Improving Data Security and Privacy

  • August 5, 2022
  • Quantivate

Data security is a crucial aspect of any organizationā€™s governance, risk, and compliance (GRC) program. As cyber threats and risks continue to rise, so do the consequences of inadequate cybersecurity. The average cost of a data breach has reached an all-time high, up from $4.24 million in 2021 to $4.35 million in 2022, according to IBM.

Strengthening your security posture not only prevents financial losses through data breaches or compliance failures, but also supports your organizationā€™s reputation internally and externally.

Prioritizing privacy and other information security concerns helps your organization manage reputation risk and build trust with employees, consumers, partners, and third parties.

3 Elements of a Strong IT Risk & Security Program

In the technology-abundant world that we live in today, IT risk and compliance management is challenging. When developing or enhancing cybersecurity capabilities, organizations need to build maturity in risk oversight, reporting, and automation.

1) Visibility

IT and compliance teams must maintain complete visibility of risk domains and continuously identify potential risk areas. Assessing the likelihood and impact of those risks across your organization is essential for effective and consistent IT risk management.

Related Reading | Building an IT Risk Management Framework: 4 Keys to Success >

2) Testing and Reporting

Consistent testing of and reporting on security and privacy processes are crucial not only for compliance standards, but also for protecting reputation and mitigating risk.

Related Reading | GRC Best Practices for Holistic Cybersecurity and Continuous Compliance >

3) Implementation of GRC Software

As the world of data privacy and security becomes increasingly complex, managing these processes manually will never be enough to establish effective security and keep pace with evolving regulatory requirements. Implementing GRC software that can automate IT risk and compliance management is pivotal for any organization that seeks to improve effectiveness and efficiency.

Related Reading | Common Pitfalls of GRC Technology Implementation >

Further Reading & Resources on Cybersecurity and IT Risk