The intersection of cyber security, GRC, insurability: A strategic approach

Cyber security is a fundamental component of GRC.

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Lets face it, business are connected. Connected to devices, to the internet, to each other, connected. We are an always on, always hustling society. But, with all this “hyperconnected-ness”, strategies to protect our businesses are vast and complex. However, they do not necessarily need to be so.

GRC, or governance, risk and compliance, is something we are hearing a lot these days, and once a mere tick box to some, this strategic framework is becoming prevalent to all businesses in some way.

When we talk GRC tick boxes, we find that many organisations' strategies are incomplete without a hardy cyber security framework. As these organisations expand their footprint, they become increasingly reliant on security tools and cyber security awareness to manage risk and meet compliance standards. However, as regulatory demands tighten and cyber threats evolve, merely having security measures in place is not enough. Businesses must also consider how their cyber security posture influences their insurability and the cost of cyber insurance.

Cyber security is no longer just an IT concern – it is a fundamental component of GRC. Security tools and managed services play a pivotal role in mitigating risks, ensuring compliance and maintaining business resilience. These tools help organisations in various ways.

Strengthening access control is crucial to ensure that only authorised personnel can access sensitive systems and data.

Protecting the mail infrastructure is essential to prevent phishing, malware and business e-mail compromise (BEC) attacks.

Maintaining a disciplined patching regimen is key to keeping systems updated and closing vulnerabilities.

Detecting and responding to threats effectively requires the use of endpoint detection and response (EDR) solutions to monitor and neutralise cyber threats.

Enforcing a robust vulnerability management programme involves continuously assessing and remediating security weaknesses.

Implementing advanced filtering measures can help block malicious traffic and secure network layers.

Securing cloud environments is paramount, requiring adherence to security best practices.

Finally, enhancing security operations by centralising security monitoring and incident response is critical for an organisation's overall cyber security posture.

By integrating these security controls into their GRC strategy, organisations can significantly reduce their risk exposure while improving their regulatory standing.

One of the most pressing concerns for businesses today is cyber insurance. With cyber threats on the rise, insurers are scrutinising policyholders’ cyber security frameworks more closely than ever. A strong security posture can directly impact an organisation’s ability to secure affordable cyber insurance coverage.

Insurers assess multiple factors when determining premiums, including:

• The organisation’s ability to prevent, detect and respond to cyber threats.
• The effectiveness of security controls and incident response plans.
• The presence of managed cyber security services.

Without adequate security measures, businesses may face increased premiums, coverage exclusions or outright denial of coverage. Thus, investing in cyber security is not just about compliance, it’s about financial risk management.

Intelys understands that cyber security is the cornerstone of GRC and insurability. That’s why the company has developed Secure Vault, a comprehensive managed security solution based on GRC best practices that provides organisations with a strong cyber security foundation, helping them meet compliance standards, reduce cyber risk and lower insurance premiums.

Secure Vault encompasses key cyber security controls across:

• Access: Implementing strong authentication and identity management.
• Mail security: Advanced filtering to prevent phishing and e-mail-based attacks.
• Patching: Automating updates to close security gaps.
• Vulnerability management: Proactive identification and remediation of risks.
• Filtering: Blocking malicious content and protecting users.
• EDR: Real-time threat detection and response for endpoint security.
• Cloud security: Securing cloud workloads and infrastructure.
• Security operations: 24/7/365 proactive monitoring, guidance and incident response.

By implementing Secure Vault, organisations can ensure they meet stringent cyber security standards while demonstrating to insurers that they are proactive about risk management. This not only strengthens compliance efforts but also enhances insurability and reduces long-term costs.

Incorporating cyber security into GRC is no longer optional – it is essential. Organisations that take a proactive approach to security with solutions like Secure Vault can enhance their compliance posture, mitigate cyber risks and improve their insurability. As insurers continue to raise the bar on security expectations, businesses that prioritise cyber security will position themselves for sustainable growth and resilience in an increasingly connected world.

For more information on how Secure Vault can support your GRC strategy and improve your insurability, contact Intelys today.