Cyber risk assessments continue to be a high growth practice area for CPA firms as more regulations (GDPR, CCPA, CMMC, etc.), impact more businesses. Also, more organizations are waking up to their poor security maturity and hygiene, realizing they need help to defend against ransomware and other dangers. CPA firms are already their clients’ trusted advisors for other services – cyber is a natural extension.
High-growth firms are much more likely than low-growth firms to offer advisory and information security services. We expect this transition to continue in the upper tiers of the profession; that’s where the value and profits will be. – CPA Journal
But CPA firms’ growth in risk assessments is held back by inefficient methods (manual data collection + spreadsheets), having to learn and use client GRC tools, and a lack of cyber skills inside the firm.
Enterprise security teams are moving away from point-in-time security assessments to related solutions that provide security performance management (SPM). These SPM engagements are continuous in nature, and include findings based on a continuous and repeating cycle of assessment, reporting, modeling, and remediating. – TAG-Cyber
CPA firms need to modernize their approach. What are some of the things that your firm could be doing to elevate your practice?
- Automate the assessment and reporting process, so you can accelerate assessments and serve more clients with your current staff.
- Deliver richer, customized reports and data visualizations to clients for greater insights.
- Provide accurate remediation recommendations, with budgets, to deliver greater value to clients and that lead to additional implementation projects for your firm.
At TrustMAPP, we call this approach Cybersecurity Performance Management. It gives CISOs a real-time view of their cybersecurity maturity. TrustMAPP tells you where you are, where you’re going, and what it will take to get there. From a single source of data, an organization’s security posture is visible based on stakeholder perspective: CISO, C-Suite, and Board. TrustMAPP gives organizations the ability to manage security as a business, quantifying and prioritizing remediation actions and costs.