Without taking a risk you cannot gain a reward. However, too much risk may lead to business failure. So, risk management is necessary. Today here we are going to discuss “What is the NIST Risk Management Framework?“
Risk management creates a balance between taking risks and reducing them. Moreover, effective risk management is necessary. It will add value to your company and gather more customers. Therefore, helps to protect the company’s earnings without preventing its growth.
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NIST Risk Management Framework
In this section, we will discuss what is the NIST risk management framework? So, let’s dive into the topic. The NIST stands for the National Institute of standards and technology. It is a non-regulatory federal agency of the US.
NIST is promoting innovations and industrial competitiveness. However, NIST has made some publications that have helped to manage cybersecurity. This NIST risk management framework provides security policies and standards for the government of the US.
NIST risk management framework provides security controls to several industries. So, plays a major role in protecting sensitive data. The two main publications that discuss the risk management framework are:
1. Special Publication 800-37
Special Publication 800-37 comes with the guidelines for applying the risk management framework to federal information systems. It is developed by the Joint Task Force. Moreover, it converts the traditional Certification and Accreditation process into the six-step risk management framework. The Steps mainly include:
Categorize Information System: It classifies the systems used along with the information processed, stored and shared based on impact analysis.
Select Security Controls: It selects baseline security based on the security categorization and nature of risk. Security controls are the countermeasures taken in an information system. Hence, it helps to protect confidential files and the integrity of a system.
Implement Security Controls: This step implements security controls. Along with that, it also records the effectiveness of security controls used in an information system.
Assess Security Controls: It helps to determine the correctness of the security controls implemented.
Authorize Information System: This step helps to authorize systems based on gathered information and degree of risk.
Monitor Security Controls: This step involves monitoring security controls. Not only that, but it keeps a record on the changes, flaws, and overall state of risk management.
2. Special Publication 800-53
It belongs to NIST special publication 800 series. Special Publication 800-53 mainly focuses on the Information Technology Laboratory’s research and guidelines. Moreover, it provides more depth knowledge about security measures.
However, Special Publication 800-53 does not interfere with national security. Therefore, the guidelines help to secure organizations and information system that are associated with the government system.
The RMF is a circular process. So one can start again from step 1. Hope you have liked the above text and found it useful.