target audience: TECH BUYER Publication date: Jul 2024 - Document type: IDC TechScape - Doc Document number: # US52431824
IDC TechScape: Worldwide Cybersecurity Governance, Risk, and Compliance Software, 2024
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Abstract
This IDC study uses the IDC TechScape model to provide a systematic assessment of cybersecurity governance, risk, and compliance (GRC) software technology. The IDC TechScape model is designed specifically to capture progress in the adoption of emerging disruptive technologies, mainstream technology buyer alignment with current industry best practices, and support technologies that promise to deliver operational advantages to organizations that choose to adopt them.
"GRC software continues to be a top investment area for organizations," says Phil Harris, research director, Governance, Risk, and Compliance at IDC. "Both IT and the business are expected to take on greater roles in risk and compliance management stemming from regulatory changes and are gaining clarity about the ever-changing threat landscape and critical impact to the viability of their organizations. Organizations see the need to continue to prioritize cybersecurity as a mandate and keep senior management and the board informed as to the status of the program. The overall cybersecurity GRC market has experienced strong growth over the past several years, and while budgets are tightening, organizations continue to see value in these services and solutions as evidenced by continued investment. CISOs must step up their game in executive and board settings to engage them in constructive dialog that has executives and board members become contributors to risk decisioning and guide the direction of cybersecurity rather than passively participating."