10 Best Cybersecurity Risk Management Tools – 2024

Cybersecurity risk management tools in cyber security software play an imperative role in securing a company’s or individual’s cyber security and preserving their privacy. Cybersecurity means protecting a network, system, or application from cyberattacks by providing additional security measures.

Cyber security tools are mainly used to prevent unauthorized access to data, cyberattacks, and identity thefts from occurring regularly. Cybersecurity risk management tools greatly enhance an organization’s ability to recognize, control, and mitigate cyber risks.

Risk management and data security strategies are crucial components of any strategy related to those topics. Modern businesses and organizations rely more on connected systems to operate, and this evolution is becoming increasingly complex in terms of security.

While the digital risk landscape keeps expanding and progressing, it is wise to recognize that you could face new cyber threats.

What Is Cybersecurity Risk Management?

Cyber security risk management refers to a solution that prioritizes threats and mitigates them. 

In short, organizations and companies that implement this approach primarily use a cybersecurity risk management program to secure their IT networks and respond quickly to multiple critical threats.

An effective cybersecurity risk management process involves various processes that interact with one another.
However, to make it simpler, it’s divided into four key stages, and here below, we have mentioned those stages:-

1. Identifying risk
2. Assess risk
3. Review controls
4. Control risk

What Does A Cybersecurity Risk Management Tool Do?

In order to manage uncertainty, risk management tools are an effective way of addressing several aspects of the issue, including:-
1. Identification
2. Generation
3. Parameterization
4. Prioritization
5. Development of responses
6. Monitoring of the risk

This means an organization’s ability to mitigate cyber threats effectively depends on these cybersecurity risk management tools. 

What does it imply? It signifies that without these tools, it’s entirely impossible for mitigate such threats. These cybersecurity management tools deliver quantifiable techniques, strategies, and ready-to-use tactics to improve your organization’s cybersecurity vigilance.

Why Is Cybersecurity Risk management Important?

A comprehensive cybersecurity management system is vital for decision-makers since it enables them to make accurate choices based on the information that they possess. Not only that, but this approach also enables them to implement proper security measures.

The first step that a business must take to determine if it is vulnerable to cyber-attacks is to conduct a cyber-risk assessment to assess the level of vulnerability that a business faces and the risks associated with cyber-attacks. 

In such cases, it is imperative to implement a proper cybersecurity management approach to ensure the network’s safety.

What Is A Security Risk Management Plan?

Users can find and fix issues effectively with the security risk management strategic plan. And it also became easier to implement the best security measures with the help of monitored security results.

SRMP (Strategic Security Risk Management Plan) is an essential foundation that outlines the issues pertinent to an organization’s security risk management.

Strategic Security Risk Management Plans help security companies reach a broader range of organizations.

Here Are Our Picks For The 10 Best Cybersecurity Risk Management Tools In 2024

• ZenGRC is governance, risk management, and compliance software that simplifies managing business risks with automation.
• CheckIt is a compliance and risk management tool that helps businesses monitor and comply with regulations effectively.
• Active Risk Manager is a comprehensive tool designed to identify, manage, and mitigate risks across various business sectors.
• Enablon: A platform for managing corporate sustainability, health, safety, and operational risk.
• ManageEngine Log360 is an integrated log management and security analytics solution that helps monitor and mitigate network threats.
• Pathlock is a security platform that controls access to critical applications and data across multiple environments.
• Isometrix is a versatile tool designed for integrated risk management, especially useful in sectors requiring strict compliance controls.
• Risk Management Studio is software that provides solutions for risk assessment and data protection management and is particularly useful in aligning with ISO standards.
• CURA Enterprise Risk Management is a dynamic solution that helps organizations manage a wide spectrum of risks, including strategic, operational, and financial.
• Resolver Risk Management Software: This tool focuses on risk assessment, incident management, and investigation, helping businesses to understand and manage risks effectively.

Cybersecurity Risk Management Tools Features

Cybersecurity Risk Management Tools	Key Features	Stand Alone Feature	Pricing	Free trial/ Demo
1. ZenGRC	1. Audit management 2. Automated audit evidence collection 3. Compliance management 4. Contract management 5. Routine compliance	Centralized compliance and audit management.	Custom quote, subscription	No
2. CheckIt	1. Safety inspections 2. Quality audits 3. ESG assessment 4. Supply chain management 5. Security management	Automated compliance checks and audits.	Custom quote, user-based	No
3. Active Risk Manager	1. Compliance Management 2. Audit Management 3. Internal Controls Management 4. Risk Assessment 5. Legal Risk Management	Comprehensive enterprise risk visibility platform.	Custom quote, tiered pricing	Yes
4. Enablon	1. Data Virtualization 2. Text Analysis 3. Business Intelligence 4. Enterprise Search Software 5. Predictive Analytics	Scalable EHS and risk management software.	Custom quote, scalable	Yes
5.ManageEngine Log360	1. Logs from different places are brought together in one place. 2. Live tracking of events makes it easy to act quickly. 3. Immediate alerts about possible threats. 4. Finding out when a user does something strange. 5. Easy access to certain log entries.	Real-time log analysis and auditing.	Starts at $595/year	Yes
6. Pathlock	1. Improve decision-making capabilities 2. Centralization 3. Better performance 4. Integrated view 5. Control and Visibility	Automated access control and monitoring.	Custom quote, variable	Yes
7. Isometrix	1. Internal Controls Management 2. Management of operational and asset risks 3. Alerts & Notifications 4. Compliance Management 5. Corrective and Preventive Actions (CAPA)	Integrated risk and compliance management.	Custom quote, enterprise-focused	Yes
8. Risk Management Studio	1. Audit Management 2. Business Process Control 3. Compliance Management 4. Corrective and Preventive Actions (CAPA) 5. Internal Controls Management	Flexible risk assessment and analysis.	Custom quote, subscription	Yes
9. CURA Enterprise Risk Management	1. Support for multiple methodologies 2. Support for several frameworks 3. Strengthening and Keeping Up With Business 4. Ensure compliance with regulations 5. Real-time visibility	Customizable risk and compliance dashboard.	Custom quote, enterprise pricing	Yes
10. Resolver Risk Management Software	1. Enterprise management 2. Security risk management 3. Internal audit 4. Vendor risk 5. IT risk management	Incident response and risk analytics tool.	Custom quote, tiered	Yes

1. ZenGRC

ZenGRC is a cybersecurity risk management application that centralizes risk assessments, compliance tracking, and audits, allowing enterprises to manage their cybersecurity posture and regulatory obligations from a single platform.

The program automates workflows such as tracking control effectiveness and reporting, lowering manual effort, limiting human error, and increasing operational efficiency in risk management duties.

ZenGRC promotes compliance with industry standards such as ISO 27001, SOC 2, and GDPR, assisting enterprises in ensuring regulatory conformance while improving their overall risk management and cybersecurity framework.

Features

• ZenGRC gives businesses tools to find risks, evaluate them, and take steps to reduce them.
• The software helps businesses make sure they are following a lot of different rules and regulations.
• Businesses can use the app to make sure they are following a lot of different rules and regulations.
• The tools can help the audit go more quickly.

What Is Good?	What Could Be Better?
Excellent support	Less reporting and visual features
Offer a robust audit management system	Customer service response and depth vary by membership tier or package.
Extensible product roadmap

2. CheckIt

CheckIt Cybersecurity Risk Management Tool is designed to help organizations effectively manage their cybersecurity risks and compliance.

CheckIt simplifies regulatory compliance by mapping controls to various industry standards, ensuring organizations meet necessary requirements while maintaining a focus on overall risk reduction and data protection.

It streamlines risk assessments by identifying vulnerabilities and tracking mitigation efforts, allowing organizations to prioritize high-risk areas and allocate resources efficiently.

The tool provides real-time monitoring and reporting capabilities, offering continuous oversight of the security landscape and delivering actionable insights to strengthen an organization’s cybersecurity posture.

Features

• List or categorize chores to simplify management.
• Set reminders and get alerts for chores and deadlines.
• Set priorities so you can focus on the most pressing tasks.
• Share task lists or jobs with your team to collaborate.
• Plans within tasks split up large projects into manageable steps.

What Is Good?	What Could Be Better?
Easy-to-implement setup	Possible integration concerns with other company software or platforms.
Dynamic workflows	May struggle with large-scale procedures in larger companies.
Often offers business-specific workflow and task customisation.

3. Active Risk Manager

Active Risk Manager helps enterprises to map, monitor, and manage risks across several business areas, allowing for early detection and correction of vulnerabilities before they become critical threats.

It provides real-time reporting and analytics, providing vital insights into the risk environment and assisting security teams in prioritizing activities and optimizing cybersecurity tactics to improve decision-making and risk mitigation.

ARM promotes comprehensive regulatory compliance by assuring consistency with industry standards and best practices, which reduces the probability of penalties and improves the organization’s overall cybersecurity.

Features

• ARM helps firms identify and understand threats through comprehensive risk assessments.
• Businesses can record and track hazards in the app’s central risk register.
• ARM creates and implements risk management plans.
• The tool simplifies risk tracking and measurement with Key Risk Indicators.

What Is Good?	What Could Be Better?
Offers excellent project-supporting facilities	Due of its many features, the software may require some training.
Simulates quantitative data with ease	Depending on organization size and needs, implementation and licensing may be costly.
Works well with enterprise systems, enhancing business value.

4. Enablon

Enablon is a powerful cybersecurity risk management tool that helps organizations manage risks, compliance, and incidents effectively.

The tool integrates with existing systems to provide real-time data analytics and insights, allowing businesses to proactively manage cyber risks and make informed decisions to strengthen their overall security posture.

It offers a comprehensive platform for identifying, assessing, and mitigating cybersecurity risks, ensuring organizations stay ahead of potential threats and vulnerabilities.

Enablon provides automated workflows and detailed reporting, enabling teams to efficiently manage risk controls and monitor compliance with industry regulations and standards like ISO 27001, GDPR, and NIST.

Features

• Enablon helps firms comply with several health, safety, and environmental laws.
• Businesses can use it to identify, assess, and manage risks across their operations.
• This helps companies manage green projects.
• It helps organizations comply with laws, rules, and permits via compliance management tools.

What Is Good?	What Could Be Better?
Provides environmental, health, safety, and sustainability management tools.	Due to the platform’s many features, implementation might be complicated and time-consuming.
Customizable to industry and organizational standards.	Not for small and medium-sized businesses
Scales well for different business sizes.
Controls compliance with various legislation and standards.

5. ManageEngine Log360

ManageEngine Log360 is a security information and event management (SIEM) solution that may be deployed locally, in the cloud, or in a hybrid setting to battle attacks. It’s also useful for meeting regulatory requirements like PCI DSS, HIPAA, GDPR, and others.

The solution can be modified to fit your specific needs and safeguard your private information. With Log360, you can monitor and audit actions that occur in your Active Directory, network devices, staff workstations, file servers, databases, Microsoft 365 environment, cloud services, and more.

The system also includes behavioral analytics powered by machine learning, which can identify anomalies in user and entity behavior and provide a risk score to each one. Log forensics can be carried out to determine the origin of a security issue.

The integrated incident management system can help automate the reaction to remediation using smart workflows and integrations with common ticketing systems.

Features

• Log360 can gather logs from servers, apps, network devices, and endpoints, among other places, and store them all in one place.
• You can keep track of events as they happen with its real-time log tracking.
• This makes it simple to find strange things and security problems.
• Log360 can send notifications based on pre-set rules or levels.
• This helps businesses act quickly when they think there might be a security threat.

What Is Good?	What Could Be Better?
Comprehensive Log Management	Limited Cloud Focus
Built-in Compliance Support	Support Variability
Access Control Monitoring
Active Directory Integration

6. Pathlock

Pathlock is a cybersecurity risk management tool that focuses on securing sensitive data and monitoring user access across enterprise systems.

With advanced analytics, Pathlock identifies unusual patterns of behavior, allowing organizations to proactively detect and respond to potential security threats before they escalate into significant risks.

Pathlock provides real-time monitoring of user activity and access rights, ensuring that sensitive information is only available to authorized personnel, reducing the risk of insider threats and data breaches.

The tool automates the enforcement of compliance controls, enabling organizations to adhere to regulations like SOX, GDPR, and HIPAA, while minimizing manual effort in managing compliance across complex IT environments.

Features

• Pathlock monitors access to structured and unstructured data.
• The software uses machine learning to discover unusual data access and use trends.
• Pathlock tracks user behavior and sets basic rules.
• Businesses can set and enforce data access policies on the platform.

What Is Good?	What Could Be Better?
Robust automation system	Users need training to use all features and functions.
Provides well-groomed support	Larger companies may have scalability issues.
Helps meet compliance regulations, especially in regulated industries.
Excellent audit system

7. Isometrix

IsoMetrix is a cybersecurity risk management tool that helps organizations enhance security and compliance.

IsoMetrix integrates compliance management with cybersecurity, simplifying adherence to various regulations and standards while automating reporting processes, making it easier to maintain and demonstrate compliance in audits or assessments.

IsoMetrix provides a comprehensive platform for managing risks, tracking vulnerabilities, and ensuring compliance with industry standards, offering real-time insights into security posture and helping mitigate potential cyber threats.

The tool features advanced risk assessment capabilities, enabling users to evaluate potential threats, prioritize vulnerabilities, and develop strategic response plans, ensuring a proactive approach to cybersecurity.

Features

• Itometrix makes threat detection, assessment, and response systems for businesses.
• The program simplifies compliance with regulators, industry standards, and business policy.
• The program simplifies government, corporate, and company regulations.
• Isometrix simplifies audit planning, execution, and tracking.

What Is Good?	What Could Be Better?
Has an integrated risk, compliance, health, safety, and environmental management solution.	Integration with other systems or platforms may be tricky.
Allows customisation to meet industry and business norms.	Support and maintenance may cause complications for some users.
user-friendly UI makes navigation and use easier.
Meets small and large company demands.

8. Risk Management Studio

Risk Management Studio is a cybersecurity risk management tool that helps organizations efficiently identify, assess, and mitigate risks while ensuring compliance with regulatory standards.

With real-time reporting and automated processes, Risk Management Studio allows organizations to continuously monitor and manage cybersecurity threats, enhancing visibility and response capabilities across various risk scenarios.

It provides a user-friendly interface for conducting risk assessments, managing incident responses, and tracking mitigation efforts, improving overall security posture.

The tool integrates compliance management for standards like ISO 27001, enabling organizations to align their risk management practices with global frameworks while reducing manual oversight.

Features

• Businesses can use the tool to find and evaluate hazards in a planned way.
• This studio makes it easier to come up with and use ideas that are less risky.
• Using this Studio makes it easier to create and use solutions that lower risk.
• It helps identify risks in numerous company projects and operations.
• Allows risk assessment based on likelihood, effect, and other critical considerations.

What Is Good?	What Could Be Better?
Excellent operational risk management	Extremely fewer options available in a free trial
Offers robust internal controls management	Slow support resolutions
Promotes teamwork for risk identification and mitigation.
Corrective Actions (CAPA)

9. CURA Enterprise Risk Management

CURA Enterprise Risk Management provides an integrated approach to managing cybersecurity risks by offering a flexible and scalable platform that aligns with business goals.

CURA supports compliance with various regulatory frameworks, helping organizations align their cybersecurity strategies with legal and industry standards while reducing the complexity of audits and reporting requirements..

CURA automates risk assessments, monitors threats, and streamlines response processes, improving efficiency and reducing potential vulnerabilities within an organization’s cybersecurity landscape.

The tool enables customizable dashboards and real-time reporting, allowing businesses to gain actionable insights and make data-driven decisions for managing and mitigating cybersecurity risks effectively.

Features

• The program helps firms identify, rate, and prioritize risks.
• CURA ERM simplifies risk-reduction strategies.
• The program centralizes risk registers and libraries for updating and management.
• CURA ERM lets you rate risk based on set parameters.

What Is Good?	What Could Be Better?
Easy to implement	Software use may require substantial training.
Integration with other company systems and tools is common.	Support and maintenance issues may affect its usability.
Provides risk trend and performance insights with powerful reporting and analytics.
Excellent support and attentiveness

10. Resolver Risk Management Software

Resolver’s Risk Management Software is a dynamic cybersecurity tool that helps organizations mitigate and manage risks effectively.

Resolver’s risk visualization tools offer detailed insights into potential vulnerabilities, helping teams make data-driven decisions to enhance their cybersecurity strategies and maintain a resilient security posture.an be accessed from computers, mobile devices, and tablets to mediate disputes.

It provides a comprehensive risk assessment platform, allowing organizations to identify, analyze, and prioritize cybersecurity threats while tracking mitigation efforts across the enterprise.

The software integrates incident management and compliance tracking, automating workflows to reduce time spent on repetitive tasks and ensuring timely responses to emerging threats and regulatory changes.

Features

• The program helps companies identify and assess process risks.
• Resolver makes risk-mitigation solutions simple.
• For easier risk analysis and discussion, the application enables you create reports and dashboards.
• Resolver lets you record incidents and risk issues.

What Is Good?	What Could Be Better?
Extremely customizable	Other aspects of this software are not intuitive
very knowledgeable support team and developers	Slow operation
cost-effective product