Cyber Risk Management
Cyber Risk Management - Effective cyber risk management is crucial to minimize the likelihood of a cyberattack and reduce the impact if a breach does occur. By identifying and addressing the weaknesses in their cybersecurity strategies, businesses can prioritize their investments to ensure that their security program meets industry requirements and proactively protect their systems and data. Early identification of risks and appropriate mitigations can prevent incidents or reduce their impact. Addressing the most significant threats first can improve the security posture of an organization. The core elements of the NIST Framework are Identify, Protect, Detect, Respond, and Recover.
The paper below provides an in-depth analysis and exploration of the key components that form the core of a framework. By examining these elements in detail, the paper aims to provide a comprehensive understanding of how frameworks function and how they can be used to guide the development of various systems and applications.
NIST Special Publication 800-37 "Risk Management Framework for Information Systems and Organizations" - https://nvlpubs.nist.gov/nistpubs/SpecialPublications/NIST.SP.800-37r2.pdf
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Reflection
NIST Framework is one of the most widely adopted for designing risk management policies and strategies. Every organization needs to manage risks to align with their goals. The organization's size does not matter; they must identify and implement specific security measures that meet their requirements and protect their business operations. These security measures are made up of safeguards or countermeasures tailored to the organization's specific needs and, when combined, provide the necessary level of protection.
An effective information security program must prioritize the core principles of confidentiality, integrity, and availability to ensure enterprise-wide information security. This can be done by implementing sufficient security controls designed to mitigate or reduce the risks of information loss, disruption, or corruption.
Even though risk can never be entirely eliminated, organizations are responsible for effectively identifying and managing these risks. As cybersecurity professionals, in our day-to-day jobs, we assist with identifying, measuring, and analyzing information risks to help make well-informed decisions when creating cybersecurity best practices. Understanding why robust risk management policies are necessary helps us strengthen the defenses of our organization. It is imperative that we possess a clear understanding of the ethical implications that may arise from neglecting to implement the strategies that have been acquired through our learning experiences. Therefore, it is paramount that we remain vigilant in our attention to ethical considerations and act in a responsible manner, ensuring long-term success.
References:
Dubsky, L (2016, November) Assessing Security Controls: Keystone of the Risk Management Framework. ISACA. Retrieved on July 9, 2022 from https://www.isaca.org/resources/isaca-journal/issues/2016/volume-6/assessing-security-controls-keystone-of-the-risk-management-framework
Federal Information Processing Standard Publication. FIPS PUB 199 (2004, February) Retrieved from https://nvlpubs.nist.gov/nistpubs/fips/nist.fips.199.pdf
Seker, E (2020, Sep 4) Confidentiality, Integrity, Availability (CIA Triad) – The Backbone of Cybersecurity. Retrieved from https://medium.datadriveninvestor.com/confidentiality-integrity-availability-cia-triad-the-backbone-of-cybersecurity-8df3f0be9b0e
