nist cyber security framework
The National Institute of Standards and Technology (NIST) created a voluntary, risk-based framework of industry leading practices and principles to promote the protection of critical infrastructure. The prioritized, flexible, repeatable, and cost-effective approach of the Framework helps owners and operators of critical infrastructure to manage cybersecurity-related risk. The framework provides a common taxonomy, approach, and means for organizations to:
- Describe their current cybersecurity posture
- Describe their target state for cybersecurity
- Identify and prioritize opportunities for improvement within the context of a continuous and repeatable process
- Assess progress toward the desired state
- Communicate among internal and external stakeholders about cybersecurity risk
Nasdaq BWise enables the organization to demonstrate each facet of the NIST framework. Nasdaq BWise incorporates the elements of the framework into its software to assist organizations in managing cyber threats as a complement to an organization’s existing risk management activities. This includes evidence of the NIST framework core, or the five activities (identification, protection, detection, response, and recovery) that support the framework that details specific practices to encompass the iterative cycle of effective cyber security; the tiering of risk management practices from aware, repeatable, and adaptive; to the framework’s profile or the alignment of the standards, guidelines, and practices for implementation.
NASDAQ BWISE INFORMATION SECURITY AND GRC SOLUTION SUITE
Nasdaq BWise recognizes the significance of managing cyber security and protecting an organization’s critical assets. Nasdaq BWise integrated Governance, Risk, and Compliance (GRC) software is able to assimilate the NIST framework into the software to tactically understand, address, and report on cyber risk. For example, the information security solution offers functionality to support the management of cyber security processes (e.g., asset classification, risk analysis, treatment, monitoring, reporting).
The software can also incorporate threat and vulnerability data from 3rd party solutions into the software for relevancy to the organization, evaluation, and analysis. Other Nasdaq BWise solutions, such as business continuity, offer an integral way to incorporate cyber threats and their impact to the organization’s resiliency activities.
The NIST framework offers a set of recommendations, but the maturity of an organization’s risk management practices may vary. Nasdaq BWise offers a flexible and scalable approach to managing risk within its solutions. This enables organizations to manage cyber exposures based on the maturation of their risk management activities, the relevant threats and vulnerabilities, the risk management governance model, and organizational appetite and tolerance levels.
Cyber threats occur with high frequency. The importance of having a software that is nimble enough to respond to changes in the risk profile is crucial to avoiding surprises and minimizing losses.
- Integrate GRC solutions to formulate how cyber risks effects the value chain across the organization (e.g., information security, internal audit, risk management, etc.)
- Users can configure dashboards, portlets, and reports to organize and depict data based on functional responsibilities or stakeholder needs in real-time
- Incorporation of vendor and third party threat and vulnerability scans can be seamlessly brought into the software for assessment and evaluation
- Fluid risk management processes that allow for dynamic risk management practices
- Support for a common language and communicative mediums to disclose to interdependent stakeholders responsible for the delivery of critical infrastructure or other services