The Top 5 Automated Risk Assessment Tools

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

Keep reading to learn more about the top five automated risk assessment tools. However, before we can move on to that, we must discuss why there was a need to look into these automated tools. Let’s explore why legacy processes cannot compete with automated data security tools. 

What About Legacy Systems? 

Before there were any automated risk assessment tools, there was legacy technology.  

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This term refers to a system, technology, software, or component that has become outdated. 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 SMEs to large enterprises, still rely on legacy applications for risk and security measures. 

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. Check out the 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. It is essential to deal with the uncertainty associated with project delivery to protect the project value. 

Consequently, a primary process associated with project management is risk assessment, 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 it possible to deliver the gathered data regularly to specific email addresses.

You might be wondering what this means for the C-suite. The C-suite needs to actively identify opportunities and risks to leverage the advanced technologies being 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 

Continuous Control Automation (CCA) is one of the most reliable ways to create a unified strategy to address your cyber risks. This automated tool allows you to automate risk assessments to the highest degree while providing unprecedented visibility into your risk and security posture. 

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. 

This allows you to manage compliance in real-time, draft comprehensive incident response plans,  and ensure that your business is up to the relevant 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 to risk tracking and assessment:

• Better management of organizational risk
• Discovery of new risks

Risk Quantification

Risk quantification refers to forecasting loss frequency and severity to make risk financing decisions. An organization can reduce the financial impact of loss-causing events by having reliable estimates of their likelihood translated through a financial perspective. 

Some companies complain about risk quantification being too difficult. 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

Conclusion

Modern organizations face unique challenges that require them to monitor, track and assess their cybersecurity 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 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.