One of the biggest security questions companies’ face is,
“What is my business Cyber Risk Exposure and the financial impact of this Cyber Risk?”
Overview
About CARA
When we hear about hacking events targeting corporate, government and even small business, we are grateful our organization is not the victim. Potential victims often possess the perception that hackers will only target sensitive businesses such as large corporations or banks. While some use their skills & talent for ethical purposes, others threaten, steal and cause harm. The size of an organization is irrelevant to an Intruder; and you become an immediate target if you catch the attention of malicious entities. If a SMB manages its business affairs online, investing in compliance and risk management is one of the smartest decisions CEOs, business owners or key decision makers can make.
Business owners want their existing and new customers to feel like they can trust them, but if that business loses control of customer data, that trust is easily destroyed. Companies must ensure they protect sensitive client data to ensure their reputation not only remains intact, but also has the potential to be enhanced.
Prior to choosing hybrid risk transfer options, understanding of the business Cyber Risk Exposure is very Important.
How do you go about it?
Using our CARA Platform, which is an automation platform for Security, Compliance and Third party risk management that keeps a constant watch on a company’s security controls and manages evidence while also streamlining compliance workflows to ensure readiness for audits. It helps your business to manage risks effectively in one central location, allowing you to focus on what is most important: safeguarding and expanding your company.
Why We Built CARA
We have witnessed the clients trying to manage their compliance operations manually in spreadsheets, emails etc. They spent months in collecting the evidence data, working on repeated tasks, not able to focus on the important risks and also facing difficulties in managing the internal-external audits. The management is asking the security team - Do we know what our risks are? What keeps you up at night? These are causing the challenges in Staying Compliant with the regulatory compliances and the other security frameworks/standards. There is no way to do Continuous risk management which enables all stakeholders across an enterprise to concurrently and collaboratively perform effective risk management. And lastly, the Third Party Risk Management to analyze and minimize the risks associated with outsourcing to third-party vendors or service providers.
“We continued working on these methods, but found later that the approach is not correct. We started digging around to bring standardized and continuous methods. After discovering the client’s security issues, we incorporated new provisions into the platform to protect the company. “It was during this experience we identified the opportunity for CARA Platform. We thought: ‘What if we could create a neutral, secure, and centralized compliance and risk management platform for the organization & its respective vendors to manage Cyber Posture'.