The Seven Steps of the NIST Risk Management Framework

A growing cybersecurity threat to businesses is supply chain attacks. A study done by Argon Security in 2021 found that supply chain attacks had increased by 300% compared to 2020. That’s scary! Thankfully, there are agencies out there that are working hard to help businesses mitigate these risks, and one of those agencies is NIST.

NIST (National Institute of Standards and Technology) provides guidance for how businesses can manage cybersecurity risks effectively. The NIST framework helps companies identify, assess, and mitigate risks associated with their information systems and data. NIST also recommends controls that businesses can put in place to protect themselves from cyber threats.

What Is The NIST Risk Management Framework?

NIST is a part of the United States Department of Commerce. The agency creates and promotes cybersecurity standards that are adaptable to every industry. While the frameworks are mandatory for government entities, businesses in the private sector can choose whether to use them or not.

NIST has created multiple frameworks, one of them being a set of guidelines for risk management. The NIST Risk Management Framework (RMF) is a systematic approach for organizations to identify, assess, and mitigate cybersecurity risks.

The Seven Steps of NIST’s Risk Management Framework

Each of the 7 steps in the NIST framework is essential to identifying risks and responding effectively to an attack. Here we have the 7 steps from NIST’s website:

Prepare

Essential activities to prepare the organization to manage security and privacy risks 

Categorize

Categorize the system and information processed, stored, and transmitted based on an impact analysis

Select

Select the set of NIST SP 800-53 controls to protect the system based on risk assessment(s)

Implement

Implement the controls and document how controls are deployed

Assess

Assess to determine if the controls are in place, operating as intended, and producing the desired results

Authorize

A senior official makes a risk-based decision to authorize the system (to operate)

Monitor

Continuously monitor control implementation and risks to the system

NIST also recommends controls that businesses can put in place to protect themselves from cyber threats.

While they cover a lot, these steps are just the first that businesses should take to beef up their risk management and cybersecurity. To reach comprehensive protection, we suggest that you partner with a cybersecurity expert from a reputable IT company. They will have the tools and expertise to understand your industry and the different levels of protection you should have. That way, you get everything you want and nothing you don’t need or can’t afford.

Why Is The Private Sector At Risk?

We know that businesses can’t survive without information technology. The world is built on the internet now, and it does create untold opportunities for business owners. But with those opportunities come some risks too—our reliance on IT creates new vulnerabilities that can be exploited by cybercriminals.

Hackers can target and attack businesses of any size, from sole traders to multinational corporations. And they’re getting more sophisticated all the time. Additionally, the private sector has been slow to adopt the NIST framework, which leaves businesses vulnerable to cyberattacks.

Why Do Businesses Need Professional Cybersecurity?

While the NIST framework is a good start, it is not enough on its own. Businesses need to work with cybersecurity professionals to assess their risks and implement the best possible defenses.  NIST compliance is not a cybersecurity solution—it’s just a baseline.

By partnering with a reputable IT company, you can get the protection you need to keep your business safe from cyberattacks.

To learn more about the NIST framework or how to increase your cybersecurity, reach out to Envision Consulting today. We’re experienced in cybersecurity for businesses in a variety of industries, and we’d love to help you reach NIST or any other compliance standard.

Download Our NIST Risk Management Guide