Cyber attacks are a very real threat looming over organizations in all industries. As more processes become digitalized, the costs of cyberattacks continue to rise, and so does their frequency. A study from the University of Maryland revealed that a cyber attack occurs every 39 seconds, while the average cost of a cyberattack was estimated in 2017 to reach $188,400. Increasing digitalization not only increases the costs of a cyberattack but also makes managing the risks of an attack far more complex.
Managing the intricate landscape that makes up most modern organizations’ digital infrastructure is an extremely complex, yet critical challenge. As the stakes continue to rise, implementing a platform that can help organizations manage the risk is more urgent than ever.
Cyber risk management platforms help organizations achieve cybersecurity goals essential for operating in today’s digitalized world, such as working with PII (personally identifiable information), protecting other sensitive data, and creating effective security strategies to manage threats detected by the platforms. Additionally, many regulatory frameworks such as NIST and NERC CIP have regulations that overlap with platforms’ capabilities, making them mandatory for compliance.
Management platforms act as tools to help your team do their job more effectively and even act as an extension of your team.
Top 12 Cyber Risk Management Platforms
1. Archer
Pricing: Unavailable
Archer is designed to act as a foundation for an organization’s technology risk management strategy and helps IT teams manage risk, keep up with shifting compliance regulations, and formulate efficient responses to data breaches and attacks. The platform integrates risk management and GRC and has received favorable reviews for its dashboard feature, giving team insights into risks.
Additionally, the platform automates a variety of processes, freeing up IT teams to work on other tasks. Unfortunately, while the UI has improved in recent years, there is still room for development, and some users have reported navigation issues and poor speed.
2. CybeReady
Pricing: The company offers a free trial and demo, pricing available on request through the company site
While not a traditional risk management platform, offering your staff proper risk management training is very effective. Security awareness training gives your entire team the skills they need to immediately identify risks and determine the best course of action to manage them. Giving your staff an active role in protecting your organization’s interests fosters a feeling of responsibility for the organization’s security and performance, and minimizes the human risk factor that lies behind a majority of cyberattacks.
3. Resolver
Pricing: Available by quote through the company’s site
Resolver is a cloud software platform that unites the three facets of risk management: risk, audit, and compliance. By uniting these three factors into a single interface and platform, the application maximizes efficiency and visibility and reduces the negative impact of attacks. The platform offers users a visual medium through which they can visualize information, activities, and compliance. Unfortunately, many users report that the interface can be made more user-friendly and easier to navigate.
4. LogicGate
Pricing: Available on request, free demo available through the company’s site
LogicGate is another cloud-based solution designed to automate the risk and compliance management processes. The platform is designed to streamline the GRC process in an easy-to-use no-code environment. While this may sound ideal, as the platform is relatively new, it’s missing some core features that are still under development. Additionally, users report that the implementation process can be tedious and user licenses and premium features can add up and quickly become costly.
5. Reciprocity
Pricing: Quote available through the company site
The Reciprocity platform is designed to address general risk management and cybersecurity risks across enterprises and allows users to evaluate risk across systems, business departments, and controls. The platform enables users to customize the risk calculations to meet their organization’s needs and ensure compliance with the relevant regulations. While the platform has many benefits, integration and SSO has proven to be a challenge for many users. Additionally, users report a lack of engagement on the part of Reciprocity’s engineering teams.
6. ServiceNow
Pricing: Quote available through the company site
ServiceNow’s platform gives organizations the tools they need to manage risks by allowing them to measure, test, and audit all of their internal processes. The visibility will enable organizations to meet regulatory standards and remain within frameworks. The platform’s features streamline many time-consuming processes, but its high cost, deeply embedded features, and difficult-to-navigate viewing pane make it a less than ideal option for smaller businesses or businesses without many tech-savvy employees.
7. Autobahn
Pricing: Starts at €589 per month. A free trial and demo are available through the company site
Autobahn’s platform uses automation to streamline asset discovery, vulnerability scanning, and cyber risk identification processes to help users identify how to strengthen their cybersecurity capabilities and address vulnerabilities to avoid attacks. Unfortunately, the solution is on the expensive side, making it difficult for smaller organizations and startups to afford.
8. CURA
Pricing: Unavailable
CURA is an easy-to-implement platform that helps organizations manage risk and compliance through internal controls. Its features include visual dashboards, self-assessment portals, workflow management solutions, and alerts and notifications. Despite all its advanced features, users report delays with NextGen surveys and limited UI, which can cause the platform to crash.
9. Audits.io
Pricing: Starts at €300 per month
Falcony’s Audit.io platform is easy to use and has the added convenience of an excellent mobile interface. The platform allows users to easily audit and document the risks an organization faces and sends alerts and notifications once risks have been identified, allowing for early management. Unfortunately, reports are non-customizable and users have reported struggling to open reports on public networks.
10. Galvanize
Pricing: Quote available through the company site
Galvanize’s CyberBond platform consolidates risk information gathered from various sources to give users a clear idea of the risks, threats, and vulnerabilities their organization faces. The system uses automation to help organizations make informed and intelligent risk management solutions. Not much information is available about this platform apart from the content on the company site, making it a somewhat risky investment, although its features look promising.
11. Qualys
Pricing: Unavailable
Qualys is a vulnerability-scanning platform that offers users the benefit of a wide variety of features. The cloud platform’s many features include app scanning and security, vulnerability prioritization schedule, network device mapping and detection, and many other features. Some users report that the vast amount of features acts more as a hindrance than a benefit, with some claiming that the platform prioritizes quantity over quality.
12. Standard Fusion
Pricing: Starts at $1,250 a month
StandardFusion is a platform designed to help organizations manage security and compliance and supports various regulatory standards, including GDPR, ISO, NIST, SOC2, and FedRAMP. The platform has several features to assist in this process, including access control, alerts and notifications, and a clear dashboard. The platform’s high prices make it more suitable for larger organizations, and while its UI is easy to use and navigate, the desktop version is crowded and harder to understand.
Protect your organization by managing risks
Risk management platforms are essential to managing the modern threat of cyberattacks, but most organizations neglect the human factor. A majority of cyber threats result from human error within the organization. Educating your team to act as a human firewall can often serve as the best defense against cyber risks and attacks and mitigates the risk of staff accidents leading to breaches. Take a proactive step against cyber attacks before they have the chance to damage your organization by beginning your staff’s education today. Check out the CybeReady website for more information.
