Risk management is emerging as a necessary practice for large enterprise businesses and SMBs alike. It isn’t the case that you can simply plug into a cloud provider, operate a few servers on-prem and install firewall and malware protection to call it a day. Risk management is a real process that requires insights into your systems and their operations, and practices like penetration testing and vulnerability scanning can help with that process. 

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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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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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