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Submitted by anitaRiskpro on November 26, 2022

What is NIST Compliance?

NIST compliance is referred to as meeting the requirements of one or more NIST standards. Under the US Department of Commerce, the non-regulatory NIST (National Institute of Standards and Technology) organization operates. Its main responsibility is to provide industry-specific standards, especially for security controls. The standards developed by the National Institute of Standards and Technology are based on best practices, which is why the government has recommended their use by businesses and organizations.

 

Benefits of NIST Compliance

  • Organizations that work towards NIST compliance also focus on adhering to other industry or federal regulations.
  • The requirements of FISMA can be met by federal agencies (Federal Information Security Management Act).
  • Manufacturers and contractors who want to meet the prerequisite standards set by NIST can do so if they adhere to the standards set by the organization.
  • HIPAA (Health Insurance Portability and Accountability Act) and SOX (Sarbanes-Oxley Act) compliance are both facilitated by NIST compliance.

 

What is NIST Cybersecurity Framework (CSF)?

The NIST Cybersecurity Framework (NIST CSF) offers instructions on how to control and lower the security risk of IT infrastructure. The CSF consists of rules, directives, and procedures that can be applied to stop, recognize, and react to cyberattacks. To develop a roadmap for critical infrastructure cybersecurity, the National Institute of Standards and Technology (NIST) produced the CSF for private sector businesses in the US. NIST's CSF is most beneficial for entities that are trying to increase security awareness or those who are small or less regulated. The framework may be less informative for larger organizations that have a well-developed IT security program.

 

Benefits of the NIST Cybersecurity Framework

  • Superior and objective cybersecurity
  • Make long-term risk management and cybersecurity possible.
  • Impacts on supply chains and vendor lists
  • Fill the gap between stakeholders on the technical and business sides.
  • The Framework's capacity for flexibility and adaptation
  • Built to comply with current and upcoming regulations

 

The seven-step cybersecurity framework process

  1. Prioritize and scope - In order to make strategic cybersecurity decisions, the company must first define its goals and priorities. This will make it easier to decide which resources and systems are required to support the organization's goals.
  2. Orient - In this step, an organization's cybersecurity program will continue to be implemented.
  3. Create a current profile - A Current Profile is created by specifying which Framework Core control outcomes are now being achieved.
  4. Conduct a risk assessment - The organization's overall risk management procedure or past risk assessment activities may serve as a guide for this risk assessment. Analyze the operational environment of the firm to identify the possibility of cybersecurity events and their related impacts.
  5. Create a target profile - The planned cybersecurity objectives should be specified in a target profile that is focused on the CSF Categories and Subcategories assessment.
  6. Determine, analyze and prioritize gaps - Based on the Current and Target Profiles listed above, the organization evaluates, analyses, and prioritizes any gaps that exist. Using costs and benefits, risks, and mission-driven considerations, a prioritized action plan should fill in these gaps and work toward the objectives of the Target Profile.
  7. Implement action plan - The organization should decide which actions to take and implement such activities to address the gaps, if any, after deciding which steps must be made to address the gaps indicated above. Then, cybersecurity procedures should be modified to meet the Target Profile.

 

What is NIST Risk Management Framework (RMF)?

The NIST Risk Management Framework provides a step-by-step process for managing information security and privacy risks for organizations. This process is based on accepted standards and guidelines and can be used by any organization.

 

Benefits of NIST Risk Management Framework (RMF)

  • Asset Protection - A risk management framework helps you protect your business by understanding the risks your business faces and taking steps to protect your data and assets.
  • Reputation Management - An effective risk management framework can help companies effectively identify gaps in enterprise-level controls and develop a plan to mitigate or prevent reputational threats.
  • IP Protection - A risk management framework should be used for both your data and assets as well as your intellectual property, which almost every organization must protect. You run the risk of intellectual property theft if you market, sell, offer, deliver, or supply a service that gives you an advantage over competitors. A risk management framework offers defense against potential losses of commercial opportunities, competitive edge, and even legal risks.
  • Competitor Analysis - The core operation of your organization may benefit from adopting a risk management framework. By identifying the risks, you experience and taking steps to reduce them, you will also be learning a good amount of insightful information about the industry you work in, and this can help you stand out from the competition.

 

Six Risk Management Framework (RMF) Steps

  • Categorize Information Systems - To accurately estimate the risk posed by those systems, classify information and systems using NIST standards.
  • Select Security Controls - Choose the right security measures from NIST publications 800-53 in order to enable a more consistent, comparable, and repetitive approach for identifying and specifying security measures for systems.
  • Implement Security Controls - Install the controls you choose in the previous stage, and then make sure to record all the necessary steps and processes to keep them operating.
  • Assess Security Controls - To reduce the risks to your business and data, ensure that the security controls you implemented are functioning according to plan.
  • Authorize Information Systems - As a means of lowering the organization's risk, are the security controls effective? In that case, the system's control is valid.
  • Monitor Security Controls - In order to ensure the effectiveness of those systems, it is necessary to continuously monitor, evaluate, and adjust the security measures. Report the status of security controls to your designated officials, keep track of any changes, and regularly analyze their impact.

 

Author

Sonali Thakur

Associate - Sales and Marketing

RiskPro India

(July 2022)