Every day more and more data is generated, at the moment 2.5 quintillion bytes per day, and every day the landscape evolves. With this the digital landscape evolves resulting in more regulations necessary to protect users online data. Cybersecurity, third-party risk, and other policies fall under the Governance, Risk, and Compliance (GRC) domain. This software market alone is projected to be worth as much as 134.86 billion USD in 2030. It is, therefore, worth being up to date with the current Governance, Risk, and Compliance (GRC) trends from 2023.
The drivers of greater security compliance
GRC has shown to be fast paced when it comes to change. With this, businesses need to dedicate more time to their compliance program. Below we will break down five drivers prompting this shift.
1. The only constant thing in life is change
Greek philosopher Heraclitus already knew that change the only constant is when it comes to data regulations. Well, perhaps not precisely data laws but he was aware of this constant. The data security landscape continuously evolves and it is the responsibility of every entity to be compliant. Being up to date with the latest data regulations is therefore a must in every organization.
2. Growing dependencies
Companies are increasingly more dependent on third and fourth parties to provide services. Every outsourced service, whether it is payroll processing or web hosting, comes with greater risk exposure. Enterprises have to optimize their tech stack and need to have better visibility into their third and fourth parties.
3. Fragmented internal data
Most organizations operate within teams and departments. This is perfectly fine for the lines of communication in a company, but the siloed structure results in disconnected data stored across several different systems. This makes it more prone to duplicate security controls which makes in unnecessarily complicated. Over time, the company will see that the fragmented systems hinder the company’s auditing progress.
4. The need for GRC platforms
Every day we hear about new IT risks and threats. Unfortunately, the GRC trends of the past cannot keep up with the constant change Heraclitus spoke about. Older solutions require ad-hoc coordination and manual processes which are prone to human error, higher compliance costs, and employee fatigue.
5. External GRC content
GRC platforms that identify risks without any context can only offer limited advantages. They provide the most basic service to house your data, but there it stops. However, in an everchanging environment organizations have a growing need for a broader view of ongoing compliance efforts.
What are the GRC trends of 2023?
The journey to compliance is everlasting. The five trends given below will help you future-proof your GRC program and gives your company an edge on the upcoming compliance changes.
1. GRC architecture
As organizations move more data to the cloud GRC architecture is quickly adapting to address the interconnected risks, including control mapping that emerges from the growing network of systems and operations.
2. Pre-built integrations
GRC integrations have been a burden to scope, build and maintain compliance. The most effective platforms will offer you pre-built integrations so that you can instantly access and share data across the several systems, automate evidence collection, and send real-time alerts for any security anomalies.
3. Better together
The most efficient GRC platforms will provide integrated security expertise to achieve regulatory compliance. Expert-vetted guidelines will help you to define InfoSec policies, identify control gaps and overlaps, and manage security programs for your internal and external audits.
4. Business engagement
Because of the new data regulations, risk culture has been on the rise and creates a demand for greater visibility into existing security postures. The modern GRC solutions will automatically map risks. Additionally, it will help fast-track audit projects with oversight for internal and external stakeholders.
5. GRC mobility
As we increasingly rely on software applications to verify everything, organizations require a new approach to GRC compliance. Solutions that blend compliance content, automation, and expert guidance can bridge the gap between strategy and execution. By aggregating all available data into a centralized portal, businesses can provide an intuitive user experience that is easily accessible throughout the organization.