Organizational structures, workflows, and IT infrastructures have all been affected by the digital transition. Therefore, businesses now have more options for automation to take advantage of in order to become and remain a growth enabler for their respective industries. For far too long, only fully developed programs have had access to automation tools. This is shifting, though, as IRM platforms gain popularity. Automation is no more a destination, but rather a tool for accelerating and reinforcing the maturation process.
Cyber risk automation starts with compliance with a security standard like PCI, ISO 27001 framework, HIPAA, or CMMC, and it does not matter how big a business is. Spreadsheets or in-house safety inspections can be used for this purpose. However, these solutions may become more manageable as a company expands. At first, businesses focus more on ticking off the compliance box than on reducing risk and bolstering security. Risk needs to be detected since the company is only verifying if it is compliant; this is risky because merely satisfying soc 1 compliance does not consider the procedures through which the threat is mitigated fully.
In the Developing phase, businesses actively seek out threats rather to merely ensuring they are compliant with security regulations. The link between risk and rules for Fedramp compliance is investigated during development. Management buy-in is crucial for startups; top brass may be aware of the need to conform, but they may be slow to take preventative action. To get executive buy-in for investing in risk automation, security teams need to prove the efficacy of their cybersecurity initiatives. Organizations are currently debating whether to combine their various cyber risk solutions into a single, unified system.
Organizational leadership promotes formal strategy development for risk management at the Defined stage. Although formal and informal procedures are in existence, risk assessments still rely on manual methods. The risk team is no longer solely responsible for risk and compliance, and top management has been briefed on and understands the initiatives. However, for leadership to appropriately measure the performance of risk initiatives to decrease risk, the language used must be consistent and predictable. So that individuals who make educated business decisions can trust on the iso 27018, risk and compliance team's accurate portrayal of the cybersecurity program's posture, the team needs a consistent cyber risk management system in place. Evaluations also need to be uniform and easy to follow because most assessors & stakeholders are not full-time employees whose sole responsibility is conducting assessments for the company.
During the Managed phase, the risk & compliance team provides continuous, high-level reports to executives. Because executives are not often risk professionals, reports need to include an accessible summary of all relevant posturing and risk information. The company places a premium on fostering a risk-aware and cyber-aware culture. The company has a clearer idea of Nist 800-53, Key Performance Indicators (KPIs) as well as Key Risk Indicators (KRIs) it needs to monitor, whether those KPIs and KRIs are industry- or company-specific. However, risk & financial impact are not usually considered when depicting KPIs and KRIs.