15 Best Cybersecurity Risk Management Tools and Software

Throughout history, both empires and enterprises have faced fatal consequences of security breaches.

Today, ever-rising breaches and cyber-attacks have reached a staggering number.

Over 340 million victims in 2,365 cyberattacks last year. 

Spine-chilling numbers. Isn’t it?

We’re so much at risk. At any point, poor cyber hygiene can take its toll on the companies’ finances, information, and reputation.

Identifying the breach during the initial stages helps you mitigate the risks.

But the worst part is, that attackers have leveled up their game.

You could never know you have been breached until everything starts to disrupt.

By then, it might be too late to act.

Now, the good part.

Hackers rarely have full knowledge of the technology stack of a target.

— John McAfee

That’s right!

Because of the dynamic nature of cyberspace, cybersecurity risk management tools and software have become a beacon of hope.

Governance, risks, and compliance have now become top priorities among tech leaders and security team

Because productivity, infrastructure, and everything secondary can only thrive in a safe ecosystem.

Having said that, let’s talk about the cybersecurity risk management tools making buzz in the digital space.

And giving a tough time to those clueless hackers.

Doesn’t matter if you’re a tech business, startup, e-commerce, or a multinational enterprise.

These risk management tools you’re about to read have provided risk management and compliance solutions to a number of businesses.

And gave them an advantage to detect early signs of breach that others might fail to see.

1. LogicManager

Any unplanned situation or interruptions pose vulnerabilities for any organization – a lot more in healthcare services.

This is where LogicManager serves as an indispensable tool for risk managers.

Winona Health, one of the largest nonprofit healthcare, once struggled to keep up with a huge number of annual incidents.

Their system failed to provide effective incident management. While putting them in serious liability concerns such as unsafe patient records and defective medical equipment.

With LogicManager, however, Winona Health has now reduced the incident processing time from 3 months to just 1 month.

This in turn simplified the incident management where they could identify key drivers related to patient and equipment risks.

While also providing them with mitigation strategies and root causes of the incidents.

Key Features that LogicManager customers talk about

• LogicManager helps you conduct risk assessments by identifying the root cause of the incidents. Which then lets ERM provide mitigation strategies based on the types of risks.
• AI poses unique challenges such as interpretability, algorithmic bias, poor data quality, etc. LogicManager implements NIST’s AI risk management framework. This addresses such issues and helps clients gain trust in AI risk assessment.
• LogicManager’s AI helps you stay updated with compliance with the help of its library of framework cross-mappings. This relieves you from spending time aligning your existing compliance with particular standards or regulations.
• Robust visibility features in its vendor management tool. Your client dealing with multiple vendors can collect information from them and ensure credibility. They can be determined through scores using questionnaires. More in-depth questionnaires for vendors with high criticality and risk.

2. Onetrust

There is an ever-growing risk of outsourced relationships with vendors.

Business and customer data are always compromised when you lack trust intelligence in your system.

Unless you’ve Onetrust that fosters a risk-aware culture in the multinational collaborative marketplace.

One such success story of a multinational business comes from PUMA.

The giant apparel manufacturer works with thousands of international vendors.

In the recent past, however, PUMA’s internal vendor-check system lacked a proper framework to monitor any risks.

There were no assessments either to evaluate the vendor’s credibility.

Working with Onetrust, PUMA not only onboarded 250 vetted vendors. But also reduced the onboarding process time by 80%.

Thanks to the built-in Dynamic Assessment that uses conditional logic. And the way it verifies any risks associated with potential vendors.

Key Features that Onetrust customers talk about

• Onetrust’s trust intelligence system automates policy enforcement and remediation actions. Consequently, you remain updated with the compliance and gain greater visibility into any potential risks.
• The platform helps you integrate with a vast array of SaaS tools. To ensure third-party privacy in your existing workflow, Onetrust’s risk intelligence instantly runs risk analytics. Which then helps you streamline your workflow with your trusted partners.
• The centralized system helps you streamline automated evidence collection for hassle-free compliance audits. The dashboard gives you a real-time status of audits, findings, and plan remediation.
• OneTrust new feature, Vendorpedia, is an assessment program that helps you check the cyber risk scores of thousands of vendors.

3. AuditBoard

A cybersecurity risk management tool powered by AI can help you address the right risks at the right time.

Just like on AuditBoard where risk, compliance, and audit management all come together through its generative AI.

Astellas, a Pharma company, lacked a proper system to streamline risk identification and collaboration in one place.

Their information was scattered throughout online drives and SharePoint which eventually posed serious vulnerability.

The lack of visibility into their audit issues was yet another setback.

Working with AuditBoard, however, changed the way they could access the information, monitor risks, and collaborate with the audit team.

Especially the OpsAudit tool that helped them to gain up-to-date insights into their global issues. And eased their efforts in performing analysis of risk trends.

Key Features that AuditBoard customers talk about

• AuditBoard undergoes automated risk scoring and lays out a real-time view of the risk heat map. This helps the monitoring team to identify potential threats beforehand.
• AuditBoard’s Operational Risk Management (ORM) tool helps you minimize risk exposure by providing a 360-degree view to your team. For any updates, reports, audits, or action plans, ORM drives a more predictive approach and visibility to any risks.
• Risk Oversight automates the aggregation of risk assessments or surveys. And saves you tons of time while gathering risks that occur frequently. Which then makes it easy for you to build reports and present them to the team.
• The centralized dashboard optimizes mitigation efforts by bringing risk managers, the audit team, and stakeholders on board. And sharing the status of action plans or any reminders for effective collaboration.

4. Onspring

Warner Bros. Discovery, an entertainment business, had too many GRC tools. And they operate with multiple subsidiaries.

However, they had a hard time managing so many tools to streamline financial compliance, audits, and email communication.

So to get rid of the overwhelming and manual GRC process, they partnered with Onspring.

Warner Bros now have a centralized system that eliminates the need of multiple silos.

That lays out all important metrics while giving the team the power of autonomous control and collaboration.

Thanks to Onspring’s automated GRC system which is said to have saved them an estimated 200 hours.

Key Features that Onspring customers talk about

• Onspring’s centralized platform eliminates inefficient file management on different spreadsheets and emails. Which also streamlines workflow and helps in real-time status reporting.
• The system automatically identifies any operational, financial, reputational, or third-party risks. And triggers assessments based on risk criticality for risk remediation.
• Onspring’s GRC automation seamlessly syncs with your business objectives. And triggers risk assessments, and compliance action throughout workflow. While tracking mitigations based on risks.
• Internal audit system uses best practices and provides complete visibility of the audit trails and actionable insights. Also, you can choose an access role and control the level of access for your external auditors.

5. LogicGate

For a media services agency, any risk to customer data and information assets results in operational and financial disruption. But the reputation incurs the biggest damage.

Horizon Media was expanding its global client base – through cloud, international offices, and technology vendors.

But while operating in a massive virtual environment, Horizon Media saw loopholes and potential vulnerabilities.

And needed a system to monitor cyber risks. So that they could reassure their clients and customers that their data is safe.

And for that, they needed to create a scalable risk infrastructure from the ground up.

So while looking for the platforms, they saw LogicGate checked all the boxes.

They can customize their risk cloud system the way they want. And systematically review and assess vendors to avoid any breaches and third-party risks.

They also claim to have reduced cyber threats by over 50% and strengthened its cloud workflow.

Key Features that LogicGate customers talk about

• LogicGate’s automated risk management streamlines cyber risk assessments, compliance reminders, evidence collection, and escalations. It saves you tons of time by eliminating most of the manual tasks and optimizing your workflow.
• It gives you complete visibility into your critical assets, risk factors, and cyber controls. Thanks to the cloud repository it gives you a centralized platform to keep and share everything in one place.
• LogicGate’s cyber risk management application helps you streamline compliance and automate tedious cyber risk assessments. It also gives you real-time insights that make it easier for you to identify potential risks and prioritize your actions.
• Risk Cloud Quantify is a feature that uses Monte Carlo simulations. It runs computational algorithms that help you figure out the likelihood of multiple outcomes of risks.

6. Resolver

Organized retail theft has been one of the major concerns for digital product manufacturers.

Netherlands’s T-Mobile, the country’s largest telecom service, knew the potential consequences of such incidents – brand and reputation risks.

They were keeping a weather eye open because of the rising facility and cargo thefts in that region.

Their monitoring system lacked centralization and visibility.

And needed an immediate risk intelligence solution that could track incidents as well as the entire smartphone lifecycle.

Only then did they come to know about Resolver. A platform built to fortify security policy. And enable visibility into locations where incidents are likely to happen.

With Resolver’s risk intelligence in action, Netherland T-Mobile can now easily streamline risk and compliance processes. And with improved data analysis, their vendors and partners are assured more than ever.

Key Features that Resolver customers talk about

• Resolver comes with powerful automation. Instantly tracks the amount and severity of incidents. And helps you simplify incident reporting submission.
• Automation also turns incidents into insights. This means it lays out recommendations based on data to analyze potential threats or uncover security gaps.
• The platform features robust investigation and case management software. They help you connect the links between your incidents and investigations to streamline risk solutions.
• It also helps you monitor vulnerabilities, understand key risk indicators, and manage security action plans through high-quality assessments.

7. Archer

What does it take to develop a stronger risk management culture?

A platform that unifies your risk data and manages within the same metrics, taxonomies, and policies. 

This not only gives each of your team an improved visibility. But also the flexibility to use tools specific to their roles.

Archer is one such platform that fosters a risk-focused culture. 

Follett, one of Archer’s partners, speaks highly of the platform. 

They needed a solution to streamline the GRC process for their educational and payment services for schools and colleges. 

Even though Follett has an internal compliance system, adhering to PCI DSS compliance is important.

It’s payment-based compliance. And failing to oblige means monthly fines. 

They were even more concerned about vulnerable and time-consuming data sharing over spreadsheets.

Being an Archer partner, Follet now runs a centralized system that connects finance, internal compliance, and PCI DSS compliance teams. 

With a streamlined risk management workflow, they can bring the right information to the right person at the right time. 

Key Features that Archer customers talk about

• Archer comes with a universal system for all your audit, risk, and compliance management. From managing risk-focused audits to monitoring compliance policies, Archer frees you from dependencies on different tools.
• The platform is powered by proprietary Compliance AI that keeps track of regulatory changes and internal policies.
• Archer’s AI helps you monitor the near-real-time landscape of the regulatory and compliance policies. But also analyzes if there’s any scope of missing an obligation. 
• The IT risk management tool greatly reduces the risks of cyber breaches. And gives you complete visibility into gaps during the risk assessment process as well as their remediations. 

8. SAI360

Finance and insurance agencies often lack centralized repositories and complete visibility into risk management processes.  

They must have a consolidated view of risk reports, audits, and compliance processes. That can help them with efficient auditing and single-source reporting.

Bupa, a health insurance company, had often run into issues due to delayed audit processes and unorganized information sharing.

Their manual workflow took a toll on cybersecurity best practices across the international team. 

However, the partnership with SAI360’s risk management tool helped them to streamline auditing, reporting, and risk remediation processes. 

While they saw an improved collaboration and secured information sharing. SAI360 also gave them complete visibility into how their customers use their services. 

Key Features that SAI360 customers talk about

• SAI360 is a cybersecurity risk management tool purpose-built for healthcare management. It comes with pre-built modules specific to healthcare companies ready to deploy.
• The powerful automation feature not only handles IT risks but also automates collaboration. Right from the central repository, you can keep accountability of GRC processes and manage access to different teams.
• Identify different growth prospects using SAI360’s reporting and analytics features. Besides business insights, it helps you with data-driven decision-making and risk assessments.
• SAI360’s Vendor risk management program adds a layer of assurance through risk scoring, automated assessments, and effective compliance processes.

9. NAVEX

For a small company, earning an ISO certification requires a huge commitment. 

Besides having a best-in-class information security management system (ISMS), they need to tick all the compliance boxes as proposed under the certification. 

A small software company with over 80 employees was looking to scale its business globally.

However, to earn this token of trust, they faced barriers in their risk management operations.

They had rigorous and time-consuming ways of sharing information as their existing systems weren’t centralized. 

As a result, they were unable to map data points and collaborate with the teams. 

However, partnering with NAVEX turned out to be a game-changer. 

NAVEX not only helped the company with sustainable GRC solutions. But also gave credibility in the software marketplace. 

This has positioned the company in a competitive advantage allowing the prospective clients to trust its services. 

Key Features that NAVEX customers talk about

• NAVEX’s unified GRC software bridges the gap between different data sources, manages seamless collaboration, and enables a smooth workflow.
• Automation cuts you off from tracking regulatory changes manually. Rather, it lays out automated compliance models and blind spots that help you make quicker decisions. 
• NAVEX’s centralized system reduces the gap between silos and risk data. It provides complete visibility into actionable intelligence to help you spend more time on risk management. And less on searching for insightful data. 
• Speaking of actionable intelligence, it gives you insights into risk status and compares it with industry benchmarks to drive effective decisions.

10. Hyperproof

Many sales companies take the wrong ethical approach to their compliance requirements. 

This may lead to business loss, legal penalties, or even reputational loss. 

Cybersecurity platforms like Hyperproof, therefore, help you to create a single source of truth. And automate the repetitive processes like internal auditing and evidence collection for control testing. 

Outreach, one of the leading sales execution companies, lacked a sustainable solution for their compliance needs. 

There was no unified system for the GRC team to collaborate efficiently. 

With Hyperproof, they have drastically reduced the audit prep time by 75%. This in turn helped them achieve compliance goals in just a few months.

In addition, Hyperproof provides integration with Jira to streamline time-consuming internal audits and evidence-collection processes. 

This integration also simplifies the risk management processes using seamless collaboration with different teams. 

Key Features that Hyperproof customers talk about

• Hyperproof’s unified system centralizes the risk management process and ensures no gap in risk assessment. It also helps you prioritize risks, automate risk workflows, and align them with compliance protocols.
• Hypersyncs is one of the key features to automate evidence collection and reuse them to fulfill audit requests. This not only improves evidence management experience but saves you tons of time.
• The automation feature also streamlines the audit operations. It automates the connection between audit requests and their associated evidence while making the entire process a lot easier. 
• Hyperproof’s compliance management helps you adapt to changing regulations and speed up the audit process. In addition, its built-in controls let you reuse the controls for the next audit. 

11. Splunk

Splunk, a prominent name in cybersecurity and observability, is now a part of the Cisco ecosystem.

This means a unified cybersecurity solution that businesses can bet on to manage risks of the highest criticality.  

Having a complex IT infrastructure, there is no wonder why a food delivery company like Delivery Hero would choose Splunk.

This multinational company spans 70 countries and 4 continents. But the bigger the outreach, the more vulnerable they are. 

Earlier, their on-premise system failed to provide the risk team with a complete view of their environment. 

Mismanagement of resources because of the lack of a centralized platform was a pain in the head. 

Latency was yet another issue as their team struggled to address incidents efficiently. 

However, partnering with Splunk turned out to be a game-changer. 

They can now centralize the vast data sources of their food delivery business. And harness Splunk’s automation capabilities.

So that they can identify any threats, latency issues, and incidents and address them quickly. 

Key Features that Splunk customers talk about

• Robust incident management solution that can identify and analyze risks based on criticality. And lay out effective remediations to solve and close the investigations at a blazing speed. 
• Splunk’s generative AI feature enables continuous risk monitoring with complete visibility into minor gaps and immediate remediation measures. 
• The automation is nicely baked into the risk management tool to give you real-time insights into security controls. This saves time and effort in clearing the compliance and making audit processes easier. 
• Splunk’s risk-based alerting feature (RBA) syncs with the workflow and ensures the high accuracy of threat detection.

12. Bitdefender

Bitdefender boasts its state-of-the-art threat intelligence. 

For any brand with a large community, its reputation is always at high stake. 

Just like San Antonio Spurs, a global sports brand, that faced pressing risk concerns for their NBA community. 

Their security team had an obsolete risk management tool that often failed to handle several unique variables. 

With the ever-increasing cases of phishing, ransomware, and AI-driven threats, their expectations were high while partnering with Bitdefender.

For their small IT team, this seemed to be a rather enormous task. 

With Bitdefender, however, they can automate the monitoring and quick responses to incidents in real-time. 

The security team at Spurs relies on Bitdefender’s Managed Detection and Response (MDR) and Extended Detection and Response (XDR). 

Providing them with best-in-industry risk management capabilities while keeping their community and partners protected.

Key Features that Bitdefender customers talk about

• Managed Detection and Response is a high-fidelity automation feature that monitors and exploits potential cyber threats. And mitigates them before they breach the system or disrupt the reputation.
• Extended Detection and Response provides a 360-degree view into the network. And scours places such as email to detect any potential attack.
• IntelliZon, Bitdefender’s advanced threat intelligence, uses deep learning methods to detect any anomalies accurately. While also ensuring the accuracy of such feeds. 
• GravityZone CSPM+ is an advanced cloud security feature that enables complete visibility into an organization’s cloud activities. It also strengthens compliance mapping and keeps track of any changes in the compliance frameworks.

13. MetricStream

A card scheme is a financial service that processes credit card transactions. One such example is Mastercard which not only manages complex financial operations. 

But also 4th party service providers such as payment processors, digital wallet providers, etc.

Although these services are crucial for Mastercard operations, they don’t deal directly.  

Earlier, the 4th parties barely posed any risks. 

However, with the ever-increasing number of 4th parties, Mastercard had struggled with the visibility into the risk controls. 

They also lacked a monitoring system to identify fraud, new compliance, and emerging risks. Leaving them exposed to vulnerabilities. 

This is where Mastercard joined hands with MetricStream to streamline risk assessments, real-time insights, and quick incident responses.

With MetricStream’s automated segmentation, Mastercard can have reports on service type, transaction volume, personally identifiable information (PII), and fraud parameters.

Easy, quick, and more informed responses.

Key Features that MetricStream customers talk about

• MetricStream’s centralized repository manages entire risk entities such as assessments, vulnerabilities, threats, and remediation controls. Giving complete visibility into risk actions in one place. 
• The issue management leverages machine learning capabilities to auto-detect anomalies. Then it runs a closed-loop investigation and remediation to address such incidents quickly.
• Features cyber risk quantification and simulation that uses the FAIR model. It is a tool to assess cyber risk exposure and the breadth of ways data breaches and theft could occur. And eventually comes up with a monetary impact in dollar value.
• MetricStream makes self-assessments and surveys easier using pre-designed templates and schedules. It also keeps track of any IT compliance requirements or changes. 

14. Tenable Nessus

IT companies are furiously embracing the risk-aware culture.

However, they might need a system to proactively identify, analyze, and reduce the attack surface from an attacker’s POV. 

An exposure management platform like Tenable is one such system that addresses your cybersecurity needs by aggregating possible risk exposures.

Cancom, a Europe-based hybrid IT and consulting service, had different risk scanners for different business units. 

And as they were scaling up, they struggled with the complexity and compatibility issues of the individual risk systems.

Which turned out to be expensive and time-consuming. 

In addition, their operations on the cloud, Internet of Things, and 5G/6G were posing serious risk exposures. 

With Tenable’s cybersecurity risk management tool, they are able to streamline their complex security operations under a unified platform. 

They’ve significantly reduced the manual vulnerability scanning for each business unit. And gained better control over risk controls using customizable automation. 

Key Features that Tenable customers talk about

• Tenable’s Exposure AI feature plays a key role in eliminating potential attack paths while making sure attackers wouldn’t exploit them. 
• Its threat intelligence service also provides you with continuous assessment, real-time insights, and remediation measures by analyzing the attack surface.
• As the name suggests, the Unified Cloud Native Application Protection Platform (CNAPP) identifies and addresses multi-cloud operations. Be it on Google, AWS, or Azure cloud. 
• It also gives you a 360-degree view of all the connected assets, applications, and services within your cloud network.

15. Drata

Cybersecurity risk management and compliance management go hand in hand. 

Not only this gets tech companies rubber-stamped by compliance frameworks. But also paves the way for B2B partnerships.

Drata Inc. one of the emerging names in the cybersecurity industry has a goal to make compliance processes easier.

In a short time, they achieved significant credibility among their customers. 

One such customer success story comes from Scanner.dev, a Security information and event management (SIEM) company – a startup based on cloud security service. 

They were once in dire need to earn SOC 2 Type 2 compliance. But were left puzzled by the complex compliance process.

Also because of a small team and the lack of legal-savvy professionals, they needed a compliance automation solution. 

But having Drata by their side, Scanner was able to achieve a clean SOC 2 Type 2 compliance way earlier. 

And also earned a token of trust to expand their business outreach. 

Key Features that Drata customers talk about

• Drata’s Compliance as Code brings best practices for the GRC team that eliminate hours of manual work. It uses automated control monitoring and evidence collection to verify compliance protocols before and after code deployment. Automated alerts then help the dev team identify any misconfiguration that may otherwise hamper compliance readiness. 
• Audit hub is Drata’s secured and centralized shared space that consolidates all important data. It not only enables seamless communication between auditors and customers. But also lets you set accessibility for the concerned parties.  
• There are over 20 built-in frameworks to help you automate the compliance process. It also comes with a library of controls to add flexibility to compliance customization.
• Besides, Drata also features over 180 integrations to help your GRC team eliminate manual operations. Integrations also empower small teams to automate time-consuming processes like continuous monitoring and evidence collection.

Final words

15 best cybersecurity risk management software at your disposal.

So that you stay one step ahead of the cyber threats.

With the digital space getting more and more interconnected, each company should hold the responsibility of keeping its ecosystem safe.

And these tools help to develop a risk-aware culture without having you be a security specialist.

Therefore, having a risk management tool buys you more time to think about productivity, infrastructure, and everything secondary. While you worry less about breaches.