Controls & Risk: Two Sides of the Same Coin

They’ve attacked hundreds of companies and government agencies leveraging just one software update vulnerability.

They’ve triggered nationwide gas shortages and price surges all from one compromised password.

And they’ve even poisoned public water supplies after INFILTRATING… an unused computer running on Windows 7 with no firewalls and an old password.

No, cybercriminals are not getting smarter. Companies’ security gaps are growing wider. The good news? You already have the power to close them in your back pocket: your compliance controls.

Your Cost of Surviving the “New Normal”

Three years of disruption and your organization’s still standing thanks to rapid digital transformation. But now with your team scattered across the country, the cost of survival is becoming all too clear: you’re losing contracts due to non-compliance; your data security is about as certain as the location of your endpoints; and your reputation is just one SolarWinds repeat away from ruin. Risk. It’s keeping you up at night.

So start driving it – with your compliance controls.

Controls: Your Greatest Currency

There’s no denying risk is rising: 69% of companies report an increase in threats to their organization. Yet, only 9% of boards are extremely confident they’re protecting their company from cyber attacks. Why? Budget limitations.

What if you could pay off the “risk debt” you incurred from pandemic pivots with a resource you already have? Your compliance controls. Because controls and risk are really two sides of the same coin.

Think about it. You implement controls to stay compliant with regulations. Why do regulations typically exist? To prevent accidents, injuries, and losses from occurring. In short, to reduce risk.

Risk is on the other side of every control you put into place.

Instead of viewing your controls as merely boxes to check to meet compliance requirements, why not look at the whole picture – or coin?

Perhaps because you simply CAN’T SEE IT. Silos between your compliance, risk, and security programs blind you to this opportunity to take control of your IT risk posture (without extra effort).

Until now…

Flip the Coin

If you’re only viewing the compliance side of controls, flip the coin. Look at the risks that your controls are reducing first. Examine how those risks play a role in achieving your company’s goals. For example, what markets do you want to enter? Europe? Consider the new risks and regulations, such as GDPR, that would accompany such a move. Devise a risk-first strategy for gaining executive buy-in and advancing your strategic business objectives.

Your next step? Set up your risk management and cybersecurity infrastructure. Some companies hire more experts in this phase – but the smart ones simply adopt the right tools and processes. Because new tools, for example Reciprocity’s Risk Intellect, can multiply the power of the people you already have. Risk Intellect can dissolve the silos between your risk and compliance programs, giving you comprehensive visibility into existing controls with the greatest impact on risk in seconds.

Once you see the full picture, you can better assess which controls are truly valuable to your organization: are they supporting operational goals? Which ones reduce risk? Do you even need them all? Or could you potentially save millions accepting certain risks? Such questions will guide the construction of your risk register – the cornerstone of your new risk program.

Make Cybercriminals Pay this Year

Your risk program can drive better decisions about compliance and the allocation of your organization’s assets, so you can:

✓ Stop cybercriminals in their tracks and save your company millions by preventing data breaches, cyber attacks, and reputational damage.

✓ Take the calculated risks you need to scale into new industries and markets with fewer resources.

You already have the controls in place to accomplish it. All that’s left is to move your risk program from ad-hoc to mature in months (not years) with the help of Reciprocity’s resident GRC pros. Watch our latest webinar, Using Compliance as a Catalyst for Reducing Risk, to see how.