From identity theft to corporate hacking, cybersecurity has never been more important for businesses, organizations and governments. Understanding these risks demands a proper methodology that takes an organization through the process of evaluating current threats and vulnerabilities to identifying the effective controls to either reduce or mitigate the risk in accordance with organisation risk management policies.

As security professionals, we understand that every proactive and reactive measure is to be adopted based on risk appetite and available budget. There are many identified risks such as Web application vulnerabilities, malware infections, data breaches, information theft, social engineering and unauthorised access. Eventually it all boils down to the combination of likelihood of an event happening and the impact of that event to an organisation.

Risk Management is a straight forward concept to grasp but can be a cumbersome and time-consuming task if risks are managed using spreadsheets. Every risk management activity or process should be comprehensive, effective and straightforward. It ranges from gaining management support, identifying assets, understanding the risk to those assets, deciding to accept or treat the risk, getting approvals for treating the risk to examining residual risk and reporting. However, in reality, this process is managed in a much different and less effective manner due to the tedious tasks attached to the process. This is why many of the security professionals today opt for using a tool to manage this activity for their organisation.

There are quite a number of full blown Governance, Risk and Compliance (GRC) tools available that are highly capable with robust features to manage risk management related tasks, but, the question is – do you need a sophisticated tool with advanced features that are usually not required?

For information security risks, you need a risk management tool based on ISO27001:2013 controls with a comprehensive list of threats and vulnerabilities that enables users to manage assets and the risks to those assets. You must be able to include assets, submit risks, plan for mitigation, and facilitate management reviews, track progress and management reporting. Conducting and managing risk using tools such as CompSuite simplifies the whole process and improves the security posture of any organisation.

CompSuite is a risk management software that enables organisations to view their security posture including overall risk score, number of assets, number of risks, trending risk, top 5 risks, top 5 threats, top 5 vulnerabilities and others. For more information, kindly download http://cyberintelligence.my/resources/Frost-Sullivan-CI.pdf or email to contactus@cyberintelligence.my for more information.