4 Critical Capabilities Your Cyber Risk Management Tools Should Have

Cybersecurity is top of mind for most businesses today. A single data breach can compromise your ability to operate, generate revenue, and ruin the reputation you’ve spent years building with your clients, business partners, and vendors.

Digital risks are always going to be around, but there are plenty of ways to remediate these risks. It’s important your cybersecurity teams have a cyber risk management program in place for this purpose. While you can hire the services of third-party consultants, you may lose a certain level of control over your organizational risks.

It’s heavily recommended to supplement regular checkups with a complete cyber risk management platform, which can also be offered through SaaS platforms. Many cyber risk management tools are automated now, giving you continuous monitoring, testing, and controls at a minimal cost.

Critical Capabilities Your Cyber Risk Management Tools

Read on to learn what we feel are the critical features your next cyber risk management platform should include.

Critical Features of a Cyber Risk Management Platform

A cybersecurity risk assessment is far from a simple effort; it’s a multifaceted process that looks at various ways data theft and compromise can occur within an organization. What should an IT department look for in a set of cybersecurity risk management tools?

1. Penetration Testing

Also known as “breach and attack simulation,” penetration tests use what the industry refers to as “white hat hackers.” A trained agent attempts to break into your system to identify where you need to work on your security measures. This process is performed at regular intervals.

A cyber risk management program can extend this capability through breach and attack simulation (BAS) software. BAS essentially automates penetration testing by continuously running simulated attacks. You can easily find gaps in your cybersecurity defenses this way.

2. Vulnerability Assessment (VA)

There’s no better weapon against cybercrime than awareness. Much like how an antivirus program protects your personal computer, vulnerability assessment is one of many cybersecurity risk assessment tools to alert you to potential issues before they transpire.

What does VA do?

  • VA software scans your IT environment for security vulnerabilities regularly.
  • Some solutions even have features directed at legal compliance in case you’re performing audits or need specialized scans for specific reasons.
  • To give full visibility to your teams, VA might include a cyber risk dashboard and generate regular reports to let you know whenever a security concern comes up.

Vulnerability assessment can be expensive to do on your own, and scaling up with a growing IT landscape can be challenging without a cloud-based solution.

3. Measuring Cybersecurity Strength

Keeping tabs on the effectiveness of your cybersecurity efforts is part of risk assessment. Security ratings, which are popular in the industry, offer a data-driven, quantifiable method to measure cybersecurity performance. They can be used as a cybersecurity risk assessment to demonstrate compliance to third parties.

Security performance can be judged on a variety of factors, many of which do not require deep access to a company’s system:

  • Number of data breaches/compromised systems
  • Suspicious behaviors
  • Diligence measures
  • Incident response

The IT team can even compare its own performance with that of industry competitors and track its progress through accessible cyber risk dashboards. Having a clear picture of where you stand with regards to cybersecurity helps you reduce threats and cover your blind spots.

4. Using Built-In Cyber Risk Management Tools

In an ideal world, every business would have a unified, comprehensive approach to cybersecurity that conveniently covers all your needs. In reality, most of us are working on a budget and should depend on vendor-provided solutions.

The “vendors” here refer to the companies that provide the individual parts of your IT landscape, such as:

  • Computer workstations
  • Mobile devices
  • Operating systems and applications
  • Servers

Each of these products typically comes with its own set of cybersecurity risk assessment tools. Microsoft, for example, offers the free Security Compliance Toolkit for many of its operating systems and applications.

Having to go through all your devices and digital products to fish out these built-in cybersecurity risk management tools may seem time-consuming now, but you will certainly save on the budget in the long-run this way.

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In the Market For Cyber Risk Management Services?

Worried about the state of your cybersecurity defenses? You’re not alone. An overwhelming 78% of surveyed companies stated that cybersecurity was a point of weakness for their organization. 

The good news here is that boosting your own risk awareness is easier than ever with cyber risk management services like Centraleyes. 

Book your demo and see why our cyber risk and compliance platform is the go-to solution for large industries like retail, insurance, and education.

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