The first step in solving a problem is realizing that there is one. Similarly, the first step for any organization before starting (or even running) any project is to identify the risks associated with it. Organizations needs to predict risks that may occur during a project's runtime and try finding ways to either prevent them or reduce their impact. Even after all the measures are taken, there is no guarantee that more risks or mistakes wouldn't emerge and that those issues could be dealt with immediately. Thus, risk management becomes a priority even before the start of a project or even a company for that matter.
It is a no brainer that risk management is a prominent safety net for enterprise of all shapes and sizes. In context to security assurance, risk management continue to evolve with the evolving threat landscape. The notion is no more a siloed one, the lines between the supposed various “types” of risk management continues to blur. The need of the hour is a holistic approach leveraging the services and solutions of multi-pronged providers. Perhaps no other enterprise-tech vertical demands such close collaboration between companies and the respective solution or service providers. And it goes without saying that CISOs should be aware of emerging cybersecurity trends and their potential impact to create a well-prepared and resilient organization.
As far as the trends go, SRM entities are being more proactive in mapping their clients’ business outcomes to risk management measures. There is a greater emphasis by SOCs to focus more on threat detection and response. Data security governance frameworks are being utilized to prioritize data security investments. Advancements in biometrics and powerful hardware-based authentication methods has led to passwordless authentication achieving market traction. Security vendors are recognizing the importance of offering premium services to help clients attain immediate value and to assist in skills training. Cloud security competencies continues to be the top priorities for all leading organizations. And lastly, the idea of continuous adaptive risk and trust assessment (CARTA) is establishing its place in traditional security markets.
Since a large number of factors such as human error, machine, or environmental errors constitute as risk, it becomes nigh impossible for companies to identify them all. Some organizations may even fail to recognize critical risks before their emergence. That is why it becomes necessary to have proper standards and regulations for risk management.
Nowadays, artificial intelligence and data analytics are combined to help organizations detect, predict, and prevent risks with the help of smart machines. Internet of Things (IoT) is implemented allowing organizations to identify risks and take immediate actions to mitigate them, resulting in pervasive, real-time risk management. Deep learning and predictive analysis enable organizations to not only predict the emergence of risks but also contain and reduce their impact on the operation. In other words, risk management's path to the future is shining brighter than ever.
The solutions are aplenty, but identifying the best fit one from the lot is the need of the hour.
On that note, we at Enterprise Security Magazine present the Top 10 risk management solution providers who are capable of helping their clients in not only to detecting risks but also preventing them effectively.
