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Cyber News

NIST 2.0: integration with Enterprise Risk Management

NIST 2.0: integration with Enterprise Risk Management

What is the Cyber Security Framework (CSF) 2.0?

The National Institute of Standards and Technology’s (NIST) Cyber Security Framework (CSF) is a vital tool for businesses looking to understand and manage cybersecurity risks.

Initially designed for owners and operators within the US private sector, the CSF has seen rapid adoption both domestically and internationally.

By integrating industry standards and best practices, it provides a common language that enables all levels of an organization to comprehend and address risks collaboratively.

NIST collaborated with industry and government experts to develop this framework, which was ratified by Congress in 2014 and made mandatory for federal agencies in 2017. 

Its five functions are now widely utilized by various governmental entities and organizations to effectively assess and manage cyber risks.

Integration with Enterprise Risk Management

A cornerstone of NIST’s version 2.0 is the integration between Cybersecurity Risk Management and Enterprise Risk Management (ERM), which encompasses managing all of a company’s risks.

Integrating with Enterprise Risk Management (ERM) promotes a holistic approach to risk management, involving all stakeholders within the organization.

The Risk Management Framework (RMF) offers a flexible and customizable process that integrates cybersecurity and privacy, along with supply chain risk management activities, within the system development lifecycle.

The RMF aligns with a series of NIST standards and guidelines to support the implementation of risk management programs to meet the requirements of the Federal Information Security Modernization Act (FISMA), including the selection, implementation, assessment, and continuous monitoring of controls.

NIST has updated the RMF to support privacy risk management and to incorporate key concepts from the Cybersecurity Framework and systems engineering.

Enterprise Risk Management Service

The Enterprise Risk Management service allows for the analysis and assessment of cybersecurity risks within an organization. 

Risk assessment is a fundamental activity to understand which countermeasures to adopt to optimize resources and defense activities, thereby increasing effectiveness.

The ongoing process of digitalization and interconnection of devices brings about an increase in the attack surface and new points of entry for cyber attacks.

Adopting a holistic defense approach is essential to understand the strengths and weaknesses within an IT infrastructure.

Today, more than ever, risk management must be an integral part of all business processes. Cybersecurity must be able to influence strategic decisions, and to do so, it must be incorporated into the enterprise risk management process.

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