Cyber attacks and threats are getting more frequent, regardless of the industry or the size and scope of your business. Both large and small companies are at risk of hacking and data breaches on a daily basis, and the best way to resolve these risks is to establish a strategic, well-developed cybersecurity plan to safeguard essential infrastructure and information systems — a cybersecurity framework.
A cybersecurity framework is a collection of quality standards that a company should adhere to in order to manage cybersecurity risk effectively. The framework’s objective is to mitigate the company’s vulnerability to cyberattacks and determine the areas most susceptible to data breaches and other damaging actions conducted by cybercriminals.
A robust cyber risk management framework is inextricably linked to the risk management strategy and programs of the company. When combined with modern information technology and artificial intelligence, a strong cybersecurity risk management framework may be a valuable tool for preventing cyber attacks.
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NIST Cybersecurity Framework As A Baseline
If the prospect of building and executing a cyber risk management system from the start is overwhelming, don’t fret. The National Institute of Standards and Technology (NIST) has published numerous security frameworks. Among the most well-known is the NIST Cybersecurity Framework (CSF), a collection of recommendations designed first for government agencies but later adapted for commercial sector use. Not only does the CSF provide a framework for comprehending cybersecurity risk management, but it also contains guidance to assist businesses in preventing and recovering from assaults.
After then-President Barack Obama signed an executive order in 2014, NIST compiled these standards — which are voluntary; some other NIST standards are needed for some companies, but the CSF is not — in response to the executive order. The executive order sought to develop a cybersecurity framework to aid in the protection of the nation’s critical infrastructure and federal data.
5 Main Functions of NIST’s Cybersecurity Framework
- Identify. Companies must first assess and classify their supply chain and work environment in order to have a better understanding of the cybersecurity risks that their assets, systems, data, and processes face. This is also referred to as a cybersecurity risk assessment, and it establishes a baseline for daily risk.
- Protect. Businesses must create and execute adequate controls to mitigate or contain the effects of potential cybersecurity incidents. Cybersecurity monitoring programs, firewalls, and physical security controls such as securing the door to your data center all contribute to protection. To be effective and safe, protection must be monitored continuously.
- Detect. Companies must have adequate protocols for quickly identifying cybersecurity incidents. A well-defined plan should be designed to ensure that everyone in the company understands what to do in the event of a cyber attack.
- Respond. Prepare an incident response team in advance. Ensure that all stakeholders are involved in this phase of planning and that a clear chain of command exists from the time a cyber attack is recognized to the time it is neutralized.
- Recover. Mitigation has a significant role in recovery. It includes plans for the most effective restoration of critical functions and services, as well as a list of temporary security controls to be adopted immediately following a cybersecurity incident.
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