Top 10 Risk Assessment Software Solutions for 2024

Predicting cyber attacks is like trying to fish for the first time. You can follow all the best practices recommended by expert fishermen, buy an expensive line, choose the right time of year… and you may still come home empty-handed. 

Risk management is complicated, to say the least. For this reason, 93% of organizations expect to increase cybersecurity spending over the next year, many of whom turn to MSPs/MSSPs to handle their risk. To tackle this, most MSPs/MSSPs will likely use a risk assessment software solution to help streamline and automate the task of monitoring risk, reducing the potential for human error and improving accuracy.

What are risk assessment software solutions?

Risk assessment software encompasses platforms and tools designed to help MSPs and MSSPs provide clients with more efficient and in-depth risk assessment services. The software often follows a typical risk assessment template including components such as:

• Purpose of the assessment
• Scope of the assessment 
• Asset and resource inventory 
• Threat landscape evaluation 
• Likelihood of impact 
• Risk score calculation 
• Prioritization of mitigation efforts 

Traditional and manual risk assessments are time-consuming and are prone to errors. They can put pressure on your existing resources and team. In order to scale your service offerings, you can use risk assessment software to automate many processes, including asset categorization, task prioritization, and reporting. 

Types of Risk Assessment Software Solutions

There are many types of risk assessment software solutions for service providers, and they can be grouped into a few core categories.

• Governance, risk, and compliance (GRC) platforms: GRC solutions establish risk assessments and other processes, like policy enforcement, so MSPs/MSSPs can help clients manage risk across the board. 
• vCISO platforms: A virtual Chief Information Security Officer (vCISO) platform provides risk assessments as part of built-in strategic leadership and ongoing cybersecurity monitoring features. 
• Risk management software: Risk management software helps MSPs/MSSPs track risk and mitigation measures in one platform. It usually includes risk assessment capabilities plus controls and audits. 

The Value Risk Assessment Software Provides

• Managing the security posture: Risk assessment software helps you accurately and efficiently identify gaps in your clients’ security postures and ensure risk management measures align with current and future threat detection.
• Increase upsells: MSPs/MSSPs use risk assessment recommendations and data to substantiate service upsells to clients. 
• Automation: Traditional risk assessment processes can be time-consuming and require significant resources. Using risk assessment software to automate the process, MSPs/MSSPs can efficiently scale and deliver assessments without needing additional resources. 

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Key Features to Look For in a Risk Assessment Software Solution

• • Covers security and compliance: Most risk assessment software solutions only cover compliance requirements, so ensure you choose one that also includes security features like policy generation. 
  • Task management optimization: The most encompassing solutions will offer visibility overall risk assessment tasks and their impact on the overall security posture, giving you more visibility and enhancing productivity.
  • User-friendly dashboard: An easy-to-use dashboard helps your team clearly present digestible information, such as reports and risk assessment results, to clients, demonstrate the value, and improve communication. 
  • Personalized results: Ideally, the tool will perform the risk assessment in a personalized and dynamic risk assessment way, which is better suited for an ever-evolving risk landscape and attack surface. This innovative feature enables you to continuously and actively identify your clients’ individual security gaps. 

10 Top Risk Assessment Software Solutions 

1. Apptega

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Apptega’s governance, risk, and compliance (GRC) platform automates risk assessment, risk management, and policy creation processes. It also allows you to cross-reference requirements across different frameworks. 

Main features:

• AI-powered recommendations for risk management. 
• Comprehensive community support is available. 
• Centralized dashboard. 

Best for: MSPs/MSSPs new to offering compliance services and require a simple yet effective solution. 

Price:  Three pricing tiers: Starter, Advanced, and Premium.

2. Cynomi

Cynomi is an AI-powered vCISO platform designed to help MSPs/MSSPs provide and demonstrate the value of compliance and security services. Cynomi’s comprehensive risk assessments help differentiate service providers from competitors without developing in-house risk assessment expertise or scaling their existing resources. It includes a built-in customer-facing reporting suite, making showing clients the risk assessment results and progress easy. 

Main features:

• Automatically generates a tailor-made set of security policies based on the risk assessment.
• Provides built-in intuitive and tailored questionnaires for each client. 
• Cynomi’s proprietary AI algorithm creates remediation tasks, analyzes their relevancy and impact, and generates a CISO-like, prioritized task list.

Best for: MSPs/MSSPs looking to scale and elevate their risk assessment service offerings with minimal labor and resource investment.  

Price: By inquiry. 

3. RapidFireTools

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GRC solution RapidFireTools automates compliance assessment and management tasks. You can automate and schedule scans for continuous risk assessments and get handy reports at the click of a button.

Main features:

• Built-in IT security awareness risk assessment training to help users understand risk policy documents. 
• Provides risk remediation guidance. 
• Generates automated risk assessment reports, policies, and procedure manuals. 

Best for: MSPs/MSSPs looking to kill two birds with one stone and offer a risk assessment tool with built-in user education features. 

Price: By inquiry. 

4. Secureframe

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Secureframe is a compliance automation platform that provides step-by-step risk assessment processes. It supports key compliance frameworks, including PCI and SOC 2, required for risk assessments. 

Main features:

• Secureframe Knowledge Base is a built-in knowledge management feature for building in-house compliance expertise. 
• The Comply AI feature automates risk score calculations. 
• AI-powered risk management recommendations. 

Best for: MSPs/MSSPs looking for a balance of risk assessment automation and manual intervention. 

Price: By inquiry. 

5. ConnectWise Identify

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ConnectWise Identify offers a variety of risk assessment options, including risk scans, in-depth assessments, and self-serve assessments. The risk assessments are based on the NIST Cybersecurity Framework. 

Main features:

• Uses heat maps to provide a visual representation of vulnerabilities.
• Integrates with other ConnectWise products like PSA. 
• Provides a holistic view of all risk assessments across your entire client base. 

Best for: MSPs/MSSPs who already use ConnectWise products and services. 

Price: By inquiry.  

6. SightGain

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SightGain is a threat exposure management platform that offers automated cybersecurity and risk assessments. It continues to run autonomous assessments in real time. 

Main features:

• Includes cyber risk quantification features to suggest the best security investments per client. 
• Automated and continuous compliance monitoring according to frameworks like ISO 27001.
• Uses real time SOC data for risk assessments and analysis.  

Best for: MSPs/MSSPs looking to continuously monitor clients’ risk posture. 

Price: By inquiry.  

7. RiskWatch Risk Assessment

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The RiskWatch software streamlines the assessment process and uses automated analysis to highlight security gaps. It includes key features like risk scoring and dashboard analytics. 

Main features:

• Suggests workflow optimizations to help your clients pass audits and gain compliance faster. 
• Add or change custom libraries, plus any regulations like PCI DSS.
• Tailor risk assessments to single or multiple frameworks. 

Best for: MSPs/MSSPs looking for a flexible solution that allows you to easily add or remove risk assessment frameworks.  

Price: By inquiry. 

8. Vanta

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Vanta is a compliance platform that automates risk management processes, including risk assessments. It is designed to help MSPs and MSSPs manage risk and tasks related to security and privacy frameworks. 

Main features:

• Analyzes past risk assessment questionnaires to build a knowledge base of your client’s security posture. 
• Auto-generates key documents required for risk assessment and compliance processes, e.g., the ‘System Description’ required by SOC 2.
• Includes a risk scenario library. 

Best for: Vanta is ideal for SaaS businesses or MSP/MSSPs with SaaS clients. 

Price: Three pricing tiers: Core, Collaborate, and Scale. 

9. RiskPal

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RiskPal automates risk assessment workflow to help you create, manage, and retain risk assessments. It is user-friendly and simple to configure, helping MSPs/MSSPs generate risk assessments quickly. 

Main features:

• Provides a library of risk assessment templates and advice. 
• Resilient cloud and application architecture for data security. 
• Option to design and create your own risk assessment templates. 

Best for: MSPs/MSSPs simply looking for a straightforward tool to generate risk assessments without bells and whistles.

Price: Four pricing tiers: Micro (up to ten users), SME (up to fifty users), Corporate (up to 250 users), and Enterprise (custom).

10. SAP Risk Management

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With SAP Risk Management software, you can create risk assessments, monitor clients’ risk levels, and define risk-relevant business activities for your clients. 

Main features:

• On-premise or cloud deployment.
• Set up client-specific organizational risk hierarchies. 
• Includes quantitative risk assessment and qualitative risk analysis features to support risk assessments. 

Best for: MSPs/MSSPs that require more visibility and insight into the context behind risk assessment results. 

Price: By inquiry. 

Overall Recommendation: Cynomi, One Platform For Risk Assessment & Automation 

Risk assessment software is an integral part of any suite of MSP/MSSP services. In a world where your clients cannot totally eliminate risk, you must stay on top of new frameworks, best practices, and innovative tools. 

Yet, creating and performing a risk assessment for each client is time-consuming and requires expertise and resources that your organization may not currently have access to. Cynomi provides everything your organization needs and wants in a risk assessment tool. Most importantly, Cynomi is specific for MSPs/MSSPs, combining all the automation capabilities you need to reach both security and compliance goals with your clients. 

Request a demo today to discover how Cynomi can help MSPs/MSSPs offer high-quality, automated, and effective risk assessment services to your clients.