3 Reasons Every Organization Should Implement NIST Cybersecurity Framework Best Practices

3 Reasons Every Organization Should Implement NIST Cybersecurity Framework Best Practices

Cybersecurity is one of the most urgent risks organizations face in the digital age. According to Cybersecurity Ventures, the cost of cyber crime is expected to reach $10.5 trillion by 2025. Despite the astronomical costs, less than half of organizations embed security controls into all digital transformation initiatives on the front end. 18% only do so after the project is finalized if vulnerabilities are detected. 

Failing to implement sufficient cybersecurity measures puts your data and that of your customers at risk. As hackers become more and more sophisticated, that risk is only escalating. To help organizations address this problem, the National Institute of Standards and Technology (NIST) developed the Cybersecurity Framework

What is the NIST Cybersecurity Framework?

The NIST Cybersecurity Framework is a systematic methodology to manage cybersecurity risk and guide decision-making. The framework is voluntary, but compliance demonstrates that a provider has implemented recommended security protocols to reduce risk and protect critical infrastructure. It’s a way to build trust, establish reliable security protocols,  and communicate to clients that you take their privacy seriously.

The framework uses five phases to address risk at every level of an organization for greatest business impact, from senior executives to the operations level:

  • Identify: This foundational phase identifies and prioritizes organizational assets, systems, and potential vulnerabilities. By increasing their understanding of business objectives, risk tolerance, and potential threats, organizations can create a solid roadmap for their cybersecurity strategy.
  • Protect: The Protect phase implements measures to safeguard critical assets and systems. This includes developing and implementing security policies, awareness training, access controls, and secure architecture to shield critical assets from unauthorized access and potential threats.
  • Detect: The Detect phase centers on continuous monitoring and prompt identification of potential cybersecurity threats or incidents. This involves establishing mechanisms for real-time monitoring, event detection, and anomaly detection. By promptly identifying any deviations from the norm, organizations can take swift action to mitigate potential breaches and reduce the impact of cyber incidents.
  • Respond: In the event of a cybersecurity incident, the Respond phase ensures well-defined procedures to contain, mitigate, and recover from an attack. Organizations create a plan to coordinate the incident response team, manage communications, and implement countermeasures . This plan limits impacts and restores normal operations.
  • Recover: Once an incident has been contained, the Recover phase focuses on learning from the incident and adapting cybersecurity policies. This includes restoring normal operations and services, analyzing the incident’s impact, evaluating the effectiveness of the response, and implementing improvements to prevent similar incidents in the future.

3 Reasons to Implement the Framework 

Lack of effective security controls leaves organizations vulnerable to data loss and puts intellectual property at risk. In addition to data loss and property risk, a cyber incident can cost millions of dollars. The NIST Cybersecurity Framework helps organizations proactively establish and implement security best practices to mitigate risk before an attack happens. Here are three ways organizations will benefit: 

  • Promote Informed Communication Among Stakeholders The NIST framework gives organizational leaders a common vocabulary to discuss risk, communicate security priorities through the organization, and set expectations with outside suppliers and vendors. When everyone understands the framework and agrees, security protocols and controls can be implemented more effectively.
  • Identify Mission-Critical Priorities and Resources
    Prioritizing security initiatives can be a difficult process. The NIST framework uses Implementation Tiers and Profiles to identify priorities and choose appropriate activities. Tiers and Profiles can be customized based on the needs of the organization, supporting cost management and documentation of due diligence.
  • Guide Implementation Plan and Budget Key activities and responsibilities are distributed based on organizational priorities as organizations implement the framework. Leaders can quickly and clearly communicate focus areas and action items for each stakeholder group to improve overall risk tolerance.

How CyberFOX Supports Compliance with the NIST Cybersecurity Framework

The NIST cybersecurity framework addresses key security protocols during each phase. AutoElevate by CyberFOX and Password Boss by CyberFOX support access control recommendations defined in the Protect phase of the framework. Our affordable, practical identity access management solutions help you monitor, manage and mitigate risks while also improving end-user experiences.

Contact us today to see how we can help you close your security gaps!