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Home Biz Tech

Understanding The Need For GRC

Richard by Richard
December 20, 2018
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GRC is a term which causes a lot of confusion among people. It is easy to see where the confusion stems from. GRC stands for governance, risk, and compliance and these three factors have always been important for organizations. If governance, risk, and compliance have always been important, why has GRC become so important in the previous decade?

The answer to the first question is simple – GRC doesn’t just mean handling governance, risk, and compliance. Managing risk, compliance, and governance has always been a core goal of every organization. GRC means managing them together. The term GRC is less than two decades old but it has quickly become so important due to the abundance of technological solutions being used in organizations.

img-grc-maindashboard-360factors

When businesses started using technology for management, they discovered several new things. One important discovery was how often governance, risk, and compliance intersected. When there is a problem related to governance it can cause trouble for risk and compliance. Too many compliance personnel being absent is a governance issue, but it directly affects compliance. Governance issues also have the same effect. If there is a governance issue, for example the water supply is not working right, it can open the business to risks. Since these three things intersect so much it only made sense to make them work together.

The synchronization in GRC

The reason that governance, risk, and compliance need to be in the same page is that they are based on many of the same factors and their aims are the same as well. No organization can manage compliance properly unless it also managed governance and risk properly. No business can manage risks unless it also manages risk and governance. Similarly, no business can do governance right if it isn’t doing compliance and risk right.

Technology plays a key role in the GRC framework. GRC doesn’t simply mean deciding to have these three factors work in the same direction – the synchronization needs automation. GRC needs technology because it needs compliance, governance, and risk management to ‘’talk’’ to each other. This means that the application that is managing risk, the application that is managing compliance, and the application managing governance need to be able to communicate with each other. This communication is what fuels the benefits which GRC provides.

The benefits of GRC

GRC is becoming so popular because its benefits are undeniable. Businesses that use GRC tools immediately see an increase in their productivity and efficiency when it comes to risk, governance, and compliance. One of the biggest benefits is that management finally gets visibility into GRC, something which they have always wanted but always lacked. When governance, risk, and compliance are being managed manually there is way to see a live view of the status of all issues. If management wants to know anything they need to get in touch with their employees and ask them to make a report about the topic.

Things work differently in GRC software. There is no need to ask anyone to make a report about a topic related to governance, risk, or compliance. All that the management needs to do is open the GRC application they use and they will be able to see the risk, compliance, and governance status of the whole organization.

Reporting also becomes much easier when GRC solutions have been implemented. There is no need to spend days creating detailed reports if an issue occurs. The reports can instead be automatically generated by the GRC solution that has been implemented. Since all the data and information that will be needed in the report is already within the system this only takes a few minutes.

Management is also more aware of all ongoing issues. They can see all the open risk, governance, and compliance related issues in the organization. They can’t just see the issues, they can also track the progress being made on the issues. They can see which issues are close to being resolved and which issues need their direct input.

All these benefits make GRC implementations an obvious choice for any organization that wants to reduce risks, improve compliance, and enhance governance.

Richard

Richard

Related Posts

What are DDoS Attacks and Best Practices to Avoid Them? DDoS attacks are no less than a nightmare for businesses and individuals, relying heavily on their website to generate business and leads. Falling a victim of a successful DDoS attack can cause huge damage, as much as $100,000 for every hour. Not only the businesses suffer loss in terms of cost but also result in brand degradation and loss of customers. What are DDoS attacks and how to prevent them will be discussed in this post? First, let us have a look at what are DDoS attacks. What are DDoS Attacks? DDoS is the short form of Distributed Denial of Service. It is a form of Cyber Attack that is intended to make a machine or network resource inaccessible to its intended users by permanently or temporarily disrupting the services of a host connected to the internet. Another form of DDoS attack in which a group of servers is bombarded with requests to be processed by infected machines. Scripts running on infected machines that are part of botnet generate the requests, causing to exhaust the victim’s server resources like memory or CPU. After having a brief overview of DDoS attacks, here are some ways to avoid it. Let’s have an overview. Opt for Higher Bandwidth In order to prevent DDoS attacks, the first step is to looking forward to your infrastructure. “DDoS resistant” is to make sure that you have adequate bandwidth to handle massive traffic inflow caused by malicious activities. DDoS attacks normally take place due to the high volume of traffic. By opting for higher bandwidth offered by “Mediacom Internet” to handle sudden traffic overflow, can prove to be helpful. Although, the solution is quite expensive, as higher bandwidth will go unused in most of the cases. DDoS attacks have gone complex and large with the passage of time; no volume of bandwidth will be able to prevent attacks beyond one Tbps without DDoS mitigation processes. However, higher bandwidth can provide some sort of protection to the impact of the attack, allowing you to get extra time to overcome the attack. Control and Obstruct Malicious Traffic When you know the DDoS attack is underway, there are plenty of ways to guard their infrastructure. To stop DDoS attacks, you need to halt malicious packets from scattering to servers by “null routing traffic”. It will help drop and redirect requests swamping in under the way of a botnet. In addition, DDoS optimized firewalls can recognize partial connections and filter them from the system on reaching certain limits. Routers can also be set to limit and prevent the servers from being overcrowded. In some cases, the traffic is redirected to a “Scrubber” that filters appropriate requests from malicious ones. Integrate ISP Idleness Depending on a sole ISP can be susceptible to DDoS attacks because any outbreak that disturbs the provider’s system will surely experience stoppage for linked systems. Besides, when a DDoS attack is deployed on a single ISP connection, there are plenty of resolutions that do not include detaching and waiting until the outbreak is dismantled. For instance, ISP redundancy offered by Internet Service Provider can help enterprises to form redundant networks that permit them to shift between different providers in case of DDoS attack occurs. Leverage a DDoS Protection Appliance The majority of security vendors including Cisco and Fortinet offer appliances that act as a defender of network firewalls to prevent DDoS attacks before they can disrupt the system. The appliances use various techniques such as blocking abnormal traffic, carrying out traffic behavioral baselining and blocking traffic centered on known attack signatures. The major drawback of adopting this approach to prevent DDoS attacks is that appliances are limited to the amount of traffic they can handle. However, high-end appliances are capable enough to monitor traffic coming in at a rate of up to 80Gbps. Conclusion In the coming years, we are going to see more devices being linked to networks each year. DDoS attacks should not be taken lightly as it is a constant threat for organizations working in different industries. Timely actions and responding appropriately can help organizations from DDoS attacks in order to avoid a huge financial upset. If you have not taken the steps, make sure to do now before it’s too late
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