NIST (National Institute of Standards and Technology) is a US government organization with a mission to “promote U.S. innovation and industrial competitiveness by advancing measurement science, standards, and technology in ways that enhance economic security and improve our quality of life.” The NIST Cyber Security Framework was created to reduce cyber risks to critical infrastructure and is part of the 2014 Cyber Security Enhancement Act.
While the NIST Cyber Security Framework was built with U.S. organizations in mind, the framework has benefits for businesses in countries around the world. The basic premise of the framework is to help organizations better manage and reduce cybersecurity risk based on established industry standards and best practices. Below are 5 benefits that following the NIST Cyber Security Framework can have for your business.
- Supports Risk Management Activities
The Framework can help guide your organization through key decision points about risk management activities. The Framework enables end-to-end risk management communications across your organization. Using the cyber security framework will help your organization Identify and assess risk and determine which activities are most important to critical service delivery and prioritize expenditures to maximize the impact of your investment.
- Fosters Trust Among Partners
For businesses that do business with other businesses, being able to demonstrate you have a good security posture is now a key selling feature. Both customers and vendors want to know where you are in terms of your cyber security risk. The NIST Cyber Security Framework is considered by many to be the “gold standard” when it comes to cyber security, so if you can demonstrate that you are following the NIST Cyber Security Framework to your key business stakeholders, it will help your business to continue to grow while fostering trust with clients and partners.
- Enhances Communication Among Technical and Financial Leaders in Your Business
With the NIST Cyber Security Framework, your technical and finance teams will now be speaking the same language. This NIST Cyber Security Framework enables an integrated risk management approach to cybersecurity management that is aligned with business goals. It forces many departments to work together to ensure that the risk management goals are set and met. When all departments understand the risks and work together, you have an organization that is focused on achieving its goals.
- Flexibility of the Framework Makes it a Good Fit for any Organization
While NIST designed the framework with the Critical Infrastructure industry in mind, the Cyber Security Framework is flexible enough to be used by any sized business in any industry. “Because the Framework is outcome driven and does not mandate how an organization must achieve those outcomes, it enables scalability. A small organization with a low cyber security budget, or a large corporation with a big budget, are each able to approach the outcome in a way that is feasible for them. It is this flexibility that allows the Framework to be used by organizations which are just getting started in establishing a cyber security program, while also providing value to organizations with mature programs.” SMBs and large enterprises all benefit from following the NIST Cyber Security Framework.
- Helps Your Business Prepare for Future Compliance and Government Regulations
Businesses that implement the Framework are in a much better position as regulations and laws change, and new ones emerge. In Canada, PIPEDA was updated in 2019, and already there is talk of more consumer privacy protections to come. In the U.S., after cyber attacks took down Colonial Pipeline and JBS Meats, there have been calls for stricter cyber security controls for the Critical Infrastructure industry. CISOs and security leaders around the world are concerned about the rise in compliance requirements across industries and geographies. With the NIST Cyber Security Framework, you can build the most reliable foundation for your cybersecurity program to prepare for new regulations and updates to existing standards and regulations.
Following a framework like the NIST Cyber Security Framework has significant benefits to your business and its growth objectives. To learn more about implementing the NIST Cyber Security Framework in your business, contact Uzado today!