Interscale Content Hub – If you want to keep your business running smoothly and protect your assets, you need to think about IT risk assessment software.
IT risk assessment software helps you identify, evaluate, and deal with the risks associated with information technology systems.
And yes, with cyberattacks on the rise in Australia, it’s highly advisable for businesses to implement comprehensive strategies to safeguard their operations.
Importance of Using IT Risk Assessment Software for Business
The 2024 Data Breach Investigations Report (DBIR) by Verizon says 2023 has seen a doubling of confirmed data breaches compared to the previous year.
And vulnerability exploitation has tripled as the initial point of entry for these breaches.
What’s more, the 2024 DBIR says a whopping 68% of breaches involved a non-malicious human factor, such as falling victim to social engineering attacks or making mistakes.
It’s no surprise, then, that many organisations, including the US Department of Education in the ‘Handbook for Information Technology Security Risk Assessment Procedures’, say risk assessments are key for spotting system weaknesses and helping make informed decisions about security controls and fixes.
Yup, IT risk assessment software helps to identify these human-related vulnerabilities and come up with strategies to address them, which helps to improve the overall security of the organisation.
For Australian businesses, using IT risk assessment software helps you stay on the right side of the law.
It means you’re complying with things like the Australian Privacy Principles (APPs) and the Notifiable Data Breaches (NDB) scheme.
Key Features and Functionalities
IT risk assessment software has a bunch of features and functions to help your organisation manage the risks better.
One of the most fundamental and crucial features is risk identification and analysis.
Absolutely. The software you use should be able to identify weaknesses in your IT framework and assess how they could affect you.
The US Department of Education handbook describes a systematic approach here, which involves characterising the system, identifying threats and analysing vulnerabilities.
By looking at these things in a bit more detail, businesses can work out which risks are the most important and put in place the controls they need.
Another must-have is making sure you stick to industry standards and regulatory requirements to keep things legal and ethical.
The software should have solid tools for keeping track of compliance with relevant laws, like the Australian Privacy Principles (APPs) and the Notifiable Data Breaches (NDB) scheme.
And don’t forget about incident response planning! The software should let you create and manage response strategies for potential breaches.
The 2024 Data Breach Investigations Report (DBIR) by Verizon shows how important it is to respond quickly. It says the average time to detect an attack is just five days.
Good incident response planning tools help businesses deal with breaches quickly and easily, so they can minimise damage and get back to normal as soon as possible.
Also, it’s good to have automated and customisable reporting.
Good reporting tools give stakeholders and regulators a clear picture of the risks, how they’re being managed, and how compliant the company is.
These customisable reports are designed to make sure everyone knows what the organisation’s risk position is and what steps are being taken to address any vulnerabilities.
Finally, being able to integrate with existing IT infrastructure and other security tools makes the whole risk management process more efficient.
If you make sure it’s compatible and easy to integrate, your business can use their existing IT investments to improve their security.
For a template reference, kindly read “Business Survival Kit: An IT Risk Assessment Template You Need is Here.”
Top IT Risk Assessment Software Solutions
Here are some leading solutions that offer comprehensive features and functionalities tailored to various organisational needs.
NIST Risk Management Framework (RMF)
The NIST Risk Management Framework (RMF) is a structured way of managing organisational risk. It includes several key steps:
- Categorising information systems.
- Selecting and implementing security controls.
- Continuous monitoring.
The RMF is known for being thorough and adaptable, and it’s used in all kinds of industries.
It provides a structured and flexible process integrating security, privacy, and cyber supply chain risk management activities into the system development life cycle.
If you follow the RMF guidelines, you can be sure that your security measures are both effective and efficient. You can also balance the operational and economic costs of protective measures.
RiskWatch
RiskWatch is a solid platform for risk assessment and management, with a focus on compliance and security metrics.
RiskWatch is known for its user-friendly interface, which makes it easy for organisations to conduct thorough risk assessments and generate comprehensive risk reports.
It’s got all the bells and whistles, including automated risk analysis, customisable reporting, and tools for monitoring compliance with regulatory requirements.
This makes it a great choice for businesses that want to be able to manage their risks easily and in detail.
RSA Archer
RSA Archer is a one-stop shop for risk management, offering tools for risk assessments, compliance management, and incident response.
Its flexibility and scalability make it a great fit for large enterprises with complex risk management needs.
RSA Archer’s platform lets organisations put together a complete risk management programme, including policy management, risk assessments and incident response planning.
This helps businesses make their risk management processes more efficient and deal with any potential threats.
LogicManager
LogicManager is a flexible risk management software that focuses on identifying, assessing, and reducing risks.
It’s got loads of reporting tools and integration capabilities, so it’s a great choice for businesses looking to make their risk management processes more efficient.
LogicManager’s platform can help you with all kinds of risk management activities, including risk assessments, compliance monitoring, and incident management.
Integrating with other IT systems gives it more functionality, making it a great solution for managing IT risks.
Resolver
Resolver is all about risk intelligence and mitigation, with tools to help you manage incidents, comply with regulations, and get through internal audits.
Its easy-to-use dashboard and real-time analytics help businesses stay one step ahead of potential threats.
Resolver’s platform is all about helping businesses manage risks before they become problems. It gives them a clear picture of what’s going on and shows them how to put effective solutions in place.
This makes it the perfect solution for businesses that need to see their risk landscape in real time.
To find out how Australian businesses should be doing IT risk assessment, please refer to “The Australia Inside Scoop: Why You Need an IT Risk Assessment Policy.“
How to Choose the Right IT Risk Assessment Software
First things first: think about what your business needs. This means you need to figure out what your company’s specific risk management needs are.
The level of detail needed in risk assessments can vary a lot depending on how complex and big the business is.
That’s why scalability is another big thing to think about for long-term sustainability.
As your company grows, the software should be able to handle more data and more complex risk scenarios.
Next, think about how easy it is to use. The software should be easy to use and have simple reporting tools.
This feature is vital for ensuring that everyone, regardless of their technical expertise, can easily use the software.
And as we said before, the integration capabilities are just as important.
The software should be able to link up with your existing IT systems without any hiccups.
This integration makes it easier to assess risks and share data across different platforms.
Finally, think about the level of support you’ll get from the vendor.
How good is the support and training from the software vendor? It can make a big difference to how effective the software is.
Good customer support means users are well trained and any issues are fixed quickly, which makes the software easier to use and more reliable.
How Interscale Can Be Your Risk Assessment Support System
With so many software options out there, we at Interscale can offer you a range of cybersecurity services, including IT risk assessments, that we can tailor to your specific needs.
Our team of experts can help you identify, assess and manage your IT risks.
We can put together a risk management plan, choose the right software and implement effective security controls.
We’re also there for you when you need it, to make sure your IT risk management programme stays effective as your business grows.
This way, you’ll be aware of the risks and have a plan to deal with them.
We’ve worked with Davey Water Products to show what we can do when it comes to delivering effective IT security solutions.
With all these capabilities, we’d love for you to take a closer look at us.
So, to get started, you might want to check out our Interscale Cybersecurity Support page.
Or if you’re looking for more detail and a more comprehensive solution, just let us know, and we’ll set up a time to chat. We’re here 24/7, whenever you need us.
In Closing
If you know what these tools are all about, what to look for in a solution, and what the best ones are, you can make sure your business is protected.
So, the big question is how you’re going to fit the software into your system without losing the heart of your business? The answer is Interscale.
Yup, at Interscale, we’ll be your partner in tailoring IT risk assessment software to align with your business needs and goals.
