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While growth is always welcomed, businesses also need to focus on reducing disruptions. From systems downtime to loss of critical data, cybersecurity breaches not only interrupt usual operations, but also impact brand reputation and customer trust in the long run. Use this NIST Cybersecurity Framework presentation to prevent unexpected business interruptions and mitigate financial losses.
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Gone are the days when businesses only had to think about bringing in revenue. While growth is always welcomed, businesses also need to focus on reducing disruptions. From systems downtime to loss of critical data, cybersecurity breaches not only interrupt usual operations, but also impact brand reputation and customer trust in the long run. Developed by the National Institute of Standards and Technology, the NIST Cybersecurity Framework is now widely regarded as the gold standard for cybersecurity posture. When used along risk assessments, cost-benefit analyses, and continuous monitoring, NIST offers the tools for companies to prevent unexpected business interruptions and mitigate financial losses.
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DownloadStudies show that 65% of consumers lose trust in a company after a data breach, and stock prices can drop by about 5% the day a breach is disclosed. It takes years or even decades of work to build social credibility for a business, and all that can be wiped away in just a few days.
The interconnectedness of today's business ecosystem proves that cybersecurity efforts shouldn't be limited to the work of a single department. The NIST cybersecurity framework is particularly useful for bridging the gap between technical and business stakeholders. As a common language and methodology for discussing cybersecurity risks and strategies, the framework allows for better communication, decision-making, and alignment with broader business objectives. This feature sets it apart from other frameworks that may focus solely on technical aspects. Plus, the framework's flexibility and adaptability is attractive to organizations of all sizes. This allows companies to tailor their cybersecurity programs for their specific needs while staying aligned with regulatory requirements.
Let's start with the pillars of NIST CSF, as they provide the backbone that guides how an organization ultimately chooses to design and implement its cybersecurity program. Currently, the framework is made of six key function areas: Govern, Identify, Protect, Detect, Respond, and Recover.
With ever more sophisticated cyberattacks, the NIST CSF will likely be updated with time. Version 2.0 was released this February to expand its scope to all organizations, not just those in critical sectors. Note that one of the six main pillars we mentioned earlier, Govern, was a new addition in the latest iteration. This emphasizes the role of governance and enterprise-level support when it comes to cybersecurity programs.
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DownloadNow that we've defined the parameters of NIST, it's time to introduce some tools that can be used to implement the function areas mentioned earlier. Risk analysis provides a proactive approach. When presented to management executives and stakeholders, the possibility of risks invokes informed decisions and efficient resource allocation as preventative measures.
When it comes to evaluating the current status of an organization's cybersecurity measures, much of that work resembles a gap analysis. On this visualizer, for example, the data points display both the current security level and the expected security level. In this instance, the y-axis represents project business value, which implies the strategic importance of cybersecurity investments and the critical link between security measures and overall business success. On the x-axis, project cost illustrates the financial implications of cybersecurity decisions. Altogether, a risk mitigation visualizer such as this helps organizations make informed cybersecurity choices that align with their budgetary constraints.
Within the NIST CSF, maturity levels play a pivotal role in cybersecurity evaluation. These maturity levels, graded on a scale from 0 to 5, offer a structured method to assess the advancement and effectiveness of various NIST components.
This radar chart plots target scores, policy scores, and practice scores for each NIST component. It shows areas where cybersecurity measures align with best practices and where enhancements are needed to bolster security resilience. Rather than being weighed down by the complexities of technical knowledge, stakeholders and decision makers can use this visualization to easily identify strengths, weaknesses, and areas for improvement. By leveraging this assessment tool, organizations can not only benchmark their cybersecurity maturity against industry standards but also prioritize investments and initiatives to fortify their defenses and mitigate cyber risks.
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DownloadIn June 2017, the world saw the most devastating cyberattack in history. The NotPetya attack left significant marks on numerous multinational companies and profoundly disrupted the global supply chain with its rapid spread through interconnected networks. The total damages from the attack exceeded $10 billion. That number alone just wiped out years of business growth. In 2020, attacks cost governments and businesses $1 trillion, which equals to about 1% of global GDP. For individual companies, the average cost of a single data breach was $3.6 million.
While cybersecurity programs aren't traditionally viewed as explicitly "revenue-generating", they sure do prevent revenue loss, in millions and billions. Sure, cybersecurity measures can seem costly to implement, so here is where cost-benefit analysis comes in.
The right cybersecurity spending can minimize risks associated with revenue, reputation, and legal fees, while also generating indirect benefits like better compliance alignment and increased productivity. By comparing the costs of prevention with potential losses from cyberattacks, organizations can determine the most effective way to deliver the desired outcomes while managing risks within their unique business context. Ultimately, the best approach finds balance between enough investments to achieve protection without overspending or underinvesting.
Ongoing monitoring is an unskippable step when it comes to understanding the overall effectiveness of cybersecurity measures. These dashboards provide a visual representation of key security metrics to identify trends, anomalies, and areas that require attention.
One way to organize this information is by categorizing performance based on the six pillars of NIST. for example, this dashboard shows the "Identify" and "Protect" pillars and breaks down each subtask into "performed", "incompletely performed", and "not performed". Alternatively, a dashboard of gauge charts can track NIST compliance areas over time. On a more granular level and for team members with more technical roles, uptime/downtime monitoring allows any anomalies to be detected promptly before they lead to graver consequences.
As organizations navigate the complexities of cybersecurity, the NIST framework's comprehensive approach – with governance, identification, protection, detection, response, and recovery – offers a strategic pathway to enhance enterprise resilience. With the incorporation of tools like risk visualizers, maturity level assessments, cost-benefit analyses, and continuous monitoring, businesses can align cybersecurity efforts with broader business objectives rather than treating it as an isolated department. With a solid NIST CSF fortress, companies not only manage to safeguard their money, but also their long-term reputation.
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