10 Best Cybersecurity Risk Management Tools – 2023

cybersecurity risk management tools: Cyber Security Software plays an imperative role in securing a company’s or individual’s cyber security as well as preserving their privacy. 

In a nutshell, cybersecurity refers to the way in which a network, system, or application is protected from cyber-attacks by providing additional security measures.

Cyber security tools are mainly used to prevent unauthorized access to data, cyberattacks, and identity thefts from occurring on a regular basis.

An organization’s ability to recognize, control, and mitigate cyber risks is greatly enhanced by cybersecurity risk management tools. In terms of risk management strategies and data security, they are crucial components of any strategy relating to those topics.

Nowadays there is a greater reliance on connected systems in modern businesses and organizations to operate their business, and this evolution is becoming increasingly complex in terms of security.

While the digital landscape of risks keeps expanding and progressing, it is wise to recognize that you could face new cyber threats as a result.

What is cybersecurity risk management?

The concept of cyber security risk management refers to a solution that aims to prioritize threats in order to mitigate them. 

In short, a cybersecurity risk management program is primarily used by organizations and companies, as they implement this approach to secure their IT networks and respond fast to multiple critical threats.

An effective cybersecurity risk management process involves a variety of processes that interact with one another. However, to make it simpler it’s divided into four key stages, and here below we have mentioned those stages:-

1. Identifying risk

2. Assess risk

3. Review controls

4. Control risk

What does a risk management tool do?

In order to manage uncertainty, risk management tools are an effective way of addressing several aspects of the issue, including:-

1. Identification

2. Generation

3. Parameterization

4. Prioritization

5. Development of responses

6. Monitoring of the risks

It means that for an organization to be able to mitigate cyber threats effectively, it depends on these cybersecurity risk management tools. 

What does it imply? It signifies that without these tools it’s completely impossible to mitigate such threats.

In an effort to improve cybersecurity vigilance for your organization, these cybersecurity management tools deliver quantifiable techniques, strategies, and ready-to-use tactics.

Why is cybersecurity risk management important?

A comprehensive cybersecurity management system is vital for decision-makers since it enables them to make accurate choices based on the information that they possess. 

Not only that, but this approach also enables them to implement proper security measures. The first step which a business must take to determine if it is vulnerable to cyber-attacks is to conduct a cyber-risk assessment to assess the level of vulnerability that a business faces and the risks associated with cyber-attacks. 

In such cases, it is imperative to implement a proper Cybersecurity Management approach to ensure the network’s safety.

What is a security risk management plan?

SRMP (Strategic Security Risk Management Plan) is an essential foundation that outlines the issues that are pertinent to an organization from viewpoint of security risk management. 

With the security risk management strategic plan, users can find and fix issues in an effective way. And it also became easy to implement the best security measures with the help of monitored security results. 

With the help of Strategic Security Risk Management Plans, security companies make their way to a broader range of organizations.

10 Best Cybersecurity Risk Management Tools: Key Features

Cybersecurity Risk Management Tools	Key Features
1. ZenGRC	1. Audit management	2. Automated audit evidence collection	3. Compliance management	4. Contract management	5. Routine compliance	6. Policy management	7. Risk assessment	8. Creation of new compliance programs	9. Risk reporting
2. Active Risk Manager	1. Compliance Management	2. Audit Management	3. Internal Controls Management	4. Risk Assessment	5. Legal Risk Management	6. Response Management	7. Operational Risk Management	8. Exceptions Management	9. Corrective and Preventive Actions
3. Cloud GRC	1. Automation	2. Centralized Controls	3. Managing governance	4. Scalability	5. Task Delegation	6. Support for Future Standards	7. Risk management	8. Customizable Reporting	9. Flexibility
4. Pathlock	1. Improve decision-making capabilities	2. Centralization	3. Better performance	4. Integrated view	5. Control and Visibility	6. SIEM integrations for SOCs	7. Financial controls monitoring	8. Seamless Integration	9. Risk quantification
5. Resolver Risk Management Software	1. Enterprise management	2. Security risk management	3. Internal audit	4. Vendor risk	5. IT risk management	6. Regulatory compliance	7. IT Compliance	8. Threat protection	9. Command center & dispatch	10. Incident management
6. Risk Management Studio	1. Audit Management	2. Business Process Control	3. Compliance Management	4. Corrective and Preventive Actions (CAPA)	5. Internal Controls Management	6. Reputational Risk Management
7. CheckIt	1. Safety inspections	2. Quality audits	3. ESG assessment	4. Supply chain management	5. Security management	6. Internal control management
8. CURA Enterprise Risk Management	1. Support for multiple methodologies	2. Support for several frameworks	3. Risk management	4. Ensure compliance with regulations	5. Real-time visibility	6. Interactive dashboards	7. Interactive reports	8. Audit trails
9. Enablon	1. Data Virtualization	2. Text Analysis	3. Business Intelligence	4. Enterprise Search Software	5. Predictive Analytics	6. Insight Engines	7. Statistical Analysis
10. Isometrix	1. Internal Controls Management	2. Risk Assessment	3. Alerts & Notifications	4. Compliance Management	5. Corrective and Preventive Actions (CAPA)	6. Exceptions Management	7. Audit Management	8. Operational Risk Management	9. Predictive Analytics	10. Business Process Control	11. Legal Risk Management

10 Best Cybersecurity Risk Management Tools 2023

1. ZenGRC

2. Active Risk Manager

3. Cloud GRC

4. Pathlock

5. Resolver Risk Management Software

6. Risk Management Studio

7. CheckIt

8. CURA Enterprise Risk Management

9. Enablon

10. Isometrix

1. ZenGRC

There are two types of GRC management solutions available for organizations, and they are most commonly known:- 

• Cloud-based
• On-premise

But, ZenGRC is extraordinary in terms of these two availability options. This GRC solution is available in both options for the organizations.

Business owners of all sizes from all types of industries can benefit from this GRX solution, including:-

• IT
• Technology
• Retail
• Consumer goods
• Health care
• Finance

With the help of this solution admins controlling the audit and compliance section can dramatically reduce the risk and errors revolving around the compliance and brand.

There are several features that the solution offers, which make it suitable for a variety of industries.

It is also possible for users to automate processes related to compliance within the application by using the workflow module.

The project solution offers an audit module that can be utilized in conjunction with the compliance reporting and data collection functions for the purpose of commenting on controls.

Pros

• Excellent support
• Offer a robust audit management system
• Extensible product roadmap

Cons

• Less reporting and visual features
• Confusing UI

2. Active Risk Manager

Active Risk Manager is one of the most comprehensive risk management solutions. With this solution, enterprises can manage risk from a corporate level to a project level or from an operational level.

This security solution is best suited to medium to large-type businesses for significant risk management. Active Risk Manager comes with a cloud-based platform that provides several tools and here below we have mentioned the key ones:- 

• Comprehensive auditing
• Security controls
• Incident management
• Configurable risk alerts

Users of this security solution also get the option to report accidents across a wide range of projects via the ARM SNAPPit mobile incident management module.

Pros

• Offers excellent project-supporting facilities
• Simulates quantitative data with ease

Cons

• Less interactive UI

3. Cloud GRC

With their extensive experience and expertise in the following key areas, Cloud GRC is one of the top security solutions available today with their top-notch security solutions.

Their expertise areas can be found in the list below, and they are as follows:

• Security strategies
• Frameworks
• Threat assessment
• Risk assessment
• Data Privacy Management
• Cloud Security
• Continuous identity assurance
• Regulatory Compliance Requirements

There is growing concern about cybersecurity in many organizations and it is imperative that these issues are addressed immediately in order to protect both their business and their staff.

Pros

• Easy to implement
• Offers excellent security management
• Interactive support system

Cons

• Log collection
• Complex UI

4. Pathlock

In this Cybersecurity Risk Management Tools, this solutions provided by Pathlock are trusted by thousands of customers across the globe for automating key access control and security features.

Below you will find a list of some of the most important features it provides in addition to its many other features:-

• Access control management and user certification
• The quantification of risk for the reporting of SODs
• Defining and provisioning the roles of users
• Management of vulnerabilities in applications

It is no surprise that the world’s leading companies trust Pathlock with their security needs. This program reduces fraud and identifies inefficient processes in order to Put Money Back on the Books.

Pros

• Robust automation system
• Provides well-groomed support
• Excellent audit system
• Improve the efficiency of your business process and applications by reducing risk

Cons

• High Cost
• Less efficient support

5. Resolver Risk Management Software

As one of the largest risk management software companies in the world, Resolver provides businesses across a wide range of industries and business needs with a cloud-based solution to manage risk.

With the help of a single solution, you would be able to do the following essential things:-

• Manage risk aversion
• Manage mitigation plans
• Manage budgets
• Manage forecasts

one of the purposes of Cybersecurity Risk Management Tools is to help link risk and incident assessments so that they can be linked to what actually happened at the time. In order to help you resolve disputes, Resolver uses cloud-based software and is compatible with desktops, tablets, and smartphones.

Pros

• Extremely customizable
• There is a very knowledgeable support team and developers
• It is a cost-effective product

Cons

• Other aspects of this software are not intuitive
• Slow operation

6. Risk Management Studio

Companies and institutions are choosing to take an integrated approach to risk management through Risk Management Studio, which is a well-renowned Cybersecurity Risk Management Tools.

There are many ways to manage risk in your organization. Still, IRMF software provides you with a comprehensive list of tools and solutions to help you manage these processes, procedures, and policies effectively. 

A company’s compliance with third-party requirements can be seen as its willingness to implement and adhere to those requirements.

In terms of the Integrated Risk Management framework, RM Studio presents a turnkey solution that provides an efficient, holistic, and standardized approach to managing risks.

Pros

• Excellent operational risk management
• Offers robust internal controls management
• Corrective Actions (CAPA)

Cons

• Pricey
• Slow support resolutions
• Extremely fewer options available in free trial

7. CheckIt

In Cybersecurity Risk Management Tools, There’s no other platform on the market that captures all the activity of your frontline staff like Check it. Through healthier work environments and happier staff, you can improve safety, compliance, and productivity and keep your employees from becoming cyber threat targets.

In addition to powering digital safety systems, the Operations Management Platform, CheckIt also gives the operators greater control over their operations in real-time.

In order to help businesses of any size, the smart cloud-based technology of CheckIt allows each of the following tasks to be performed:-

• Manage people
• Manage processes
• Manage compliance

Pros

• Easy-to-implement setup
• Dynamic workflows
• Automated alerting
• Targeted activities

Cons

• High priced
• Complex UI

8. CURA Enterprise Risk Management

It is no secret that CURA is one of the best web-based solutions on the market when it comes to Cybersecurity risk management. Through the use of an integrated set of internal controls, it assists businesses in ensuring compliance and managing risk. 

There are several solutions offered by CURA Software that help to manage the following key things:-

• Enterprise risks
• Project risks
• Incidents
• Business continuity
• Compliance
• Operational risks
• Information security

On the basis of the cloud-based platform, the applications in CURA can be integrated together to form a GRC system within the organization as a whole.

Pros

• Easy to implement
• UI is very intuitive
• Excellent support attentiveness

Cons

• Lack resources
• Crash issues
• Delays with NG surveys

9. Enablon

In addition to managing the environmental, EHS, and safety aspects of an organization, Enablon provides a cloud-based solution to track how resources are used in an organization. 

Users of Enablon software can create action plans and track the progress of their actions using the reporting tools that Enablon has built-in.

It comprises a comprehensive set of tools that help businesses manage environmental, health, and safety risks, as well as operational risks in order to promote sustainability and efficiency within their business.

Furthermore, Enablon reduces costs and improves efficiency by providing robust data-driven decisions and efficient resource utilization. 

Pros

• Robust EHS Management
• Mobile Capabilities
• Superb performance

Cons

• No free trial
• Not for small and medium size businesses

10. Isometrix

A leading provider of Cybersecurity risk management software, IsoMetrix is a technology company that has been trusted by multiple global brands for over 25 years and it provides solutions for the following areas:-

• EHS management
• ESG management
• GRC management

Unlike many organizations, IsoMetrix believes that it is possible to obtain powerful and wide-ranging benefits from properly managing governance, risk, and compliance.

By utilizing a single integrated system instead of multiple-point solutions they isolated and refined their risk management system.

Embracing a unified approach to risk management, enabling clients to be proactive in managing risk.

Pros

• Refined functionalities
• Intuitive UI
• Compatibility
• Robust EHS Management system

Cons

• No free trial
• Fewer support mediums

Conclusion

In order for your business to achieve its overall cybersecurity goal effectively, the quality of your cyber risk assessments is essential. As a consequence, cyber threats have continued to increase in complexity over the years.

In short, the addition or adoption of cybersecurity management tools is crucial nowadays to ensure the proper functionality of a business or organization.

All these risk management solutions from eminent cyber security companies provide a valuable means of managing risks proactively.

While to make it simple, we have compiled this list with a variety of Cybersecurity Risk Management Tools, and this list will help you in selecting the best tool that suits your needs.

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