Risk management and assessment is the practice of assessing an organization’s security systems against possible vulnerabilities and gaps to determine how much “risk” is acceptable as part of doing business. Factors like compliance, emerging threats and changes in technology and business operations all play an immense role in how security experts manage the risk their organizations are willing to take on, and how much they will invest in their cybersecurity infrastructure. 

As we pass the halfway point of 2021, we look back to some of the trends that have played a role in risk management and assessment. In some ways, the story of risk in 2021 is heavily dictated by 2020, as the COVID pandemic has fundamentally altered how companies in multiple industries worldwide continue to do business. 

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The Cybersecurity Maturity Model Certification (CMMC) framework of regulations is a relatively new governing document that combines several cybersecurity and risk management requirements to streamline security and compliance for agencies and contractors in the Defense Industrial Base (DIB) supply chain. 

Even though all DoD agencies do not yet require this framework, its roadmap suggests that it will become a requirement in the coming years.

Central to CMMC regulations are three security levels, each determining the data a contractor can manage in their systems. These levels are distinguished by an escalating series of requirements regarding an organization’s technical capabilities and abilities. 

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Compliance and risk management aren’t the same, but they are closely aligned with one another. Companies operating with IT and data-intensive technologies and industries must attend to the reality that risk of breach, damage, or data loss exists in their system and that they will almost always have to manage the balance between optimized business goals and security and compliance requirements. 

Risk management, however, can be a simpler and more streamlined process with the use of automated tools. Here, we’ll introduce how automation speaks to risk assessment and management. 

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