Datos Insights works regularly with chief information security officers (CISOs) of financial and insurance entities, affording a front seat to their development. Over the years, we have seen CISOs shift from control effectiveness scoring to cyber resilience.
Integrating governance, risk, and compliance (GRC) monitoring and reporting within cybersecurity has evolved from spreadsheets to a new generation of artificial intelligence (AI)-driven risk and compliance management platform, CyberGRC. These platforms provide cross risk-channel insights into cyber risk, allowing CISOs to perform impact-based risk decisioning. Risk channels include conventional enterprise business functions as well as third- and fourth-party risk that is often overlooked. CISOs will now have a purpose-built solution to perform actionable business intelligence, making data-driven decisions to create cyber resilience. The evolution of GRC to CyberGRC adoption makes this a 2024 top-ten pick for Datos Insights.
CyberGRC provides a holistic view of an enterprise’s cyber risk posture, emphasizing investment priorities and returns on reduced risk investment. These platforms evolved primarily to address the need for solutions specifically tailored to cybersecurity risk and compliance, in contrast to the capabilities embedded in monolithic enterprise GRC platforms. GRC solutions tailored to organizations that want to prioritize cyber threat posture have reignited the low-growth (albeit historically steady) GRC market.
Many solutions claim to provide CyberGRC. However, solutions such as Axio’s Axio360, Diligent’s Cyber Risk Scorecard, and MetricStream’s CyberGRC offer comprehensive approaches to CyberGRC that reduce enterprise risk and lower the cost of regulatory change while providing boards of directors with actionable risk intelligence.
Datos Insights sees CyberGRC as an imperative growth enabler. Solutions that integrate generative AI to make risk decisioning smarter, faster, and more predictive will garner the lion’s share of market growth. 2024 will see CyberGRC solutions introduce expanded risk decisioning for AI, blockchain, cloud computing, and third-party risk.
Maintaining a market lead requires these solutions to emphasize cyber resilience in an assumption-of-breach operating model that participating in the digital economy necessitates. CyberGRC changes the paradigm from avoiding risk to thoughtfully taking risks to achieve greater rewards.
Contact me here to share your thoughts on the evolution of CyberGRC. To learn about the top 10 trends that will shape fraud, AML, and cybersecurity around the globe in 2024 and beyond see the Datos Insights’ report, Top 10 Trends in Risk, 2024: Unleashing Innovation Against the Rising Threat Landscape.