Technology
Technology companies rely on ZenGRC as their go-to unified platform to manage controls across multiple frameworks, empowering CISOs to monitor key performance indicators for compliance and IT security efforts.
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The Regulatory Burden
Technology firms today face a volatile environment. The demand for technology services from large corporations is high, and the range of services they want is diverse: data storage, payroll processing, document management, audit management and so forth.
This is a significant opportunity for technology firms. And the cloud is a fantastic vehicle to help them meet those corporate customer needs: technology firms can provide services to their customers on an as-needed basis — and customers can save money on equipment purchases, reduce implementation time and lessen human resources needed for maintenance.
At the same time, however, the cloud also means barriers to entry are low. Many tech firms might compete to serve the same sales prospect. To prevail, they will either need to offer the lowest price (an undesirable race to the bottom) or offer the best service.
Many regulatory burdens for tech providers come from their clients; whatever regulatory obligations those clients have also extended to service providers supporting those clients. So the clients themselves have a compelling interest to assure that the service provider can meet their standards.
For example, a tech provider might be exposed to:
- Achieving a SOC 2 certification
- NIST security protocols, if the client is a government agency or government contractor
- The COSO framework for internal control over financial reporting, if the tech firm helps clients manage accounting or financial functions
- HIPAA requirements, if clients use it to store or process health information
- State-level breach disclosure laws, if the tech firm stores or processes other personally identifiable information
- A client’s own unique privacy or security demands, regardless of regulatory requirements
Compliance Objectives
Typically corporations will request a SOC 2 audit from tech providers. This audit assesses the design of a provider’s security controls and how well those controls perform.
SOC 2 audits, however, can be tailored to assess a wide range of concerns: security, privacy, availability, process integrity and confidentiality. A tech provider will need to address a wide range of client demands, depending on the specific engagement and the client’s data security needs.
Among the capabilities, firms will need to be able to:
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Assess vulnerabilities in the network and application layers
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Study data collection practices for non-compliant behaviors (say, failure to secure consent for collecting data from EU citizens)
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Remediate any weaknesses, either through security patches to software or through changes to data collection practices
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Map progress on those remediation efforts
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Be prepared to report those risk assessments and remediations to other parties as necessary
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Integrate new threat alerts or updated regulations into your compliance program as they come along
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ZenGRC Helps Conversica Elevate GRC Programs with New Levels of Efficiency, Automation and Visibility
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