RiskXchange is one of the firms leading the fight against cybercrime.
Due to the increase of cybercrime, compliance documentation processes are becoming increasingly more in demand. Automation has become an important part of the industry, especially now that hacks are more sophisticated and the talent able to tackle them is sparse.
Automation processes throw up seemingly infinite options, making it extremely difficult to decide which is the best for your organisation. The key is to simplify and automate the processes which really matter – compliance mapping.
What is compliance mapping?
Compliance mapping centralises the mapped controls and documentation of regulatory requirements. It allows an organisation to identify relevant standards and regulations and helps coordinate a list of requirements across all applicable standards and regulations. It also maps controls in frameworks to specific requirements. What’s more, it tracks and reports on compliance status in real-time.
Data and oversight
The key to pinpointing risk in any organisation is to ensure a healthy level of data and oversight to know exactly where your cyber posture stands. Although the goalposts can change at any time, continuously monitoring your cybersecurity posture will help keep on top of any breaches and allow you to act fast.
Now that there is an increasing number of third-party vendors involved within business, you’re not just taking responsibility for your own security but also for those that can tap into it. The data strategy for your organisation and all those that are associated with it is an important part of securing your business and its reputation.
Compliance is the responsibility of everyone
According to Deloitte, organisations continue to handle the whirlwind of global regulatory change and scrutiny, as well as continuing economic stress. Therefore, compliance functions remain under pressure to justify their role within the organisation beyond that of a pure control function and to act as an adviser to the business.
At the same time, the focus on the importance of organisations having the right culture to deliver compliance with regulatory obligations and the right customer outcomes reinforces the principle that compliance is the responsibility of everyone in the organisation. This raises questions about where the role of the compliance function starts and finishes – if compliance is the responsibility of the whole organisation, then what is the compliance function for and how does it achieve its purpose? This is where automation comes into play.
Concerns over capacity and capability
Deloitte found that 87 per cent of compliance professionals agree that the compliance function has no spare resource capacity and is therefore at a point where it cannot continue to deliver against the continually increasing expectations for the function’s role and responsibilities. So, as the function continues to evolve, compliance professionals are struggling to meet the demands and expectations. Therefore, let automation take on the hard work.
Instead of expecting staff to fill out long-winded and time-consuming questionnaires, automation tools have been designed to consume a wide range of internal policies and questionnaires. As long as they are being updated and modified to keep up with an ever-changing cybersecurity landscape, they will not only help protect your company against attack but will also ensure that the latest security methods are adopted.
Keep on top of GDPR
According to GDPR.eu, the purpose of the EU’s General Data Protection Regulation was to give every day EU citizens greater control over how their personal data is collected and used. Given how reliant many companies are on processing their users’ data (and how big some of these companies are), to get these companies to comply with GDPR regulations meant the data protection agencies had to have serious teeth to punish infractions.
In the first year that GDPR was enforced, companies were fined a whopping $63 million in violations. Therefore, underlining the importance of ensuring your organisation is GDPR compliant. What’s more, seeing as human error accounts for roughly 95 per cent of cybersecurity incidents, the need for automation to the vendor assessment process and questionnaires has never been so important.
Without automation, the above-mentioned tedious process can take weeks or even months to complete and the scope of work can extend well beyond that of a standard compliance officer. Automation not only narrows the room for human error but reduces the time spent to complete mapping the contents to well-known frameworks and standards.
Evolve with the times
Continuously monitoring and evolving with the times has always been a core component of any cybersecurity professional. And, as the world continues its digital transformation during a global pandemic, it has become clear that businesses around the world must embrace change, and fast!
GDPR compliance alone has cost companies millions of dollars, and with new regulations and standards coming into play annually, businesses must ensure they stay on top of them to protect their data, their business and their reputation. Automation is key. It’s, therefore, important to take the relevant steps to automate a process that will prove its return on investment and protect your company at the same time.
How RiskXchange can help
RiskXchange is one of the leading firms in the fight against cybercrime, coming up with novel solutions to everyday problems experienced at the hands of hackers. We are a well-respected provider of cybersecurity ratings and can fully monitor internal and third-party attack surfaces to minimise risk.
With full visibility over your eco-systems entire attack surface in near real-time, you can regularly monitor and mitigate risks to prevent unnecessary exposures. Our passive data collection methods are effective and have no impact on your network performance. Using data-driven insights to prevent breaches is the best way to reduce an attack surface and prevent cyberattacks.
About RiskXchange
RiskXchange provides a powerful AI-assisted, yet simple automated and centralised 360-degree cybersecurity risk rating management approach. We generate objective and quantitative reporting on a company’s cybersecurity risk and performance, which enables organisations with evolving business requirements to conduct business securely in today’s open and collaborative digital world.
RiskXchange is an information security technology company, which helps companies of all sizes fight the threat of cyber threats by providing instant risk ratings for any company across the globe. RiskXchange was founded and is led by recognised experts within the security industry, who have held leading roles within companies such as IBM Security.
Find out more here.