurity risk and keep it there. To learn more, contact thryve today.