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User Guide to the Top Risk Management Tools

Tuesday May 22nd 2018 by Sue Marquette Poremba

Threats are out there, and you know you should be looking at risk management software options to protect your network and data. But where do you begin?

Threats are out there, and you know you should be looking at risk management software options to protect your network and data. But where do you begin?

“Organizations that are serious about adopting a risk-based approach to security should think holistically about the threats and adverse events their organizations face now, and will face in the future,” said Haystax Technology CEO Bryan Ware. “Every world-class risk management program I've seen combines sound policies and practices with analytics solutions and broad data sets to identify current and emerging risks in a predictive way -- not after the crisis has occurred.”

Haystax Technology, for example, uses a unique patented approach to developing risk management solutions that proactively finds everything from insider threats and compromised accounts to terrorist activity. “This AI technique, which we call ‘model first,’ has already been operationally proven to drastically reduce false positives while prioritizing real risks to an organization,” explained Ware. “It’s an approach that allows analysts to look at the highest risks first and then drill into all the alerts or events that drove those risks, versus manually sifting through and correlating indicators of compromise — which is time-consuming and inefficient.”

Tips to Find the Right Risk Management Tools for Your Organization

When choosing which specific tools to use, there are a few key factors to address.

Ofer Amitai, CEO of network access control company Portnox, offers a few tips to follow:

  • The tools used should provide complete visibility and clarity about what is going on across all verticals and layers of computing, in all locations and for all devices being used by the organization and its staff. This would require a valuable detection piece for each category to recognize all communications, devices and machines.
  • In an ideal situation, the risk management tools should keep historical information on usage and device data that can be used for improved machine learning on what comprises a risk factor for the company. This can be analyzed by the tools’ administrators and ultimately be used for faster and more accurate threat detection and prevention.
  • Organizations should look for simplicity in terms of configuration, deployment and usage. Simplicity is worth its weight in gold as businesses are looking for efficient solutions and saving time across all these mentioned categories.
  • Enterprise risk management tools should have the programming to isolate potential threats before they can access the more internal and important data, allowing the enterprise to assess if the risk is a real threat or not.
  • Tools used should not interfere with any other management tools used by the organization both now and in the future. Ideally, your management tools interact well with each other and communicate to provide clarity.

“It is extremely difficult to protect against threats that are not recognized by your risk management tools and not assessed as potential threats,” said Amitai. “Once detection is possible, protection is a viable option.”

Risk Management Tools for Your Consideration

If you are in the market for risk management software packages, below is just a sample of the products available, covering a range of industry needs.

1. Qualys: An SaaS risk management tool that covers malware detection, vulnerability and app scanning, as well as coverage for PCI compliance.  It provides continuous monitoring that allows your organization near real-time assessment of what’s happening on your network. Also provides a security assessment questionnaire to ensure you are getting the right type of risk coverage for your specific needs.

2. Optial Risk Management: Optial has several tools for GRC, including one that covers risk management. With this tool, users can identify, assess, monitor and mitigate risks across multiple industry verticals. You can define the various risk scenarios your organization may face and then create the best reporting option to provide historical data and trends in your network.

3. Resolver: A cloud-based risk management system that can be used in a wide variety of industries, but especially ideal for enterprise-level risk management. This tool can assess risks related to budgeting. It also allows you to create internal audits to assess risks across the network and develop strategic planning to address potential risks. Users give high ratings to the tool’s ease of setup and overall use, as well.

4. cammsrisk: Cloud-based risk management tool that uses preconfigured environmental health and safety templates and easy-to-use dashboards. Also includes an audit system to allow you to better manage internal and external audits. This tool is accessible for SMBs, and also has apps on both iOS and Android.

5. Form.com Mobile Risk Management Platform: A mobile app risk management tool to conduct risk assessments on smartphones and tablets. No internet connection is necessary, as the software is designed to work offline. Works with existing IT infrastructure. You can determine when to run the scans and how to track assessments.

6. Integrum: A cloud-based risk management platform good for SMBs. While built with health, safety and environment regulations in mind, this platform is used by a wide variety of industries. This tool features business intelligence reporting, quality control risk and compliance management, and business optimization.

7. JCAD CORE: A web-based enterprise risk management platform that allows for management of compliance and monitoring of risk levels. The platform is able to link risks to your objectives, strategy and reporting structure. The tool also allows you to manage risk in multiple registries.

8. Constellation: This risk management tool takes a user behavioral analytics approach to search for insider threats. The platform can detect potential threats, apply controls, and improve overall workflow.

Sue Marquette Poremba has been writing about network security since 2008. In addition to her coverage of security issues for IT Business Edge, her security articles have been published at various sites such as Forbes, Midsize Insider and Tom's Guide. You can reach Sue via Twitter: @sueporemba

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