New Solution: Acceleration Packs for Radar^® Compliance

New reporting regulations have created demand from C-suites and Boards of Directors for security, compliance, and privacy teams to define, document, and operationalize cyber event response organization-wide. 

At a glance, determining reporting obligations seems simple. An incident response team could review the incident, conduct a harm assessment, and determine if the event constitutes material harm to the business or its stakeholders. 

However, several obstacles impact the assessment, when it must be completed, who must be included, when regulators and stakeholders must be notified, and how it must be documented within a larger enterprise risk process.

New and changing reporting requirements

The constantly evolving nature of cyber threats makes it difficult for teams to keep up with the latest regulations and guidelines. This moving target of expectations can lead to confusion and delays in implementing necessary reporting processes. 

There is often a lack of clarity and consistency in regulatory requirements, making it challenging for teams to determine the specific actions and protocols that need to be followed within specific regulations and where the lines between regulations start and stop.

For instance, a publicly traded company in the financial services industry may experience a cyber event that rises to their specific requirements for materiality, so they alert the OCC, under an obligation set forth by the Computer-Security Incident Notifications (CSIN) rule that requires notification within 36 hours of the determination. However, 12 hours later, they must report the same determination to the SEC under their cybersecurity reporting requirements to meet the 4 business days requirement.

Understanding your specific requirements is the first step to developing a compliant organization.

Consistent risk assessment

Balancing competing regulatory reporting obligations is a puzzle full of variables. For organizations to meet these requirements, it’s helpful to create consistent, repeatable processes for ingesting, assessing, and reporting on cyber event risk management.

For large organizations with complex information systems, or organizations in highly regulated industries such as insurance, energy, or healthcare, a standardized risk matrix can streamline enterprise risk assessment and help you escalate relevant events to impacted stakeholders.

Operating with consistency also establishes a documented process for annual reporting requirements such as those mandated by the SEC.

What are the benefits of an operationalized risk assessment process?

1. Consistency and efficiency: Operationalized processes ensure that tasks are performed in a consistent and standardized manner, leading to increased efficiency and reduced human error and long-term value from increased productivity and cost savings.
2. Scalability: By operationalizing enterprise risk management processes, security and compliance teams can scale their operations as they grow without compromising on quality or consistency.
3. Improved decision-making: With clearly defined processes and metrics, decision-making becomes more data-driven and less reliant on individual judgment, leading to better outcomes and demonstrable compliance in annualized reports.
4. Transparency and accountability: Operationalized processes provide transparency into how tasks are performed, making identifying and addressing issues easier. It also promotes accountability as individuals are responsible for following the established processes.
5. Risk mitigation: Operationalized processes include risk management strategies, helping organizations identify and mitigate potential risks before they occur.
6. Continuous improvement: An operationalized process includes regular reviews and updates, allowing for continuous improvement and adaptation to changing circumstances.
7. Compliance and audit readiness: Operationalized processes ensure that tasks are performed in compliance with relevant regulations and standards, making it easier to pass audits and maintain compliance.

Accelerate risk management maturity

Acceleration Packs are the first step in defining organizational risk matrices for cyber event risk assessment and reporting. These regulation-specific guides are a shortcut to creating internal processes for risk assessment, triage, escalation, and reporting within one platform, Radar^®  Compliance.

With your processes established, Acceleration Packs streamline the configuration of Radar^® Compliance to help you proactively mitigate risk to your business and communicate to stakeholders at every level.

Radar^® Compliance is a configurable rules and assessment engine that lets you define your own notification triggers and obligations, including internal stakeholders, regulators, and third-party obligations.

With an Acceleration Pack as part of your Radar^® Compliance operations, you can jumpstart compliance with SEC, CSIN, or DORA cybersecurity reporting requirements and instantly mature your program maturity with a consistent, documented controls process for cyber event notifications.