Originally published at CyberNews
Andy Vanderhoff, Founder and CEO of Quantivate, recently talked to CyberNews about the challenges of IT risk and cybersecurity management and the importance of employee training and proper cybersecurity defenses.
I launched Quantivate after spending a few years working in governance, risk, and compliance (GRC) at Washington Mutual, which was the largest Savings and Loan in the country. After seeing the lack of easy-to-use GRC management solutions for financial institutions, I set out to develop a software-as-a-service platform designed for banks and credit unions by financial industry professionals.
We bootstrapped the company for over 15 years and brought on our first private equity partner in 2019. Bootstrapping any company is challenging, and I describe the Quantivate journey as one with high highs and low lows — sometimes in the same hour! I made mistakes, learned from them, and realized that having a team of smart, dedicated people is key to any successful business.
We’ve grown from one application (Business Continuity, released in 2006) to a full suite of nine software products that help banks and credit unions manage all their GRC programs and data in a single platform. Our latest addition, Issue Management, launched in August 2021, and we’re continually working to create more value for our customers in the financial services industry.
Our goal is to help leaders at banks and credit unions make better decisions by providing real-time risk and compliance oversight. The Quantivate platform integrates disciplines like IT risk and security, vendor management, and regulatory compliance through a shared technology architecture. This not only streamlines management and reporting efforts, but also gives our users full visibility into their GRC posture, data, and activities.
Any financial institution that struggles to manage governance, risk, and compliance and is looking for efficient solutions to maintain and mature its program will find that Quantivate makes a great technology partner.
One of the most common myths that people buy into is that cybersecurity is only solved with very technical solutions. The reality is that many problems start with employees not thinking critically. People might assume that hackers get in using complex tools, when most breaches occur because someone forgot to patch a server or update some software.
Another misconception is that cybersecurity is a problem for the chief information security officer, when it’s actually everyone’s responsibility. An effective cybersecurity program starts with effective training.
Good cybersecurity hygiene should be a company-wide effort, just like IT risk and security management should be integrated across the enterprise. A holistic approach to GRC — connecting data across cybersecurity, vendor management, business continuity, and enterprise risk functions — strengthens any organization’s security posture.
One of the biggest challenges stemming from the pandemic is protecting devices outside your organization’s network. With employees working from home and accessing corporate systems and data from potentially insecure personal devices, companies have had to quickly address new vulnerabilities and risks.
As more organizations plan to maintain remote and hybrid working models spurred by the pandemic, this is another area where employee training and policies are critical for a strong cybersecurity program.
Not getting the basics right can derail any cybersecurity program. Organizations that ignore the people part of the equation or bypass the fundamentals of cyber risk management can suffer damaging consequences.
Keeping systems up to date, maintaining a data inventory, ensuring patches are going out in a timely manner, and having good controls are the simple things that maintain the health of your cybersecurity program and protect customer data.
The harsh reality is audits are no fun. Nobody wakes up in the morning saying, “Yahoo, I get to do a compliance audit today!” If you don’t prepare throughout the year, and you rush into an audit with two weeks to get ready, you’re setting yourself up for a difficult time.
To avoid this type of compliance fire drill, organizations should be audit-ready all the time. This requires processes and technology that support continuous compliance with ongoing monitoring of controls. When your organization has a standardized risk and control management framework and a single source of truth for GRC data, continuous compliance is achievable.
Recognizable brands, companies that collect sensitive customer data, and organizations that support critical infrastructure are all huge targets for cyberattacks. But all organizations should be concerned, regardless of size or industry. At the end of the day, good governance is simply good business practice.
The basics of cybersecurity haven’t changed: train your staff, inventory your systems, update your devices, test your controls, and validate your evidence.
Quantivate is focused on the next generation of governance, risk, and compliance solutions. This year, we’ll be rolling out enhanced reporting and dashboard features for our GRC software platform to help users quickly make data-driven business decisions. Intuitive report creation, modification, and output capabilities support better program visibility and analytics, giving executives and other decision-makers an easy-to-digest view of their organization’s risk and compliance information.
Through these and other enhancements, Quantivate is providing a pathway to streamlined GRC management, lower costs, and greater efficiency and security. We’re invested in the long-term success of banks, credit unions, and mortgage lenders as they grow and mature their management capabilities.
Andy Vanderhoff is CEO and founder of Quantivate and is the guiding force behind the company. He is actively involved in business development and the strategic direction of the company and its technology solutions. Prior to founding Quantivate, Andy served in the United States Army in Bosnia. He has also worked for Washington Mutual, where he managed vendor management initiatives, DR architecture, and BC programs. In 2005, Andy started Quantivate after seeing firsthand the lack of robust, easy-to-use solutions on the market.