ZenGRC

Simply Powerful GRC

Libby Bevin

Rob Ellis Named Acting Chief Executive Officer of RiskOptics

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Ellis to drive continued growth and customer success for GRC and cyber risk software leader

San Francisco, CA – August 24, 2023 – RiskOptics (formerly Reciprocity), a leader in governance, information security risk and compliance, has named Rob Ellis Acting Chief Executive Officer, effective immediately. Ellis was one of RiskOptics’ first hires; he ran GTM strategy for seven years and served as the company’s Chief Strategy Officer since April 2022. He succeeds Michael Maggio, former CEO and Chief Product Officer.

RiskOptics delivers solutions that support companies as they mature along their GRC journey. The company’s newest platform, ROAR, provides a unified, real-time view of compliance and risk in the context of what matters most to an organization. Ideal for mid-market companies interested in centralizing, simplifying and automating their internal GRC processes, ROAR provides out-of-the-box content, integrations and automated workflows to maximize efficiency while enabling executives to make risk-informed, strategic decisions. In addition to ROAR, RiskOptics continues to support and enhance its ZenGRC product, which is designed for organizations with complex GRC requirements. ZenGRC delivers the flexibility to fully customize GRC processes to meet each customer’s unique needs while providing greater visibility into organization-wide activity.

With a long history at RiskOptics and prior CEO experience, Ellis is uniquely qualified to ensure the company’s continued growth and commitment to delivering products that will meet every customer’s needs—regardless of where they are in their GRC journey.

“Modern enterprises need to effectively understand the relationships between governance, risk and compliance in order to make faster decisions and reduce threats to business continuity. Having clear visibility into both risks and controls is essential to strengthening compliance measures while reducing the potential for cybercrime across the organization,” said Ellis. “For years now, we’ve been the ideal partner to deliver that value to businesses across every major industry—and that commitment won’t change. With a focus on continued investment in innovation and meeting the needs of our customers, global brands can continue to rely on RiskOptics to provide market-leading GRC solutions.”

“RiskOptics has realigned to ensure a dedicated focus to our customers’ needs through the continued development of the new ROAR platform and the existing power of ZenGRC. Through this transition, our customers can expect the same level of support and enhancement we have always prided ourselves on,” said Ken Lynch, RiskOptics Founder and Executive Chairman.

To learn more about RiskOptics and its full suite of GRC and cyber risk management solutions, visit www.riskoptics.com.

About RiskOptics

RiskOptics is the leading provider of GRC software, empowering organizations to unify, simplify and automate compliance, risk and governance initiatives. With software solutions that support companies as they mature along their GRC journey, CISOs and InfoSec teams rely on RiskOptics to free them of time-intensive processes and transform GRC from a burdensome expense to a strategic advantage. Through an approach that integrates compliance best practices with risk mitigation and improved security, RiskOptics’ customers are able to see and communicate the impact of risk on their business to key stakeholders and mitigate expensive data breaches, system failures and lost opportunities across their own and third-party data while adhering to compliance requirements.

To learn more about how to make smarter, risk-based business decisions, visit www.riskoptics.com or follow us on Twitter and LinkedIn.

PR Contact:
Amanda Maguire
V2 Communications for RiskOptics
riskoptics@v2comms.com

What are the Principles of Information Security?

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Information security is the effort companies undertake to protect their enterprise data information from security breaches. Without information security, an organization is vulnerable to phishing, malware, viruses, ransomware, and other attacks that may result in the theft, tampering, or deletion of confidential information.

The average cost of a single incident can run $4.45 million. In addition to the financial burden, such events can also disrupt operations, damage the company’s reputation and cause compliance-related problems.

What Is Information Security?

Information Security (infosec) is a set of information technology practices, methodologies, and tools that allow security professionals to protect the organization’s data assets from information security risks.

An information security program aims to prevent unauthorized users from accessing, modifying, manipulating, or destroying enterprise information, thus maintaining its “CIA triad”: confidentiality, integrity, and availability.

Infosec aims to protect all kinds of enterprise data, including:

  • Intellectual property
  • Business secrets
  • Customer data
    • Personal data
    • Healthcare information
    • Credit cards
  • Financial data
  • Other types of private information

Information security is often confused with cybersecurity, but the two concepts differ. Cybersecurity includes network security, application security, cloud security, and so forth. It protects enterprise assets from threats originating from or via the Internet.

Information security management is broader and includes physical and digital security. A cybersecurity program is a subset of your information security strategy.

Principles of Information Security

There are three basic principles of information security:

  • Confidentiality
  • Integrity
  • Availability

Together, these principles are known as the CIA Triad. Every infosec program must follow these principles for maximum effectiveness.

Confidentiality

This first principle is meant to prevent the unauthorized access or disclosure of enterprise information; it seeks to assure that only authorized users have access to data. The confidentiality principle is considered to be compromised when someone who doesn’t have the proper authorization is able to access your organization’s data and then damage, compromise, or delete it.

Integrity

Data integrity is about maintaining the data’s accuracy, trustworthiness, consistency, and reliability. This means that the data should not be compromised or improperly modified (either inadvertently or maliciously) by someone without the proper authority.

Availability

Availability means that information is easily accessible to authorized users whenever needed, minimizing interruptions or downtime.

The CIA Triad is the foundation of information security. These three principles inform and affect one another, determining the strength and efficacy of your infosec program.

That said, other principles also govern infosec and enhance its effectiveness.

Non-repudiation

The National Institute of Standards and Technology (NIST) defines non-repudiation as assurance that the sender of information “is provided with proof of delivery and the recipient is provided with proof of the sender’s identity, so neither can later deny having processed the information.”

The non-repudiation principle holds people accountable for actions they take that might affect the organization’s information. Such accountability can deter bad behaviors that put enterprise data at risk.

Risk management

Risk management allows organizations to identify risks to information, then protect that information without hampering access or productivity. Risk management also helps a company determine the level of risk it is willing to tolerate and implement safeguards to reduce this risk.

Data classification

Data classification categorizes data according to type, sensitivity, and impact in case it is compromised or stolen. Data can be classified to improve access control and determine how long it should be retained.

Data classification also helps organizations understand the value of their data, identify whether it is at risk, and implement the proper information security controls and security measures to mitigate these risks. Classification also simplifies compliance with various regulatory mandates an organization might have, such as GDPR, HIPAA, or PCI-DSS.

There are different ways of classifying data. One is by sensitivity level:

  • High sensitivity
  • Medium sensitivity
  • Low sensitivity

Another is by access:

  • Public
  • Internal-only
  • Confidential
  • Restricted

Business continuity (BC) and disaster recovery (DR)

Business continuity and disaster recovery are also essential security principles in infosec. Proper business continuity planning enables organizations to minimize downtime and maintain business-critical functions during and after an interruption (such as a cyberattack or natural disaster).

A disaster recovery plan helps the company regain use of its critical information systems and IT infrastructure as soon as possible after a disaster. It assures that data remains available and unchanged, which reduces the risk of data loss. Data backups and redundant systems are two common BC/DR strategies in infosec.

Change management

A formal change management process is also crucial for infosec. When data and system changes are not managed properly, that can lead to outages that affect availability, prevent authorized users from accessing the data they need, or otherwise harm security.

What Are the Seven Ps of Information Security Management?

The following are the seven Ps of information security management:

  1. Policy. Policy involves defining and establishing information security policies that guide an organization’s overall approach to protecting its information assets. Policies outline rules, responsibilities, and acceptable behavior related to information security.
  2. Program. Program refers to the strategic plan and management system to implement and monitor information security policies and practices. It includes risk assessments, security awareness training, incident response planning, and compliance monitoring.
  3. People. People create awareness among employees about security risks and best practices, establishing roles and responsibilities, and ensuring that individuals are accountable for their actions regarding information security.
  4. Processes. Processes focus on the procedures and workflows that support information security. It includes access control, incident response, change management, and vulnerability assessments.
  5. Protection. Protection refers to the technical and physical measures to safeguard information assets. This includes implementing firewalls, encryption, access controls, antivirus software, and other security technologies.
  6. Projects. Projects involve managing information security initiatives and improvements, such as system upgrades, security enhancements, and the implementation of new security solutions.
  7. Partnerships. Partnerships emphasize the importance of collaborating with external partners, such as vendors, suppliers, and other organizations. It assures that information security is taken into account in third-party relationships and that partners adhere to necessary security standards.

Top Seven Threats to Information Security

1. Viruses and worms

A virus is malicious code that can auto-replicate and spread from one infected system to another, usually without the knowledge or permission of a user or system administrator.

Like a virus, a worm is also a self-replicating program. Unlike a virus, however, it spreads without copying itself to a host program and without any human interaction. Both viruses and worms can damage or destroy an organization’s data, network, or systems.

2. Malware

Malware is a destructive program that bypasses enterprise security systems, such as firewalls, to infect enterprise networks. It allows a malicious actor to infect, explore, or steal information. Malware comes in many variants, including:

  • Adware
  • Malvertising
  • Botnet
  • Remote administration tools (RATs)
  • Rootkits
  • Spyware

Attackers may attack information security (and IT security in general) with malware through many channels, including:

  • Email attachments
  • File servers
  • File sharing software
  • Peer to peer (P2P) file sharing
  • Exploit kits
  • Remote systems

3. Ransomware

Ransomware is malware that allows an attacker to encrypt data or lock users out of their systems. The attacker demands a ransom payment from the victim before restoring access to the data. The number of ransomware attacks worldwide stands at a staggering 493.33 million as of 2023, and the average ransom demand is $4.7 million. This is one of the biggest cyber risks today.

4. Phishing scams

In a phishing scam, hackers trick victims into revealing confidential or sensitive information, such as login credentials or financial data.

Most phishing scams start with fake emails that appear to be from legitimate sources. The email includes a malicious link or attachment. When the victim clicks on the link, they are directed to the fake website, where the victim is fooled into giving up sensitive data. Sometimes opening an attachment installs malware on the victim’s system that can harvest sensitive data for the attacker.

5. Drive-by download attacks

In drive-by download attacks, malicious code is downloaded from a website to a user’s system via a browser without the user’s permission or knowledge. Simply accessing or browsing an infected website can start the downloading, allowing cybercriminals to steal sensitive information from the victim’s device.

6. Insider threats

Careless and malicious insiders are both serious information security threats. Organizations have experienced a substantial surge in the cost of credential theft, soaring by 65 percent, from $2.79 million in 2020 to a staggering $4.6 million today. Moreover, incidents that took over 90 days to contain have proven to be even more

Insider credential thieves are another problem since they steal credentials and valuable enterprise data. Insiders can be serious information security threats since they can:

  • Exfiltrate sensitive data
  • Sell company data for financial gain
  • Steal intellectual property or trade secrets for corporate espionage
  • Expose information on the dark web to embarrass the firm or damage its reputation
  • Send emails or files to the wrong recipient, leading to data theft or abuse

7. Advanced persistent threats (APTs)

In an APT attack, an attacker penetrates the enterprise network and remains undetected for an extended period. The attacker’s goal is not to cause immediate damage, but to monitor network activity and steal information. These attackers are often organized crime, terrorist groups, or state-sponsored hackers.

Make ZenGRC Part of Your Information Security Plans

Power your organization’s infosec program with ZenGRC, an integrated platform that helps you manage risk and vulnerabilities across your business.

ZenGRC is a single source of truth to assure that your organization’s infosec efforts are all aligned. Policies and procedures are revision-controlled and easy to find in the document repository. Workflow management features offer easy tracking, automated reminders, and audit trails. Insightful reporting and dashboards give visibility to gaps and high-risk areas.

Meet information privacy requirements, streamline third-party risk management, and quickly identify and respond to incidents. With ZenGRC, you can do all this to protect data integrity, safeguard your business, and minimize loss events. You can even plan for worst-case scenarios and potential threats to boost your business continuity and disaster recovery program.

To see how ZenGRC can guide your organization to infosec confidence, schedule a free demo.

Checklist for Third-Party Risk Assessments

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Amid escalating data breaches and supply chain attacks, businesses are placing an unprecedented emphasis on third-party risk management. That’s a logical and prudent idea, but achieving this level of security requires a comprehensive approach — which makes a checklist for third-party risk assessment indispensable.

In this article, we’ll explore what that checklist for third-party risk assessments should contain.

What Is a Third-Party Risk Assessment?

Third-party risk assessment (also known as supplier risk assessment) is the systematic evaluation of risks introduced to your organization by the third-party vendors, suppliers, and service providers you use. These assessments are a cornerstone of every third party risk management program (TPRM), and can be performed in-house or by independent cybersecurity or safety professionals.

Why is it important to do a third-party risk assessment?

By completing a third-party vendor risk assessment, you gain precise insights into the risks posed to your supply chain ecosystem. With this knowledge you can then make more informed decisions when choosing third-party vendors and services, and avoid third-party relationships that might harm business’s reputation, lead to financial losses, trigger monetary penalties, or squander valuable time and resources. This approach shields your organization from adverse consequences and fortifies its resilience in the face of evolving threats.

What Is a Third-Party Risk Assessment Checklist?

A third-party risk assessment checklist is a comprehensive list of steps and criteria to evaluate the potential risks of engaging with third parties. Think of it as a structured guide to conduct vendor due diligence on the security, compliance, and overall reliability of these external entities in relation to your organization.

Benefits of using a third-party risk assessment checklist

  • Risk mitigation. By identifying and understanding potential risks associated with third parties, organizations can implement targeted mitigation strategies to reduce vulnerabilities and strengthen security.
  • Standardization. A checklist establishes a standard set of criteria and evaluation parameters; all third parties are assessed on the same basis, which facilitates fair comparisons. Streamlining the assessment process also promotes efficiency and consistency in evaluating multiple third-party vendors or partners.
  • Data-driven decision-making. The checklist relies on factual information and data, enabling organizations to make informed decisions based on objective assessments rather than subjective judgments.
  • Compliance and regulations. By considering regulatory compliance as part of the checklist, organizations can assure that third-party partnerships meet industry standards and legal requirements.
  • Vendor selection. A well-structured checklist helps organizations choose third-party vendors more wisely, opting for those that better align with your security needs and business objectives.
  • Transparent communication. Employing a checklist encourages transparent communication between the organization and its third-party partners, fostering a shared understanding of expectations and requirements. This is especially important with new vendors.
  • Improved security posture. Regular use of the checklist assures that third-party risk assessments become an embedded, continuous process, contributing to an improved overall security posture.
  • Stakeholder confidence. Demonstrating a structured approach to third-party risk management instills confidence in stakeholders, investors, and customers that the organization takes security seriously.
  • Regulatory compliance reporting. The checklist facilitates the documentation of assessments and risk management efforts, aiding in regulatory reporting and audits.

Third-Party Risk Assessment Checklist: 11 Key Elements

Vigilance and regular reassessment are key to maintaining a secure and successful network of third-party relationships. Here’s a checklist to help you conduct thorough third-party risk assessments to protect your organization from potential harm while strengthening your reputation as a reliable and responsible business entity:

1. Define objectives and scope

Establish clear objectives for the assessment. Determine the scope of the evaluation, identifying which vendors or partners are subject to review. Consider factors such as the type of services provided, vendors’ access to sensitive data, and how critical the vendor is to your company’s operations.

2. Identify and prioritize third parties

Create a comprehensive list of all third parties currently engaged with your organization. Categorize them based on their level of interaction with your business and potential risk exposure. Prioritize vendors with access to sensitive information, those responsible for critical functions, or those located in regions with known security concerns.

3. Gather information

Collect relevant information about each third party you want to analyze. This data may include vendor contracts, service-level agreements, compliance reports, financial statements, and security policies. Send out a questionnaire and conduct interviews with key personnel responsible for the vendor relationship to get insights into their risk management practices and procedures.

4. Risk assessment framework

Develop a robust risk assessment framework tailored to your organization’s specific needs. This framework should include risk categories such as data security, financial stability, regulatory compliance, operational resilience, and reputational risk.

5. Evaluate security controls

Assess the effectiveness of the third party’s security controls and protocols. Review their information security policies, data protection measures, incident response plans, and access controls. Look for certifications or compliance with relevant standards such as ISO 27001 or SOC 2.

6. Financial stability analysis

Examine each third party’s financial stability to assure that it is financially sound and capable of fulfilling its obligations. Review financial statements, credit reports, and any relevant industry-specific financial data.

7. Regulatory compliance review

Verify the third party’s compliance with industry regulations and legal requirements. Check for any past security incidents of non-compliance or regulatory fines.

8. Performance monitoring

Assess the third party’s historical performance and track record with other clients. Look for references from other organizations that have worked with the vendor and inquire about their experiences.

9. Onsite assessment (when necessary)

Consider conducting an onsite assessment, especially for high-risk vendors. Visiting the vendor’s premises can provide valuable insights into its operational practices and overall security posture.

10. Gap analysis and mitigation

Identify any gaps in the third party’s risk management capabilities and develop a mitigation plan to address these issues. Team up with the vendor to implement necessary improvements.

11. Continuous monitoring

Considering that third-party risk assessment is an ongoing process, you must set up a system to regularly monitor your relationships with third-party partners throughout the vendor lifecycle. Update risk assessments regularly and conduct extra assessments whenever significant changes happen.

Further Reading:

The 5 Phases of Third-Party Risk Management

The following are the five phases of third-party risk management. They can be useful for third-party risk management or any other type of risk you might encounter.

1. Identify risks

Start your third-party due diligence by identifying the risks associated with third-party partnerships. Understand your organization’s goals, then consider potential threats that could hinder achieving those objectives and whether they are within your control.

2. Classify vendors

Organize your third-party vendors based on the level of access they have to your systems and data. Use risk ratings like high, medium, or low to communicate the level of risk to your team.

3. Measure performance

Measure the security performance of your third-party partners objectively. Develop specific metrics to assess and monitor risks, considering that not all partnerships are the same and may require different evaluations.

4. Follow security regulations

Assure compliance with security regulations when managing multiple vendors. Identify your organization’s specific requirements, including relevant regulations and standards. Established frameworks such as those from NIST and ISO can be helpful.

5. Assess risks

Create a risk profile for each vendor to understand their products, services, and importance to your organization. This will help you determine the appropriate level of access they should have to your digital network.

Manage Your Risk Assessments With Confidence

The ZenGRC allows you to monitor both your own risks and those of your third-party vendors in real time. It allows you to assess security risk, implement vendor management strategies, and continuously monitor risks. Think of it as an all-in-one platform that provides valuable insights across your entire organization, helping you make informed decisions with confidence.

Stay ahead of security threats and reduce your company’s exposure to risks. Get a demo today to understand how ZenGRC serves as your trusty ally, safeguarding your business interests and providing you with the necessary tools to navigate the complexities of third-party risk management successfully.

How to Build a Risk Register for Your Business

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Every successful risk management program works by identifying, analyzing, prioritizing, and mitigating risks. In most enterprises this process is repeated at regular intervals, so that organizations can generate data each time about the threats to business operations, the risk those threats pose, and the steps necessary to reduce risk.

That is an enormous amount of data a company must track. To do so — and to do so smartly — companies can build a risk register. In this article we’ll cover understanding risk registers, their relation to risk management, the benefits of a risk register, and how to build one that supports your risk management needs.

Understanding the Concept of Risk Registers

A risk register, also called a risk log, is a tool businesses use to document and track risks across the organization. Envision a spreadsheet or database document that lists the risks you face, along with a variety of relevant factors for each one.

Building and maintaining a risk register is integral to the risk management process — and like many other elements of risk management, it works best when done continuously. Risk registers can help your business identify, analyze, prioritize, and mitigate risks before they manifest into real challenges for the organization.

The most effective risk registers include all the information you can collect about every threat that could pose a risk to the business. That includes the nature of the risk, the disruption it could cause, and what mitigation measures or incident responses are in place. Ultimately, a risk register should tell an organization everything it needs to know about each risk identified.

While every risk register will vary depending on the organization and the scope of its projects, every risk register template should include several items:

  • Risk identification. This could include a name or an identification number to identify the risk. Commonly it has variables such as a date or a subtitle to identify each specific risk, if necessary.
  • Risk description. Providing a brief description of the risk helps determine why the risk is a potential threat. A risk description should be short, concise, and provide a high-level overview.
  • Risk category. Each risk is assigned to a larger category such as budgetary risks, external risks, security risks, compliance risks, and so forth. This is done by categorizing and evaluating where the risk derives from and determining remediation.
  • Risk probability. This involves deciding how likely each risk may occur. Using qualitative measurements such as “not likely,” “likely,” or “very likely” can help categorize risk probability. Other, more quantitative measures such as calculated percentages to determine likelihood can help estimate risk probability.
  • Risk analysis. Analyzing the potential effect that each risk might have on your business can help support the severity of the risk.
  • Risk mitigation. Also known as a risk response plan, a risk mitigation plan should include a step-by-step solution intended to reduce or eliminate the risk, a brief description of the anticipated outcome, and how the risk mitigation plan will affect the impact of the risk.
  • Risk priority. Establish the priority of the risk, typically by combining the probability of the risk and the risk analysis. One way to do this is to document priority using a simple numerical scale, such as 1 (low), 2 (medium), or 3 (high).
  • Risk owner. Each risk to an organization should have an owner assigned to it, to assure that the risk is mitigated according to plan. Risk ownership should include the person who is assigned to oversee the risk mitigation plan, plus any additional team members as necessary.
  • Risk Status. The status of each risk can let people know whether a risk has been successfully mitigated or not. A risk status can be marked as “open,” “in progress,” or “closed,” for example.

While your risk register should include an owner for each risk you identify, the risk register is itself typically owned by project managers or project stakeholders, to assure that all of your risk information is stored in a single accessible place. Some companies may choose to work with experienced risk management professionals to manage their risk register for them, although many give the task to an internal project manager.

The Relation Between Risk Registers and Risk Management

An organization’s risk register is a document that will guide the entire risk management program and the organization’s overall compliance efforts. Whether or not an organization must keep a risk register will depend on the industry and the relevant regulatory requirements.

The project management frameworks also require an organization to define a risk management plan for the project. Using a risk register is one way to do that, and it can also demonstrate to auditors that you have a plan in place to address each risk that might come along.

In other words, a risk register serves as a blueprint for your risk management program. It assigns roles and responsibilities, as well as specific action items. It captures the state of risk for your business (or a specific project therein) so that everyone knows how to manage risk more efficiently.

Benefits of a Risk Register

Using a risk register brings many benefits; one of the biggest is that it will enable teams to manage the organization’s risks more strategically. A risk register can help your business also focus on the organization’s resources in the areas with the highest risk. It can help decision-makers to justify more resources in security measures that will help prevent future risks from harming the business operations and assets.

Additional benefits include:

1. Supports identifying risk patterns

Keeping up-to-date information in the risk register for each new project will let organizations identify risk patterns and be more prepared to tackle new risks that may arise in the future. Put another way, the register will help team leaders predict the risks that could harm business in the future.

2. Provides a common scale for risk measurement

To create a successful risk register, you’ll need input from experts in all areas of your organization. This means that all relevant parties will need to agree on a common scale for measuring risks.

You could decide to measure risk using a qualitative or quantitative scale; that will depend on what makes the most sense for your business. Implementing a uniform measurement scale across your organization, however, will result in more relevant and understandable information across different areas. This will also give stakeholders more tangible data to prioritize risk response activities.

3. Provides more confidence in decision making

Relying on the data generated by a risk register will give your company leaders and stakeholders more confidence in their decisions. A risk register will allow you to plan for risk responses that are informed by the context of the risk itself. Comparing detailed risk information with enterprise objectives and budgetary guidance will help your company to make better decisions about where to spend, and why.

4.Enforces accountability

A risk register requires project managers to assign a risk owner for each risk. It also requires risk owners to verify whether the risks are being mitigated according to plan. This will require team members to check whether certain policies are up-to-date and whether existing controls are functioning as designed.

Maintaining an up-to-date risk register also enables businesses to produce enterprise-level disclosures for compliance audits, formal reports, or regulatory filings. That, in turn, helps businesses to meet regulatory needs in the event of a compromise to the organization’s risk posture.

A Step-By-Step Guide to Building a Risk Register

To start building your risk register, consider one of the many templates available online. Whatever structure you decide to use, the objective of your risk register will always be the same: to log information about potential risks. Beware getting caught up in the details! Only choose the fields you feel are necessary to communicate the most information about potential risks to your business or project.

Here are the basic steps to create a risk register:

1. Identify risks to the organization

The methods used to identify risks can vary, but usually one starts with a risk assessment or a risk analysis.
Consult with other managers across the enterprise to hear what they believe the major risks are; perhaps have a brainstorming session to generate material. Leverage everyone’s expertise to identify potential risks in various areas of your organization.

2. Define the risks the enterprise faces

After identifying the potential risks to the business, provide a brief description for each one. A risk description can be limited to only the essentials, but still include enough information for all team members to understand why the risk is included.

This step helps managers to understand how individual risks should be grouped into larger categories. Describing the risk also allows for better decisions on how it should be assigned risk owners. For example, this step will inform the “Risk Description” and “Risk Categorization” fields in your risk register.

3. Estimate the probability and impact of organizational risks

It’s important to estimate how each risk might affect your business so you can develop a strategy to deal with them. Deciding the likelihood of a risk is a difficult process, and how you execute this step will largely depend on the risk management methodologies your organization uses. Whichever method you choose, this step will inform the “Risk Probability” and “Risk Analysis” fields in the risk register.

4. Create a risk response plan

A response plan for each risk identified, described, and analyzed assures that the risk is managed effectively. This step can require a great deal of effort and time from the project team. In the end, the risk response plan should be clear and concise.

It is important to research and perform due diligence on all possible risks. If a risk does occur, the risk owner should be able to go straight into action and follow the risk response plan accordingly. This step will inform the “Risk Mitigation” field in the enterprise risk registry.

5. Prioritize risks based on impact to the organization

Not all risks and threats pose the same amount of risk; this step is meant to help organizations better evaluate the level of risk compared to others. Risks with the highest likelihood and potential for impact in many areas should be given the highest priority for mitigation and action plan.

Each risk priority can be determined by combining the risk probability and risk analysis measurements from the steps above.

6. Assign risk owners for each project

Assign a specific owner to each risk identified. Confirm that the people chosen can mitigate the risk, and that they know the mitigation plan for that risk. This step will inform the “Risk Owner” field in your risk registry.

Creating a risk register using these steps will help you build the foundation for a successful risk management plan. Identifying and establishing a mitigating action to new risks can be challenging, but it’s essential. Perfecting your risk registry to the best of your ability can help minimize and remedy risks to your organization.

Minimize Risks with ZenGRC

One of the most efficient ways to make risk identification and mitigation easier for your business is to employ tools designed to help. The ZenGRC is an integrated cybersecurity risk management solution designed to provide actionable insights to gain the visibility you need to stay ahead of threats and communicate the impact of risk on high-priority business initiatives. Turn the unknown into quantifiable and actionable risk insights with built-in expertise that identifies and maps risks, threats, and controls for you, so you can spend less time setting up the application and more time using it.

ZenGRC offers a single, real-time view of risk and business context allows you to communicate to the board and key stakeholders in a way framed around their priorities, keeping your risk posture in sync with the direction your business is moving.

ZenGRC will even notify you automatically of any changes or required actions so that you can be on top of your risk posture like never before. Eliminate time-consuming, manual work and streamline collaboration by automating workflows and integrating with your most critical systems.

Plus, ZenGRC is seamlessly integrated to ensure you can leverage your compliance activities to improve your risk posture. The RiskOptics product suite allows you to see, understand, and take action on your IT and cyber risks.

Schedule a consultation today to learn more about how the RiskOptics product suite can help your organization mitigate cybersecurity risk and stay ahead of threats.

Want to Reduce Your Cyber Risk? Increase Diversity!

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A customer walks into a clothing store to purchase a pair of pants. The salesperson directs them toward ten racks, all filled with khaki pants. Some are slightly different colors. Others are hemmed differently. But overall, the pants are essentially identical: monotonous, repetitive and drab. The problem is, the customer wants jeans, yoga pants and navy slacks. They feel isolated, confused and like they don’t belong. They leave the store without buying anything.

While this may seem like a silly example, those feelings of isolation are all too real for millions of members of the workforce. For many years, Diversity, Equity and Inclusion (DEI) programs have attempted to attract underrepresented groups for available opportunities and ensure candidates are evaluated fairly. Yet sadly, 30% of tech companies say DEI programs are not vital to the overall success of their company, reports Built In.1 And over half of employees feel their company either needs to improve on these initiatives or is making a very poor effort in it.

Organizations are under increased pressure to improve DEI initiatives — whether they want to or not.

Challenges to Implementing and Managing DEI Initiatives

Knowing Where to Start

One of the biggest challenges faced by organizations implementing diversity initiatives is knowing where to start. This often stems from leadership that either doesn’t believe there is a problem or is not committed to fixing it. If top management doesn’t “buy in” to the initiative, it sends a message to the company that it isn’t a priority.

Resistance to Change

In addition, resistance to change may come from employees or leaders that aren’t comfortable with the topic. Some might even feel threatened by these efforts, which could lead to employee uncertainty and confusion.

Bias

To create an inclusive culture, organizations need to raise awareness and implement mechanisms to reduce bias. Bias can hinder success in recruitment, promotion and decision-making processes and could lead to unequal opportunities. Regardless of if it is conscious or not, bias must be reduced.

Inclusivity

Integrating diversity in the hiring and promotion processes is essential. But if the organization can’t offer an inclusive environment, it won’t survive long.

Employees need to feel included, engaged and like they have equal opportunities to grow. And that requires ongoing support, mentoring and career development. As part of this, organizations have to assess deep-rooted cultural norms and existing power dynamics that could hinder inclusivity. This usually includes removing opportunities for verbal or behavioral slights that result in hostile, derogatory or negative perceptions of a marginalized group. Whether intentional or unintentional, these microaggressions can cause macro-damage.

Measuring and Tracking

Once a program is implemented, the next challenge is measuring and tracking progress by quantifying the impact of the initiatives on the business. DEI programs are not a one-time endeavor and must be embedded in the organization’s core values and processes.

How Diversity and Inclusion Initiatives Can Reduce Cyber Risk

New Perspectives Foster New Solutions

Diversity, Equity and Inclusion programs are essential to any strong organization. But in the cybersecurity industry, they can directly improve the organization’s ability to reduce cyber risk and maintain security.

Diversity reduces groupthink by incorporating new perspectives to solve complex problems. And with these unique perspectives come innovative and unconventional solutions. Threat actors are getting quicker, smarter and craftier. Facing these challenges differently makes cyber risk programs more adaptive and innovative — ultimately improving the organization’s security posture.

Reduce Staff Shortages

There are an estimated 700,000 unfilled cybersecurity positions across the U.S., according to a report from Janco Associates.2 As organizations struggle to fill positions, many have made concerted efforts to hire underrepresented groups. Accessing this untapped talent pool brings highly valuable skills to understaffed cybersecurity and cyber risk teams.

Turn Neurodivergency into an Asset

When people hear the word “diversity,” they often think of demographic factors, such as gender, race, culture or age. But a truly diverse organization also embraces those with physical and mental differences.

The adoption of remote work opened up new opportunities for those unable to work in an office environment. And with this, they are breaking the stereotypes and bringing their unique skills to organizations.

Look for the Skill, Not the Deficit

Historically, a neurodivergent individual might be labeled with stereotypes, such as “hyperactive,” “super-focused” or “often distracted.” Instead of concentrating on the deficit, try looking for the ability! Someone with Obsessive Compulsive Disorder (OCD) has extreme attention to detail and pattern recognition. Your teammate with ADHD is a brilliant problem solver and researcher. It’s important to recognize the skill, not the divergence.

What Steps Can You Take to Foster Diversity and Inclusivity?

Step #1: Identify Your DEI Champion

Identify your organization’s DEI champion and empower them to enact change. With this, foster inclusive leadership by demonstrating commitment, advocating for inclusive processes and leading by example. Leadership at all levels should undergo specific training on effectively addressing DEI issues in the future.

Tolerating inappropriate jokes or “water-cooler talk” sends a message to others that DEI isn’t important. Employees watch how leadership handles these situations for guidance on what’s allowed in the culture. Ensure leadership receives training and takes action quickly when a situation like this arises.

Step #2: Determine Your Obstacles to Success

Consider your working environment and identify obstacles to success. In some cases, this may mean enhancing remote work opportunities. Women, people of color, differently-abled and neurodiverse individuals are seeing possibilities they didn’t know existed before through remote work environments.

Additionally, updating terminology to be more inclusive and modifying policies to support all employee abilities fosters a psychologically safe environment where everyone can thrive.

“One of the most inclusive company practice ideas I’ve observed is the Biodex, created by Ultranauts, an organization that recruits and retains neurodivergent talent to accelerate their software bug detection capabilities. The Biodex is basically an employee “user manual”, and all employees and managers are responsible for reviewing the Biodex for every member of their team. Understanding how someone prefers constructive feedback, their preferences on communication style or modality, and even what they like doing for fun can go a long way in creating an inclusive employee experience for individuals who think differently”, says Liz Green, Occupational Therapist and owner of Link Consulting, LLC.

Step #3: Stop, Collaborate and Listen!

In the words of Vanilla Ice, this is where you stop, collaborate and listen! Conducting employee surveys and reviewing prior exit interviews, performance reviews and compensation documentation aids in identifying patterns or highlighting problems.

Beyond that, organizations must also evaluate their internal policies to identify bias, barriers to success or exclusive behavior. Once you’ve identified them, consider engaging others within the organization to develop and execute the change. These changes should also come with ongoing awareness training.

As organizations grow, building inclusivity by design ensures a more satisfied and motivated workforce.

Step #4: Develop Employee Resource Groups

Develop Employee Resource Groups (ERGs) to provide a platform for networking, mentoring and supporting those with shared identities or experiences. ERGs help build relationships and create opportunities for underrepresented groups. This allows them to collaborate with community resource groups, partnerships or pipeline programs.

ERGs can also aid in targeted recruiting outreach through Historically Black Colleges and Universities (HBCUs) and organizations like Women In CyberSecurity (WiCyS) or The Diana Initiative.3, 4

Step #5: Embed DEI into Core Values and Processes

Ensure the DEI program is scalable and not a one-time initiative. Embedding DEI into core values and processes ensures inclusive practices throughout the employee lifecycle. Feedback, measuring success and reporting on progress offers a continuous assessment of the effectiveness of the initiatives so adjustments can be as needed.

The Value of Diversity by Design

Diversity, Equity, and Inclusion programs are essential to the success of any modern business. However, social responsibility and promoting diverse cultures and values are only the first step. Building DEI into the design of your organization fosters an environment where everyone can thrive.

And with it, your organization gains the unique perspectives and innovative ideas necessary to secure itself into the future.

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Sources

1https://www.prnewswire.com/news-releases/built-in-report-on-state-of-dei-in-tech-shows-companies-reluctant-to-invest-301753594.html

2https://e-janco.com/career/employmentdata.html

3http://www.thehundred-seven.org/hbculist.html

4https://www.dianainitiative.org/