Many organizations are still depending on spreadsheet and email-based processes resulting in errors. To add to this, there are mounting costs and fatigue in meeting certification and reporting requirements because of repeated requests for similar information by the IT Risk and Compliance teams. Organizations are spending too much time on maintaining checklists and audit requirements and not enough time is spent on forward-looking activity,
resulting in the lack of clarity for senior executives on cyber risk and investment priorities.
CISOs and CIOs1 also need to comply with a range of IT regulations like GDPR, FFIEC mandates, PCI-DSS, and HIPAA, as well as IT governance standards such as those set by NIST3 and ISO 27001/2. The shift to a culture of cybersecurity is lagging as it takes too long to propagate security insights via IT policies to end-users across the organization.
Managing all these requirements and risks the traditional way—using siloed systems and manual processes—is neither effective nor efficient. Therefore, CISOs and CIOs must be able to stay one step ahead, proactively anticipating and minimizing IT and cyber risk.