The Top 5 Automated Risk Assessment Tools

Automated cyber risk assessment tools help you assess information security risks and related metrics in real-time based on the available internal and external data. Connecting the dots makes the bigger picture visible to management to see what's going on. This is exactly what these tools do. 

Read to learn about the top five automated risk assessment tools for information security programs. However, before moving on to that, we must discuss why we must look into these cyber risk quantification tools. 

What About Legacy Systems? 

Before any automated risk management tools existed, there was legacy, or GRC, technology to manage cyber and data security measures.  

This term refers to a system, technology, software, or component that needs to be updated. Often, traditional technologies are integral to the functioning of an organization, as multiple processes and departments use them. 

Riverbed Technology recently surveyed 1,000 business and technology leaders worldwide, revealing that 97 percent believe legacy technology holds them back. Despite the digital business era, most organizations, from SMBs to large enterprises, still rely on legacy applications to protect information security. These businesses also use legacy technology to protect network security, cloud security, and infrastructure security, all of which impact the weakness of the information security program.

Some main reasons why so many large companies are beginning to see it as an unviable option are:

• Increasingly high operational costs and downtime
• Security vulnerabilities
• Diminished talent pool
• System incompatibility
  
  This is where automation tools come in. Security professionals and Chief Information Security Officers (CISOs) should review these top five automated risk assessment tools and how they help solve these problems. 

• Workflow Automation (Including Ticketing Integration)

Identifying and evaluating potential risks is essential for the risk assessment workflow. The process involves determining their likelihood of occurrence and assessing their likely impact on the project. Risk is inherent in all projects. Dealing with the uncertainty associated with project delivery is essential to protect the project value. 

Consequently, a primary process associated with project management is risk assessment, which is part of the project risk management process.  

It is a unique identifying number generated by a network server for each client. It can be used by the client, another network server, or the server itself as a means of authentication and proof of authorization, which cannot easily be forged.

Report Automation 

Report automation is software that allows the creation and automatic updating of digital marketing reports through report automation. Combining regular emails with automatic data gathering makes delivering the gathered data regularly to specific email addresses possible.

You might be wondering what this means for the C-suite. The C-suite must actively identify opportunities and risks to leverage the advanced technologies applied through intelligent automation successfully. They must be aware of the impact of intelligent automation on the company's overall culture, processes, and, most importantly, its people.

Continuous Control Automation 

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• You can gather data from integrations and associate it with controls with the right CCA tools. This enables automated control scoring, real-time reporting, and a dynamic risk register that keeps you updated with the information you need to understand existing and potential risks and protect sensitive information. 

   

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• This allows you to manage compliance in real time, draft comprehensive incident response plans,  and ensure that your business meets the standards and frameworks you adhere to.

  Risk Tracking and Trending Risk Assessment

Tracking (risk monitoring) is a process that involves systematically monitoring and evaluating the effectiveness of risk mitigation actions against established metrics throughout the acquisition process and recommending further risk mitigation options or implementing them as necessary.

Here are some of its components: 

• Risk identification
• Risk assessment 
• Risk monitoring 
• Risk predictions  

Check out some significant benefits of risk tracking and assessment:

• Better management of organizational risk
• Discovery of new risks

Use Quantification for Clearer Insights

Risk quantification is the process of forecasting loss frequency and severity to improve decision-making and resource allocation. An organization can reduce the financial impact of loss-causing events by having reliable estimates of their likelihood translated through a financial perspective. Modern cyber risk quantification models include NIST 800-53 and the FAIR model.

Some companies complain about risk quantification being too tricky. This is mainly because the topic can be confusing and derail company decision-makers. Check out some common pain points of risk quantification: 

• Systems are too complex to predict
• The security ROI doesn't guarantee investment
• There could be conflicting definitions of risk
• You might not have enough data to make predictions about risk
  
  By associating security threats and risks with a monetary value, security teams, and leaders can prioritize risks and remediation processes based on historical data. Security professionals who use risk quantification are better prepared to defend against data breaches and ensure the longevity of the cybersecurity program.

Conclusion

Modern organizations face unique challenges that require them to monitor, track, and assess their security postures in real-time to avoid data loss events.

The automated risk assessment tools detailed above decrease the need for manual intervention in those processes, delivering real, tangible ROI for your business. But if you want targeted help and reliable expertise in cyber risk management and continuous compliance, check out CyberSaint. 

Founded by security experts, CyberSaint delivers the only platform to connect security operations, continuous compliance, and risk management. For more information on CyberSaint solutions, request a demo, or check out our resource center for more posts like this.