Situation
A $25M global outsourced Accounting firm with more than 300 employees worldwide faced growing scrutiny to prove it possesses the cybersecurity maturity necessary to protect the highly sensitive data it processes for current and potential clients. As breaches across the industry increase 277% year over year, clients reasonably expect their outsourced accounting department to maintain the highest levels of cybersecurity.
The company recognized the potential financial and reputational impact of a cyber incident and the personal liability of the CFO, CEO, CTO, and CIO. Existing contracts could be in jeopardy and future opportunities would be lost if it was unable to demonstrate cybersecurity compliance. They needed a solution that provided quantifiable results, protected their organization, and ensured compliance with the constantly evolving regulations.
What Omnistruct Did to Solve the Challenge
Omnistruct offered Cyber Risk Governance as a Service, providing leadership and execution to policies and procedures based on NIST CSF requirements. After achieving compliance with this framework, the Accounting firm chose to expand their compliance and Omnistruct guided them to SOC 2 compliance, as well. By outsourcing their cyber risk governance to Omnistruct, the Accounting firm has gained access to expert guidance, continuous monitoring, and risk mitigation strategies. Omnistruct’s utility-based payment model ensured cost-effectiveness and enabled the organization to demonstrate compliance in the event of a cyber incident.
Results achieved
Enhanced Cybersecurity Posture
By leveraging Omnistruct’s leadership and execution in cyber risk governance, the Accounting firm achieved an enhanced cybersecurity posture. They were able to grow the business by demonstrating their ability to effectively respond to threats, demonstrate compliance, and protect their clients’ sensitive data.
Regulatory Compliance and Contract Preservation
Omnistruct’s continuous monitoring and adherence to NIST CSF and SOC 2 requirements ensured the Accounting firm’s compliance with the evolving regulations. This has led to securing new contracts ensuring continued growth for the company.
Personal Liability Mitigation
Through Omnistruct’s governance framework and continuous compliance monitoring, along with current IT resources, the CFO, CEO, CTO, and CIO were protected from personal liability in the event of a cyber incident. This safeguarded their personal assets and alleviated the burden of legal costs.
Significant Time and Cost Savings
By outsourcing cyber risk governance, the Accounting firm saved $700K annually vs. the costs of building an in-house team, while gaining more than 1,500 hours annually through evidence automation, cut audit preparation time by 100+ hours, and cut the time spent on manual processes in half.
Peace of Mind
The Accounting firm gained peace of mind knowing that their cybersecurity was in the hands of experts. Omnistruct’s proactive approach to cyber risk governance, continuous monitoring, and adherence to best practices instilled confidence in the organization’s ability to protect its clients‘ sensitive data and maintain operational continuity.
Quantifiable Cost of Fighting a Cyber Incident
The Accounting firm avoided an average cost of $4.5 million associated with fighting a cyber incident by implementing Omnistruct’s Cyber Risk Governance as a Service. This quantifiable cost saving ensured financial stability and protected the company’s reputation.
Conclusion
By leveraging Omnistruct’s Cyber Risk Governance as a Service, the Accounting firm achieved quantifiable results in new business won, cost savings, enhanced cybersecurity posture, and personal liability mitigation. The organization effectively managed cyber risks, gained valuable contracts, and capitalized on the trend of outsourcing to mitigate cyber threats. With Omnistruct’s utility-based payment model and leadership in cyber risk governance, the Accounting firm ensured cost-effectiveness, compliance, and business resilience in the face of evolving cyber risks.
