Spreadsheets Are Not GRC Tools

Despite the availability of modern GRC tools, many organizations still use spreadsheets to conduct IT compliance audits and other GRC activities. While spreadsheets are highly useful for many business functions, especially accounting, they are not GRC tools. Depending on spreadsheets to manage GRC processes is time-consuming, costly, and inefficient at best, dangerous to your GRC and cyber security efforts at worst. Here are six reasons why your enterprise should stop using spreadsheets as GRC tools.

6 Reasons Why You Shouldn’t Use Spreadsheets as GRC Tools

They Aren’t Databases

Spreadsheets are documents; they are not databases. Among other limitations, spreadsheets have no data integrity, no referential integrity, and no way to create and maintain relationships between data in other files. They do not scale well, and their data analysis and reporting capabilities are quite limited. Unlike modern GRC tools, spreadsheets do not automatically generate the complex reports required for IT compliance audits.

They Are Difficult and Time-Consuming to Manage

It is highly unlikely you’ll be able to keep all of your GRC information in one file; you’ll need to have multiple spreadsheets, and probably some Word documents as well. Searching for information in multiple files is a logistical nightmare. Want to add a field, row, or column? You’ll need to do that manually, in every file, plus manually update every affected record. Forget about creating relationships between data in different files, exporting your audit data to other programs, or archiving information. GRC tools automate all of these functions, but spreadsheets and word processing documents require manual editing.

They Don’t Provide Audit Trails

Secure audit trails are critical to the integrated risk management approach that modern enterprises are embracing to support their governance, risk, compliance, and cyber security processes. Spreadsheets don’t have audit trail functions; GRC tools do.

They Are Highly Insecure and Error-Prone

Spreadsheet software has limited security features. Individual files can be password-protected, but different users cannot be assigned different access levels. You can track who opened and saved a spreadsheet file and when, but you cannot tell what changes they made, if any. Both innocent mistakes and purposeful sabotage can go undetected for some time, and when you finally do figure out the problem, there is no way to trace who was responsible or when it occurred. Because spreadsheets require manual editing, the probability of a mistake being made is very high; it is estimated that nearly 90% of all business spreadsheets contain errors.

Collaboration is Difficult or Impossible

Modern GRC processes involve input from multiple stakeholders. If, somehow, you’ve managed to cram all of your GRC data into one giant spreadsheet, only one person can edit the document at a time. If your data is spread across multiple documents (the more likely scenario), any changes made to one document by one user need to be coordinated with all of the other users and duplicated in all of the other documents. This is a recipe for data loss, errors, important decisions being made based on faulty or incomplete data – and being found out of compliance.

Data Analysis Capabilities Are Very Limited

A robust GRC program is not centered around amassing just enough information to pass IT audits. You should be able to analyze all your data to glean actionable intelligence that can be used to improve both your GRC processes and your cyber security. Due to the inherent limitations of spreadsheets, including the lack of referential integrity and the inability to create relationships between data in different files, gleaning meaningful business and risk management insights from your data is difficult or impossible.

Now that modern GRC tools are available, such as Continuum GRC’s proprietary IT Audit Machine (ITAM), it’s time to ditch spreadsheets. Switching will not only simplify your GRC processes; it will also strengthen your enterprise cyber security and free up money, time, and human resources to innovate, create, and pursue long-term organizational goals. ITAM integrates IT governance, policy management, risk management, and incident management, empowering you to document and analyze IT risks, develop mitigation plans, define security controls, and manage ongoing risk assessments.

The cyber security experts at Continuum GRC have deep knowledge of the cyber security field, are continually monitoring the latest information security threats, and are committed to protecting your organization from security breaches. Continuum GRC offers full-service and in-house risk assessment and risk management subscriptions, and we help companies all around the world sustain proactive cyber security programs.

Continuum GRC is proactive cyber security®. Call 1-888-896-6207 to discuss your organization’s cyber security needs and find out how we can help your organization protect its systems and ensure compliance.

Before you send out that next email marketing blast, make sure you’re compliant with the EU GDPR

Email marketing is big business. MarTech Advisor reports that it is the best-performing channel for a company’s ROI, and 61% of consumers prefer to receive offers via email, as opposed to only 5% who prefer social media offers. However, many organizations are concerned about how the EU GDPR, the European Union’s new, sweeping data privacy law, will impact their email marketing programs. The concern is valid; organizations found to be out of compliance can be fined up to 20 million euros (approximately $24.6 million) or 4% of the total worldwide annual turnover of the preceding financial year, whichever is higher.

With the May 25 deadline to comply with the EU GDPR fast approaching, here are five things all organizations need to know about the EU GDPR and their email marketing programs.

1. Companies outside Europe must comply with the EU GDPR, too.

Even though the EU GDPR compliance deadline is almost here, many companies in the U.S. still aren’t prepared; quite a few of them erroneously believe that the GDPR does not apply to them. Compliance with the EU GDPR is not based on where your organization is located, but on where your customers are located. If you collect data on any individuals or organizations in the European Union, you must comply with the EU GDPR.

2. Marketers must get explicit permission to send communications, using clear, simple language, and keep a record of it.

The GDPR puts an end to black-hat and gray-hat marketing tactics such as using pre-checked boxes to automatically subscribe users to mailing lists (they’re prohibited), combining multiple agreements into one box (also a no-no), or burying information regarding opt-in and opt-out in a mountain of legalese. Marketers must now get users’ “freely given, specific, informed and unambiguous” consent to receive email or text communications. In clear, simple language, users must be informed what data is being collected from them, how it will be used, and how they can opt out and have their data deleted. Marketers must also keep records of when subscribers consented to communications and be able to produce this proof on demand.

3. Marketers must let subscribers be “forgotten.”

Under the GDPR, users will have a “right to be forgotten.” Upon demand, organizations will have to scrub all trace of a user from their systems, or at least anonymize the data.

4. Marketers must ensure data security.

In addition to data privacy, the GDPR addresses data security. Organizations will be required to bake data security into their products, policies, procedures, and systems from day one, and disclose all breaches to the authorities and the affected parties within 72 hours of discovery. Organizations that handle very large amounts of data will have to appoint a Data Protection Officer (DPO).

5. Organizations can’t pass the buck if a third-party vendor is breached.

If your organization outsources its email marketing, be aware that the GDPR will hold your organization responsible if that company, or any other third-party vendor that processes or stores information for you, is breached or found to be out of compliance. Make sure you do business only with reputable service providers that are compliant with the GDPR.

The EU GDPR Is an Opportunity for Savvy Firms

Rather than seeing the GDPR as a regulatory burden, smart email marketers will see it as an opportunity to improve their data governance, cyber security, and ROI. Ensuring that marketing emails are being sent only to subscribers who are truly interested in receiving the messages and demonstrating to customers that their data privacy matters to the organization will increase conversion rates and build brand loyalty.

If your organization is struggling with your GDPR compliance efforts, don’t be afraid to seek help. The cyber security experts at Continuum GRC have deep knowledge of the cyber security field, are continually monitoring the latest information security threats, and are committed to protecting your organization from security breaches. Continuum GRC offers full-service and in-house risk assessment and risk management subscriptions, and we help companies all around the world sustain proactive cyber security programs.