Top Five IT Risk Management Software

The continual advance in digital technologies has transformed most organizations' business processes to become digital. The introduction of IT solutions to businesses has brought many advantages, such as increased efficiency and productivity, improved customers engagement, reduced cost, open new markets, and facilities collaboration with third-parties vendors, to name only a few. Despite the great benefits of applying digital technology, its adoption has introduced numerous challenges, especially when managing cybersecurity risks.

The increased adoption of digital technologies has resulted in growing organizations' attack surfaces. An organization attack surface is the number of entry points within an organization's IT environment that adversaries can exploit to gain illegal access to sensitive resources. To protect their IT systems, organizations deploy various security solutions, such as Firewalls, IPS/IDS, SIEM, and NDR. However, the increased expansion of cloud technologies and supply chain networks has made mitigating cyber threats challenging and complex.

This article will shed light on the term "IT risk management," define what it is, and mention the top five solutions for managing organizations' IT risks management.

Defining IT risk management software

IT risks are defined as any risk handled by an organization's IT department; this includes risk originating from software, hardware, and even business processes that threaten organization data and other sensitive digital assets.

IT risk management solutions help organizations adopt a defined strategy to mitigate all IT and cyber threats. By adopting such a solution, the security team can conduct various risk assessments, specify the needed security controls and make the necessary mitigation steps to prevent the discovered risks from turning into a direct threat.

There are many solutions types for managing IT risks; however, it must provide the following key functionality to be considered an IT risk management solution.

1. Can discover and identify all IT-related risks.
2. Cyber risks ranking rates discovered risks score according to their severity.
3. Create IT risks assessment tests, such as vulnerability assessment tests.
4. Provide a workflow functionality to follow the implementation of the remediation steps.
5. Include ready templates for creating standard IT risks processes.
6. Can produce relevant reports for submitting it to various regulatory bodies, such as GDPR, PCI DSS, and HIPAA.

Top Five IT risks management solutions

1. Securityscorecard

Securityscorecard is a global provider of cybersecurity risks scores. It measures an organization (already have more than one million companies registered for rating) cybersecurity health by rating it against ten groups of risks factors, which includes:

1. DNS Health
2. IP Reputation
3. Web Application Security
4. Hacker Chatter
5. Network Security
6. Leaked Information
7. Endpoint Security
8. Patching Cadence
9. Social Engineering
10. Cubit Score

By checking all these metrics, Securityscorecard can provide a full outside-in view of an organization's IT environment, including third-party supply chain networks and cloud assets, discover vulnerabilities and weak security practices, and issue alerts to fix the problem before it turns into a threat.

2. Quantivate

Quantivate is a SaaS solution for defining and assessing an organization's IT risks. It comes with the following key features:

1. Increase overall insight of all digital assets within your organization by viewing all IT assets on a single dashboard.

2. Strengthen an organization's security defense by providing additional services from other external partners, such as IT audit and penetration testing assessment services.

3. Facilitate work collaboration between the IT department and other business departments to ensure the highest security possible.

4. Measure risks according to their financial impact, which helps top management make more informed decisions regarding handling discovered threats.

5. Vitrify compliance by monitoring security controls related to enforced compliance requirements and ensuring everything is working as expected.

6. Generate compliance reports to management and regulatory bodies – such as COBIT, ISO, SOX, FFIEC, PCI, GLBA, HIPAA, and NERC.

7.Comes with many useful templates, such as IT audit and sample IT security policies.

3. Fastpath Application Access Risk

This is another cloud-based solution for assessing an organization's IT risks using ERP, HCM, SRM, and CRM solutions. It comes with the following key features.

1. Support Segregation of Duties (SoD) functionality, the system analyzes each user access and inspects it carefully to the lowest security level to discover any access conflict that can lead to a security breach.

2. Strong audit trail functionality; for instance, it tracks all changes to your databases from both internal and external vendors. It also comes with rich audit trails templates.

3. Fast and secure user provisioning.

4. Access review – allow monitoring all entities (user, system, third-party provider) access to your system.

5. Security designer to design new roles.

6. Measure the financial impact of cyber risks.

4. Resolver

Resolver is a cloud-based IT risk and GRC management software. It is trusted by more than 1000 organizations worldwide and comes with an integrated suite of tools with rich features.

1. Risk management 1.1. View all discovered risks on a single dashboard. 1.2. Facilitate sharing discovered risks and suggested security controls between different departments. 1.3. Suggest improvements for internal processes. 1.4. Real-time continuous assessment.

2. Compliance management 2.1. Monitor security controls related to compliance requirements in real-time. 2.2. Facilitate creating a culture for incorporating compliance with the organization's decision-making process.

3. Internal audit 3.1. Streamline the audit process with automated workflow 3.2. The internal audit is updated in real-time to view all risks once they emerge instantly. 3.3. Provide ready templates for audit planning, audit projects, testing documentation, and audit reports. 3.4. Easy to use by casual users and comes with an intuitive user experience.

4. Incident reporting – helps automate the incident investigation process.

5. Surecloud IT Risk Management and Cybersecurity solution

Surecloud is an integrated IT risk management suite for managing the different aspects of IT risk challenges. Surecloud is composed of several applications that can be used as a standalone app or as a suite for enhanced coverage via a centralized platform. Surecloud suite is composed of:

1. Information Asset Management
2. Policy Management
3. Risk Management
4. Risk Management for IRAM2
5. Incident Management
6. Third-Party Risk Management
7. ISMS Programme Tracker
8. ISMS Management

Summary

Managing cybersecurity risks associated with an organization has become a top priority for management worldwide. The increased dependence on digital solutions has expanded an organization's attack surface. On the other hand, the continual growth of regulatory compliance issued by governments and other industry bodies has increased the tension on organizations to remain compliant. Deploying an IT risk management solution help organizations assess their risks in real-time, discover security vulnerabilities, and implement security controls to close them. Such solutions are mandatory to survive in today's information age.