This article originally appeared in Tech Times October 13, 2022.
by David Thompson at Tech Times
More companies than ever are adapting governance, risk, and compliance (GRC) solutions to manage their data security and risk management programs. However, too many organizations are seeing less than optimal results. The reason? Often, GRC becomes a matter of simply "checking the box" through the implementation of tools offering automated shortcuts.
Ultimately, shortcuts increase rather than decrease an organization's risk exposing it to serious and potentially devastating compliance problems. Take data breaches, for example. IBM estimates that data breaches can cost more than $4 million to resolve. Most companies would be unable to recover from such a costly error.
By and large, corporate leaders aren't unaware that their GRC programs have gaps that need to be addressed. According to a recent Deloitte global risk management survey, around six out of 10 executives felt their business was effective at cybersecurity. Only 44% felt confident in their organization's ability to control risks related to third-party partners.
What's the answer to solving the biggest GRC issues facing companies? Team members at Ostendio believe it's taking a more conscious, holistic, and agile approach to the broader concept of GRC. And for Ostendio, the process starts by putting the protection of human resources at the center of all GRC initiatives.
An Integrated GRC Platform Built Around People
Ostendio is a leading audit-ready, integrated security and risk management platform. Unlike other platforms, Ostendio concentrates on providing interconnected protection across the corporate ecosystem. The goal is to build a culture of security within an organization rather than overlay security measures onto an unsupportive environment.
"Our mission is to advance a new era of security and our tagline says it all: Everyone Secure,'' said Grant Elliott, CEO of Ostendio. "We believe that when your people are protected, your business is secure. Plus, you can evolve to meet any security challenge and future-proof your organization."
Today, more than 80% of security breaches can be linked to human error. Consequently, automated compliance software, systems, and protocols aren't able to comprehensively establish or maintain a healthy security posture. This holds particularly true in hybrid situations where cybersecurity and compliance risks increase.
Ostendio's unique approach to security and risk management -starting from a people-centric perspective-extends your security across your supply chain to include partners, vendors and even auditors. Ostendio doesn't use an out-of-the-box solution to achieve benefits for clients. On the contrary, its systems can be custom-configured to match an organization's information security needs based on size, industry, and, of course, employees and vendors. As a result, companies can cost-effectively increase visibility into their threats, maintain compliance standards, become audit-ready, and reduce corporate-wide risk.
Two recently announced partnerships allow Ostendio to cement its standing as a leader in the security and risk management field. The first is becoming the only SaaS platform with a HITRUST Readiness licensee status, supported by three Certified HITRUST CSF Practitioners on staff. The second is becoming the first-ever security and risk management platform to be licensed as a partner by AICPA for SOC1(R), SOC2(R) and SOC3(R). Being trusted by these industry organizations shows that Ostendio takes security seriously and can be trusted by clients to appropriately prepare them for complex audits.
Expanding Services Through HITRUST and AICPA Licensures
HITRUST certification validates a company's ability to stay up to speed with security and privacy standards, known well in the finance and healthcare sectors.
Clients of Ostendio who regularly conduct HITRUST assessments can use Ostendio's platform to ensure they're ready for the audit. As Elliott explains, "The experts in our Professional Services team will work with Ostendio Authorized Auditors who are authorized HITRUST External Assessors, to create an outstanding team helping clients throughout the HITRUST process using the Ostendio platform."
Ostendio has become the first AICPA licensed platform to support SOC 1, SOC 2, and SOC 3 audits. Of the three audit types, SOC 2 certification has risen to importance due to the amount of cloud-based information that's stored and passed between entities. SOC 2 audits can be complicated processes and take months to complete. Ostendio's relationship with the AICPA as a licensed platform helps clients prepare efficiently for these complex audits. In addition to HITRUST and SOC, Ostendio has more than 150 frameworks built into its platform. These frameworks include HIPAA, ISO 27001, GDPR, CCPA, NIST, and FedRAMP.
A Modern Approach to Cybersecurity and Risk Reduction
Security and risk management isn't a new concern for businesses. Even before the Internet, companies took steps to avoid regulatory noncompliance and lessen their security risks. However, in such a fast-moving global marketplace and economy, there's a growing need for more future-forward approaches to security and risk management, not just compliance.
Ostendio's intelligently designed platform provides organizations with an adaptable integrated security and risk management solution that extends beyond standard GRC capabilities.