What is a Cybersecurity Risk Assessment Tool? - FortifyData (2024)

By integrating with various data sources, such asattack surface management,vulnerability scanners,PenTest-as-a-Service tools,and securityinformation and event management (SIEM) systems,cyber risk assessmenttoolsprovidea holistic view of your organization’s security posture.

FortifyData cyber threat assessments are automated and continuous assessments of your organization giving you up to date findings on the latest vulnerabilities, threats and risks facing the attack surface of your organization, be it internal, external, cloud or third-party. FortifyData automates a lot of the steps and processes, incorporates templates and consolidates the cyber threat assessment tool capabilities you’ll read about below into one platform. Our assessments align with, and can supplement, annual threat assessments done by your team, external teams or consultants.

The FortifyData platform incorporates NIST Cyber Security Framework (CSF), NIST SP 800-30, NIST SP 800-53 and aligns with many other regulatory requirements for assessments, remediation and risk reporting. You will recognize their influence when it comes to assessing and analyzing the technological risks and vulnerabilities, ingesting additional security tool data sets and calculating threat likelihood and risk adjustment criteria within the platform.

It’s important to distinguish between cybersecurity risk assessment tools and the broader category of security assessment tools. Security assessment tools encompass a wider range of applications used to evaluate various aspects of an organization’s security posture.

Here’s a quick example of the difference:

• Security assessment tools is a broad term that includes cybersecurity risk assessment tools but also extends to other types of assessments, such as penetration testing tools used to simulate cyberattacks and identify exploitable weaknesses, breach and attack simulation, data security management or tabletop exercises meant to theoretically stress various tools based on the threat scenarios of the exercise.
• Cybersecurity risk assessment tools are a specific type of security assessment tool focused on identifying, analyzing, and prioritizing cyber threats within an organization’s IT infrastructure and data security posture.

In our experience we find that organizations have a variety of tools to do security assessments for specific areas of the IT environment, like a point solution, but are still left to manually correlate and normalize the data between the solutions to yield an overall cybersecurity risk assessment result. That is where FortifyData can come in and provide multiple capabilities to calculate the analysis amongst all the data points for risk-based prioritization and a comprehensive plan for cybersecurity risk assessment.

While penetration testing tools are valuable for evaluating and exploiting identified vulnerabilities and executing payloads, cybersecurity risk assessment tools provide a more comprehensive and streamlined approach to ongoing risk management. This can even include the use of the NIST cybersecurity risk assessment template as a tool that organizations can use to understand their cyber risk based on NIST templates – NIST SP 800-31 (Conducting a Risk Assessment), the Cybersecurity Framework, NIST SP 800-53, NIST SP 800-171

Security risk assessment tools come in various forms, catering to different needs and budgets. Here are some key factors to consider when selecting a tool:

• Focus Area: Some tools specialize in assessing IT infrastructure vulnerabilities, while others focus on broader areas like business continuity or third-party vendor risk.
• Deployment Method: Tools can be deployed on-premise or in the cloud, offering flexibility based on your organization’s security requirements and IT infrastructure.
• Functionalities Offered: Different tools offer varying functionalities. Some provide basic risk assessment capabilities, while others include advanced features like threat intelligence integration and automated remediation workflows.

While free templates like cyber security risk assessment template excel might seem like an attractive option for basic assessments they often act as a cybersecurity risk assessment checklist, they often lack the automation, robust risk analysis, and ongoing monitoring capabilities offered by dedicated cybersecurity risk assessment tools.

Cyber risk modeling is a broader concept that encompasses the use of frameworks and methodologies to assess, quantify, and prioritize the potential financial impact of cyber threats on an organization. It goes beyond simply identifying vulnerabilities and involves analyzing the likelihood of a successful attack, the value of exposed assets, and the potential consequences of a breach.

Here’s a breakdown of the key aspects of cyber risk modeling:

• Structured Approach: Cyber risk modeling utilizes established frameworks like NIST CSF or ISO 27001 to guide the process. These frameworks provide a standardized approach, ensuring consistency and facilitating communication with stakeholders.
• Data-Driven Analysis: Cyber risk modeling incorporates data from various sources, including vulnerability assessments, threat intelligence feeds, and historical incident data. This data is used to estimate the likelihood and potential impact of various cyber threats.
• Financial Quantification: Unlike traditional risk assessments that might focus on qualitative risk levels (high, medium, low), cyber risk modeling attempts to quantify the potential financial losses associated with cyberattacks. This allows for better decision-making regarding resource allocation and prioritization of mitigation efforts.

How Cybersecurity Risk Assessment Tools Fit In:

Cybersecurity risk assessment tools play a crucial role in cyber risk modeling by providing data and insights for the overall analysis. These tools can:

• Identify vulnerabilities within IT systems and networks.
• Assess the severity of vulnerabilities based on exploitability and potential impact.
• Help prioritize remediation efforts based on the identified risks.

• The data collected through these tools is then fed into the cyber risk modeling process to create a more comprehensive picture of an organization’s cyber risk landscape.

Popular cybersecurity risk assessment frameworks include:

• NIST Cybersecurity Framework (CSF): A comprehensive framework from the National Institute of Standards and Technology (NIST) that provides a prioritized, flexible approach to managing cybersecurity risk.
• ISO 27001: An international standard for information security management that outlines a systematic approach to identifying, assessing, and mitigating risks.

These frameworks offer a standardized approach to risk assessment, ensuring consistency and facilitating communication with stakeholders.

Cybersecurity risk assessment tools are essential assets for organizations of all sizes striving to proactively manage their cyber risk posture. These tools streamline the assessment process, automate tedious tasks, and provide valuable insights to prioritize remediation efforts. By leveraging cybersecurity risk assessment tools and adhering to established frameworks organizations can gain a comprehensive understanding of their cyber risk landscape. This empowers them to make informed decisions about resource allocation, prioritize remediation efforts, and ultimately strengthen their overall cybersecurity posture. Organizations come to FortifyData for our experience when they are seeking to automate the assessments with interoperable data for the risk analysis and receive a dynamic prioritization based on organizational context for reducing cybersecurity risk.