Cybercrime is one of the most dangerous and complex technology risk trends. In 2021, the FBI’s Internet Crime Complaint Center received 847,376 complaints regarding cyberattacks and malicious cyber activity, totaling nearly $7 billion in losses. Even worse—the majority of those attacks targeted small businesses. Although cyberattacks continue to increase in severity and complexity, only half of small-to mid-sized U.S. businesses currently have a cybersecurity plan in place.

But why are businesses coming up short in cybersecurity measures? In truth, creating a cybersecurity risk management framework is complicated and time-consuming. Many organizations even lack the resources to regularly conduct a cybersecurity risk assessment. To help businesses secure their most sensitive digital assets, tech experts created cyber risk management automation platforms.

Automated cybersecurity risk assessment software makes it easier for businesses to:

  • Evaluate their current security posture and identify existing vulnerabilities

  • Rank those vulnerabilities to determine which security gaps should be addressed

  • Ascertain the negative impact if a threat actor succeeds in their attack against your company

At their core, these automations empower your understanding and calculations of cyber risk. By analyzing existing data and testing your current security architecture, cyber risk management tools make projections to help your company recognize current risks and take appropriate measures to avoid potential disasters.

What Tools Are Used in Risk Identification?

Automated risk assessment capabilities are powerful in their own right, but many more cybersecurity risk management tasks can be automated. Let’s use Trava’s risk management platform as an example.

Trava offers various automated security risk assessments, including vulnerability scans that catch risks specific to software and software development. Trava’s risk mitigation tools evaluate your overall security strategy, repair vulnerabilities, and give you the insights needed to protect your business from cybercrime. With Trava, users can:

  • Run automated vulnerability risk assessment scans for various applications

  • Access and analyze risk assessment results by visualizing risk level scores and overall vulnerability

  • Complete surveys to test the effectiveness of your existing security controls

  • Choose various templates to create, execute, and evaluate internal risks related to social engineering and phishing campaigns

Trava can also connect you with the best cyber insurance, so you can rest easy even if the worst does happen.

Take the First Step Toward Maximum Security With a Free Risk Assessment

Trava’s free online risk assessment tool provides a comprehensive vulnerability scan of your website, an in-depth risk report, and your unique Cyber Risk Score. All of these resources enable you to understand where risks pop up and how you can best protect your business.

Case Study: Using a Risk Assessment Tool for Cybersecurity

What does an automated cybersecurity solution look like in action? Let’s see how Trava helped Compass Commercial Construction improve their cybersecurity posture.

The Problem

Compass used an outsourced IT entity to manage their licensing, antivirus tools, and digital infrastructure. However, Compass did not have a comprehensive cyber risk management program to protect their company, customer, and vendor data. This means that Compass could not identify if they were at risk or truly understand how to protect their business.

Trava’s Solution

Trava built a collaborative structure utilizing quarterly Security Council meetings and frequent risk assessment meetings. This process helped Trava and Compass better understand which vulnerabilities needed to be prioritized. Using our software and dedicated team, Trava created a cyber risk management roadmap for Compass to measure itself against and cite when enterprise clients inquired into their due diligence. Ultimately, Compass came out of this exercise confident that they have the tools and frameworks to protect their business and their client’s information.

Want to learn more? You can read this case study in full here!

Experience the Future of Risk Management with Trava

As technological complexity increases, it’s getting more and more difficult for businesses to identify critical vulnerabilities, risks, and threats. Recognizing this pain, Trava is here to help companies fill in the gaps. Discover how Trava can help you navigate emerging risks in 2023 and beyond by booking a demo today.