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Learn how to put the framework in place for a comprehensive cyber risk management strategy.

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Cyber Security Risk Management Framework

Cyber threats are a growing risk for businesses of all types and sizes. Small and medium businesses are increasingly being targeted because cybercriminals go on the assumption SMBs don’t have strong cybersecurity frameworks to protect themselves. Unfortunately, they are often right due to staffing, budget limitations, and other lacking resources that they need to adequately protect themselves. Furthermore, SMBs face other threats too, such as natural disasters, human errors, and system failures. Utilizing a cyber security risk management framework can help identify and mitigate these and other risks.

Senior management and security personnel use structured guidelines, such as the NIST risk management framework, to assess risks and improve their organization’s security measures. Once procedures are in place, they can proactively and effectively monitor threats and risks, along with defining and redefining security processes and protocols along the way as they see fit. While a standard framework is used, it’s a living and breathing process that can and should be adjusted as necessary.

Want to learn more about risk management frameworks? Trava has you covered. Read on to learn more about how to structure and subsequently integrate a cybersecurity risk management framework NIST process into your organization’s security planning.

What Is a Risk Management Framework?

A risk management framework (often referred to as “RMF”). Any type of risk management framework is a strong step in instituting better cybersecurity measures as a means to protect an organization’s assets and systems. TheNational Institute of Standards and Technology (NIST)framework is considered to be the gold standard for building a cybersecurity plan. How it works is that leaders and primary decision-makers use a template that encompasses a comprehensive and flexible seven-step process. The components of the risk management framework developed by NIST in2010 (and updated as necessary) are as follows: Prepare, Categorize, Select,Implement, Assess, Authorize, and Monitor.

The FederalInformation Security Management Act (FISMA), also known as the E-Government Act of 2002, set specific criteria that needed to be met to combat threats and risks associated with cybersecurity. The NIST framework is utilized by all governmental agencies, and numerous companies have adopted its methodologies in the private sector as well. NIST’s framework fulfills the requirements most organizations need. For example, it provides a good enterprise risk management framework for banks and other types of businesses that need to implement strong security measures.

CybersecurityRisk Management Framework PDF

All government agencies are required to follow the NIST risk management framework PDF and compose a plan based on the agency’s defined steps. This is to ensure government agencies—and other organizations who adopt their framework—can adequately protect organizational assets and systems. Overall, this risk management framework PDF provides organizations with a way to bring structure and oversight to the system development lifecycle while simultaneously including risk management and cybersecurity measures into the early stages of the system development process. If your organization needs a formal framework, you can’t go wrong by following the NIST risk management framework PDF.

DoD Risk Management Framework

Risk management and security is a huge concern for today’s organizations, big and small. The U.S. government, especially the Department of Defense (DoD), must proactively perform risk management to protect people, infrastructure, national assets, and national security. The DoD risk management framework is invested in the gold standard created by NIST and adopted shortly after its creation in2010. DoD follows NIST’s risk management framework steps as a way to strengthen and standardize the federal agency’s security systems.

All federal employees assigned to work for the DoD Information Assurance (IA) team must be well-versed in RMF, according to DoD’s 8570 mandate for baseline certifications. This enables them to be trained and certified, allowing them to become experts in risk management framework steps to safeguard the DoD and its missions. Additionally, organizations can look at the COSO risk management framework, a joint effort between the public and private sectors to offer thought leadership to provide guidance to organizational decision-makers and IT personnel on enterprise risk management and related solutions.

Nist 800 53 Risk Assessment Template

When theU.S. government passed the E-Government Act, NIST was able to compose risk management frameworks and, as a part of the adoption, other guidelines were also set for the federal agencies and contractors to follow. This included the NIST risk management framework 800-53. Many private sector companies decided ifthese guidelines were good enough for the U.S. government – including agencies dealing with national security, sensitive information, and highly classified documents—it was good enough for them. As a result, many private businesses and other organizations decided to adopt the NIST 800-53 risk assessment template (NIST 800-53 Rev 4 PDF) and the NIST risk management framework 800-37 and integrate both into their planning processes.

The NIST800-53 risk assessment is a set of security and privacy controls utilized that are set by the FISMA stipulations. It enables organizations to develop robust, secure information systems. A multi-tiered approach to risk management, it relies heavily on control compliance which is determined by impact (high, medium, low). These are further broken down into 18 segments where organizations can pick and choose which controls work for their needs.

The NIST SP800-37 offers organizational guidance for managing security and privacy risks for information systems. It’s typically integrated as part of the overall risk management strategy and is determined by organizational leaders and executed by teams who handle risk management strategies.

RiskManagement Framework 2020

The year 2020 was a difficult one for many organizations and cybercrime soared as threat actors targeted businesses of all sizes to prey on vulnerabilities caused by the global pandemic. Factor in numerous natural disasters and wildfires that occurred simultaneously. As a result, using the risk management framework 2020 strategies became critical, especially as SMBs needed to scale back personnel or shut down altogether to remain aligned with public health guidelines set by the CDC.

The surge of remote work that emerged with limited operations meant that all organizations, especially SMBs, had to scamper to develop workable solutions. Threat actors saw the conditions and jumped at illicit lucrative opportunities. SMBs cannot afford to ignore cybersecurity. Utilizing NIST risk management framework steps, NIST risk management framework template, and risk management framework ISO 31000can go a long way towards strengthening existing procedures and ensuring standardization of protocols relating to cybersecurity and risk management policies.

RiskManagement Framework Example

Many SMBs find the intricacies associated with cybersecurity and risk management to be complex. Looking at a risk management framework example can help. Here is a look at the seven steps outlined by NIST.

  • Prepare. These are essential activities an organization can use to prepare itself for managing security and privacy risks using the RMF.
  • Categorize. This entails categorizing the system and information processed, stored, and transmitted and is based on an impact analysis that has been performed. This is to help determine the adverse impacts of a breach or loss that impacts confidentiality, integrity, and availability of systems.
  • Select. Decision-makers decide on the controls they plan to use to protect organizational systems based on risk assessments.
  • Implement. This step determines controls, specifies how they’ll be implemented, and documents they’ll be deployed.
  • Assess. Decision-makers will determine if the right controls are in place,  operating as intended, and yielding the anticipated results to meet all established requirements.
  • Authorize. Senior leaders make their risk-based decision to authorize the plan based on the framework. This important step includes developing, reviewing, and     approving security and privacy plans.
  • Monitor. Risk management is an ongoing process and this last step was created to maintain ongoing situational awareness about security and privacy postures     and to continuously monitor the implementation of the plan and risks.

This framework that focuses on mitigating risks is a full-lifecycle approach to integrate strong cybersecurity measures. Any business can use RMF concepts in its planning. To help bring down costs, many SMBs turn to an experienced cybersecurity service provider who is well-versed in risk management frameworks. 

Sources

https://www.cybersaint.io/blog/what-is-nist-800-53

https://nvlpubs.nist.gov/nistpubs/SpecialPublications/NIST.SP.800-53r5.pdf

https://www.forbes.com/sites/theyec/2021/03/22/why-small-to-medium-businesses-should-rethink-cybersecurity-in-the-post-covid-19-world/?sh=4abd00e3209d

https://www.imperva.com/learn/data-security/cybersecurity-risk-management/

https://aida.mitre.org/cyber-rmf/