Today, every organization strives to optimize the speed with which they access information. Data is being stored, processed, transmitted and utilized in almost every day-to-day occurrence in both business and in life. The tech ecosystem has observed and taken part in deploying large amounts of capital used both in funding and purchasing cybersecurity and information security technologies- the goal being to help secure and manage all of this data. Both public and private organizations have heavily invested time and resources into implementing complex technologies and point solutions in order to reach security.
While doing so, organizations have run into a few major problems- the most pertinent ones stemming from implementing too much too fast, with no overarching framework to measure their best practices against. Either the small to medium business has implemented some best practices but hasn’t used any framework to align with, or the enterprise has chosen one of not many more frameworks or standards to align with (often adding others due to compliance requirements). Both of these approaches were executed in a way that lacks measurement, visibility into their cybersecurity posture, and organization. Governance, Risk and Compliance (GRC) programs were born out of the early 2000s, when mandates such as the Sarbanes-Oxley Act (2002) were released. As the pace of regulatory change increased in parallel with the growing risk landscape, organizations began to struggle to manage a number of regulatory standards, standard frameworks, hybrid or custom frameworks, and vendor questionnaires- too many redundant compliance requirements across an increasing number of unique applications.
Thus, governance, risk, and compliance (GRC) technologies were developed to aid organizations of all sizes to keep up with the pace of regulatory change, organize risk and compliance data, and help Chief Information Security Officers and their teams make more informed and efficient decisions. Organizations were searching for ways to reduce the redundancy of compliance requirements centralize their programs, ideally on one single platform.
Serving their purpose, but lagging behind market needs.
These developments were built on a solid vision, but were not executed in a way that could evolve and change with the modern day organization-- much less the regulatory change, cybersecurity program complexity, and needs of both security and business leadership. CISOs and security leaders need to easily communicate their posture to executive management, have a single source of truth to reference all of their program data, and show program success based on metrics that everyone can get behind. The operational teams within the cybersecurity program need to know where to remediate for the best return on investment (ROI), they need to manage compliance as a continuous, “always on” function and consistently be in sync on what the most effective plan of action is both now and in the future.
These objectives are difficult to achieve in a single product. Many of the first GRC technologies took to a bottom-up as opposed to a top-down approach to building their technologies, focus on on operational functionalities and features that would allow risk and compliance teams to get as granular as possible with relationships between assets and risks, departments, policies and procedures. This approach, however, led to complex solutions that serve their purpose and are excellent for many functions, but rarely help organizations achieve the vision of an agile, always-on, continuous and risk-aware information security program.
According to Gartner, 69 percent of organizations are not confident that their current GRC activities will be enough to meet their future needs.
In addition, enterprise organizations often take anywhere between 1,000 to more than 10,000 hours to complete a cybersecurity risk or compliance assessment. Gartner coined the term “Integrated risk management (IRM)” to speak to the future needs of information security organizations-- in the context of what everyone only knew as GRC at the time. We see legacy GRC players shifting over to IRM in terms of messaging, but in the current state, the technology of these players remains fundamentally the same.
After combing through hundreds of reviews of leading GRC products, speaking directly with hundreds more legacy GRC users who came to CyberSaint seeking a true IRM solution, here are some lessons learned and how to see past the marketing that GRC platforms are doing to convince customers like you that they’re still worth investing in-- The Three Biggest Lies Legacy GRC is Telling You: