As we know digitalization is booming and so is the threat hemisphere. Cyber security issues are one of the top five global risks recorded in the World Economic Forum’s report.
Though it’s common to see news about large-scale cyber-attacks everywhere. However, small businesses are at an even higher risk with greater than 90 percent of data breaches impacting them.
That means large and small businesses are equally threatened by cyber dangers. Hence, companies should put cyber security measures at the forefront. That’s where GRC cyber security strategies go hand in hand with it. Both, strong cybersecurity measures and effective GRC strategies work to protect different aspects of the business to sustain operations.
Here are some top GRC strategies to begin with. But first, let’s see what it is and why it’s even important!
GRC gives an organization the needed strategy to manage its policies, risks, and compliance. It’s for any business, big or small, that wants its operations to go per best practices and stay compliant with laws and standards.
Businesses often take their Governance, Risk, and Compliance (GRC) programs as unnecessary red tape in cybersecurity. However, it’s much more important than it seems. In 2024 IBM’s report, an average data breach cost reached $4.88 million creating hurdles in business operations.
In simple terms, a GRC cybersecurity strategy is a clear plan that helps an organization stay secure by focusing on three key areas:
Small businesses face the problems of limited resources and budgets. The mentioned practical GRC strategies can help them improve security while staying cost-effective and compliant.
It is the initial step to identifying assets like customer data and financial records and evaluating vulnerabilities. This helps them stay focused on the most essential areas while staying within their limited resources which is great.
To perform this, list your essential assets, identify potential threats like hacking or data loss, and prioritize risks based on their likelihood and impact, managing the most critical first.
Employees are assets but are often taken for granted. Businesses educating them on recognizing phishing scams and spotting suspicious activity can prevent many breaches caused by human error. This can save millions.
What can you do? Regularly conduct training sessions, teach best practices, and run phishing simulations to build awareness and preparedness among them.
It is important to meet basic regulatory and industry standards to protect businesses from fines and to increase customer trust. Small businesses can identify the regulations relevant to their industry whether it’s GDPR, HIPAA, or PCI DSS or whatsoever. This will make their business run smoothly and easily.
Moreover, using affordable compliance tools can help streamline the process and ensure adherence to these standards. Plus, keeping thorough documentation ready for audits assures that the business is prepared for any inspections or reviews by regulatory bodies. All of these are win-win for them.
There are many ways one can restrict access to sensitive data and minimize the risk of unauthorized access. Some of the frequent and reliable methods are using role-based access controls (RBAC), implementing multi-factor authentication (MFA), and reviewing permissions regularly to align with employees’ roles.
It’s important to secure cloud data because many companies are relying on it more for keeping their business data secure. Use services with encryption and automatic updates, back up data regularly, and monitor access logs to detect suspicious activity. These steps ensure data safety and operational continuity.
Large businesses deal with complex systems, vast amounts of data, and heightened risks, making it essential to adopt advanced GRC strategies tailored to their scale and operations.
With increased complexity, large businesses need comprehensive frameworks like NIST or ISO 27001 to manage risks. Regular risk assessments identify vulnerabilities, while standardized processes mitigate threats across departments. Assigning accountability and updating risk plans ensures evolving threats are addressed.
Using AI and machine learning tools, businesses can proactively detect and respond to threats in real time. AI-driven systems like SIEM (Security Information and Event Management) system monitor activity. While ML analyzes patterns to predict breaches. Automating responses and training cybersecurity teams enhance effectiveness.
Vendors and partners can increase security risks. Conducting risk assessments, including compliance clauses in contracts, and auditing vendors’ cybersecurity measures are essential. Automating monitoring with third-party risk management tools ensures ongoing compliance and security.
A robust incident response plan minimizes damage from breaches. Businesses should create a step-by-step plan, assemble a response team, and conduct regular drills. Post-incident analysis helps refine the plan for future resilience and faster recovery.
Meeting global standards like GDPR, HIPAA, PCI DSS, CCPA, SOX, and others prevents legal and financial penalties. Identify applicable regulations, establish compliant policies, and conduct regular audits. Staff training on compliance ensures everyone contributes to maintaining security and trust.
To better understand the gaps and solutions in cybersecurity and GRC measures, let’s break down the strategies for small and large businesses side by side.
This comparison helps each type of business where they face challenges and suggests effective measures to strengthen its security and compliance efforts.
| GRC Strategy | Where Small Businesses Fail | How to Secure Them | Where Large Businesses Fail | How to Secure Them |
| Risk Assessment & Management | Limited resources may lead to a narrow focus on only the most critical risks, leaving other areas unaddressed. | Conduct thorough risk assessments even with limited resources and prioritize based on likelihood and impact. | Complex systems lead to gaps in risk identification across departments, making it hard to track. | Implement comprehensive frameworks like NIST or ISO 27001, ensuring risk management across all departments. |
| Employee Training | Employees may not receive adequate or frequent training on emerging threats, especially with low budgets. | Regular, low-cost training sessions, phishing simulations, and implementing best practices for cybersecurity. | Training may be inconsistent across departments, or not aligned with evolving threats. | Standardize training programs across departments and update them frequently to align with new threats. |
| Compliance Measures | Lack of awareness of relevant regulations, and limited tools to track compliance. | Identify applicable regulations, use affordable tools to track compliance, and maintain proper audit records. | Inconsistent compliance practices across departments or regions lead to regulatory gaps. | Implement enterprise-wide compliance tracking systems, and ensure all departments are aligned with regulations. |
| Access Control | Limited access control policies, with employees potentially having more access than necessary. | Implement RBAC and MFA to minimize risks. | Large teams may have excess or outdated access privileges due to poor management of permissions. | Regularly audit and review user access, enforce least privilege policies, and implement strong MFA. |
| Cloud Security | Over-reliance on cloud services without adequate security measures for sensitive data. | Ensure cloud providers offer strong encryption, implement backups, and monitor cloud activities for anomalies. | Data may be dispersed across multiple cloud platforms, creating inconsistencies in security protocols. | Standardize cloud security measures and monitor data access across all platforms to ensure consistency. |
| Incident Response Planning | Limited incident response plans may not cover a wide range of attack scenarios. | Create a simple yet effective incident response plan, conduct regular drills, and keep an open communication line. | Response times may be delayed due to complex, multi-layered processes and large teams. | Streamline response plans, conduct regular cross-department drills, and ensure clear communication channels for quick action. |
A strong GRC cybersecurity strategy is essential to protect businesses from increasing cyber threats. It supports remote work and meets changing regulations. It helps organizations align their processes, choose the right tools, and regularly improve their security measures.
Using technology tools like GRC software makes managing security easier and more effective. Also, having a clear crisis management and communication plan in place ensures quick and effective responses during cyber incidents.
A solid GRC strategy keeps businesses prepared for future challenges. Is your organization equipped to handle evolving cyber risks? What steps are you taking to strengthen your cybersecurity framework?
Partners and Associates at Quantisage has been helping with Digital transformation projects for over 25 years. We are dedicated to making the transitions as seamless as possible. With our comprehensive services, from assessment and planning to training and support, we ensure that our clients achieve the results and capabilities that drive their business forward.
Contact us today to explore effective GRC strategies that can drive growth and resilience in your business.
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