A robust GRC model would support IT and security teams select and vet potential third-party vendors. This information includes: Corporate reputation, financials, network security, history of cyber breaches, geographic location, and more. Third-party vendor selection: Many organizations will use a third-party scorecard to gather basic information about potential vendors. The following are some of the vital benefits GRC offers cybersecurity: The role of GRC in cybersecurity – technical benefits Why is this important? Because it allows businesses to make informed decisions regarding data security risks quickly while mitigating the risk of compromising privacy.
GRC also provides a framework to integrate security and privacy with the organization's overall goals.
More importantly, GRC helps build trust in the organization. to mitigate any threat to productivity and the company's value by creating standards, policies, regulations, and processes. In this context, to achieve business objectives and maximize the company's bottom line, organizations need to follow the best practices and procedures. Governance, Risk, and Compliance (GRC) is a business strategy for managing a company's overall governance, enterprise risk management, and regulatory compliance.įrom a cybersecurity standpoint, GRC is a structured approach to aligning IT (people and operations) with business objectives while effectively managing risks and meeting regulatory needs. Although all of these are great from a business perspective, they introduce new risks and challenges.Ĭybersecurity has always been a critical part of organizations however, in today's technological and interconnected landscape, they can't exist without it, at least in the long term. Well, because of the ever-increasing global connectivity, new hybrid work models, the popularization of cloud services, and the evolution of technology, among others.
However, this task has become increasingly harder over the past few years. Why is cybersecurity more relevant than ever beforeĬybersecurity aims to protect sensitive business data, intellectual property, personal and health information, and other company systems from cyber-attacks and threats. In simple words, GRC is the medium for creating awareness around cybersecurity's best practices to reduce risks and achieve business goals. GRC tools like StandardFusion help companies define and implement the best practices, procedures, and governance to ensure everyone understands the risks associated with their actions and how they can affect business security, compliance, and success.
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While cybersecurity focuses on the technical side of protecting systems, networks, devices, and data, GRC is the tool that will help the entire organization understand and communicate how to do it. However, its importance can't be ignored, and this is why. When talking about cybersecurity, Governance, Risk, and Compliance (GRC) is often considered the least exciting part of business protection. Understanding the connection between GRC and cybersecurity
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