Crowe Helps Private Equity Client Manage Cyber Chaos
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See how a lab equipment company was set up for growth by having our virtual information security office (VISO) team develop and manage its cybersecurity program.
Company
A private equity-owned business looking to grow through acquisition.
Challenge
When the company came under new leadership, it was fairly new to the private equity space and looking to expand from a midsize business into an exponentially larger enterprise. However, it needed the right processes to acquire and integrate other businesses securely and efficiently – including a more robust cybersecurity program.
Support
Crowe cybersecurity specialists created a program to support the business and its acquisitions along its cybersecurity maturity journey.
Solution
Our team provided the client (and its portfolio companies) access to ongoing cybersecurity expertise by setting up a VISO service, developing a road map for improvement, and working with the client to mature its cybersecurity posture. The Crowe team provided monthly status updates to highlight the accomplishments that were made within budgeted hours and discuss what was needed to meet the next month’s goals. Transparency about what was being accomplished and how much it cost was incredibly beneficial for the company as it pursued its growth strategy.
Challenge details
The company wanted to grow through acquisitions, but it didn’t have a standard acquisition process. Originally, Crowe was brought in to perform due diligence for some of these acquisitions. However, we recognized the company lacked a robust cybersecurity program and identified a need for assistance with digital transformation.
Though many companies of a similar size don’t have an in-house cybersecurity team or a dedicated executive in charge of cybersecurity, they still need the same level of protection as larger organizations.
Solution snapshots
First, our team performed an assessment of the company’s cybersecurity program, comparing it against best practices. Using the Center for Internet Security Controls Self Assessment Tool (CIS CSAT), we were able to provide an objective measure that illustrated the company’s cybersecurity maturity across multiple domains. Then, we worked with the company to develop a road map that prioritized high-risk areas for improvement while providing the flexibility to handle immediate needs and course-correct for shifts in compliance needs and risk aversion.
From there, our team established a cybersecurity program that allowed the organization to increase its cybersecurity domain maturity through initiatives like access control, security awareness, and incident response development. Our standard practice is to tailor each component of the cybersecurity program to the client’s specific needs because we understand that each company has different goals, objectives, and operations. While addressing risk remediation needs, we drew on our deep well of cybersecurity experience to offer the best solutions given our client’s model and industry nuances.
We also built a mergers and acquisitions playbook to help the company better navigate and manage future acquisitions by providing a scripted outline for any acquisition to track a variety of factors, including key dates and postclose tasks. Crowe developed a trusted relationship with the client, which was integral to the overall success and continued effectiveness of the VISO service offering.
Takeaways
Working with our VISO service allowed our client to:
- More than double its score on an industry standard risk framework
- Improve or mature multiple processes, policies, and its overall security posture
- Develop a culture of security awareness throughout the organization
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