WolfPAC Integrated Risk Management Blog

The Cybersecurity Best Practice: Upgrade Your Enterprise Risk Management Plan

| Author
Wolf & Company, P.C.

 

With all this buzz around October being cybersecurity month, and with the proliferation of messages reminding team members of steps for keeping safe, you wonder if over communicating a basic best practice is enough. Working towards a safe cybersecure environment that implements effective cybersecurity best practices should be paramount, but oftentimes it is not. Which is why we at WolfPAC think that the first recapped message from October’s cybersecurity month really should be, “Best Practice #1: Just Upgrade.”

Enterprise Risk Control

Yes, it is as simple as that. At WolfPAC we have multiple upgraded modules so our customers can have greater enterprise risk control. To help organizations keep up with ever changing regulatory landscape and remain on top of cybersecurity, we have incorporated customers’ feedback and enhancement requests into the new 4.0 platform for WolfPAC.

Believe it or not, staying up on the latest technology, implementing system updates/patches, and being completely up to date is the first line of defense against cybersecurity threats. We have all been there. You receive a prompt asking you to install the latest update and then you decide to bypass, continuing on with your inbox responses, deciding to tackle and schedule the upgrade another time. Completing the “Best Practice #1” of upgrading your enterprise risk management system provides an extra layer of cybersecurity protection for yourself and your organization.

Cybersecurity Risk Assessment

Of course, greater security is not the only benefit you will have with WolfPAC. We have introduced a new user interface, greater interoperability, and streamlined risk assessments. Let’s take these one-by-one, and see how you can leverage more value with a risk assessment upgrade to maintain an ultra cybersecure environment.

New look and feel

Who doesn’t like a new fresh outlook onto your day to day business? We do! A new improved portal look and feel that is more visually oriented, with tiles of categories, makes it easier to source your information. You now have one centralized location to inventory your primary and alternate locations, departments, regulations, third parties, technologies and documents. You can also document all the controls you have in place for your risk assessment program. This ends up creating consistency across your risk management program.

Interoperability

Why wouldn’t you want to share your information and resources between the modules and move out of silos? You become more cyber focused when your day-to-day modules are interconnected and share information between them, allowing you to quickly flag changes. For example, what if your vendor base has increased? How do you track that increase, share that information with your IT staff to ensure that all your modules contain the same data? Risk assessing all of them in a siloed format is not an efficient enterprise risk management program. Sharing information across the modules and successfully evaluating threats and controls so that you can update one module and have the information automatically updated in the other module is a better workflow practice. What if some of these newer vendors are high risk vendors? Upgrading and ensuring that your vendor and technology data is intact and consolidated,  ultimately identifies those high risk vendors that could cause significant damage to your bottom line and brand reputation.

Simplification of the core risk assessments

Upgrading to the new streamlined questionnaire architecture for a crisper flow means you now have improved threat visibility. For example, many of our clients are asked, “How do you protect your bank against a specific inherent threat such as ransomware or denial of service or corporate account takeover?” The questionnaires are now shortened to quickly identify the demographics of a technology or of a third party and to allow you to identify the potential threats a specific technology or third party poses to your organization. As you move through questions, you will notice that the questions end up changing based on the provided responses.

Cybersecurity Control with an Integrated Risk Management Solution

WolfPAC’s modules don’t just work harder, they all work smarter…and that would bring you to “Best Practice #2”—trying out our platform to see all these great changes. These are not simple tweaks to a product, but rather big upgrade changes, all connected to cybersecurity. We want to provide the tools to keep you safe and up-to-date, so you can respond to the needs of your business.

TOPICS: WolfPAC Cybersecurity Enterprise Risk Management Risk Management ERM

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