Organizations around the world are realizing the importance of cybersecurity and are finally adopting it.
Data is the new oil of the digital economy. It has become one of the most critical assets, this is why securing data has become an international priority. Organizations around the world are realizing the importance of cybersecurity and are finally adopting it. By implementing a cybersecurity framework, businesses can create a secure work environment.
Well, before understanding the cybersecurity framework, let us see why businesses would need it.
Why Organizations Need a Cybersecurity Framework?
Everyday companies of all sizes from different domains face challenges in ensuring the security of their critical data. According to Statista, the global cybersecurity market size is forecasted to grow to 248.26 billion U.S. dollars by 2023. The monetary losses arising from cyber crimes are rising day by day. To address these challenges and to create a secure environment, an organization needs a diligent cybersecurity plan.
The framework enables organizations to protect their valuable assets and help them to mitigate the risk associated with increasing cybercrimes.
What is a Cybersecurity Framework?
The cybersecurity framework is a set of rules, standards/measures, and best practices an organization should follow for protecting its critical assets. One of the most widely known examples of cybersecurity framework is the Payment Card Industry Data Security Standards (PCI-DSS) framework, every company that handles credit card-related transactions must comply with the practices set by the PCI-DSS framework. This would require the organization to pass an audit. The PCI audit examines the level of payment processing system from start to end in an organization. A Qualified Security Assessor (QSA) or your own Internal Security Assessor performs the audit and determine the effectiveness of information security controls.
Also, organizations can adopt cybersecurity risk management frameworks voluntarily. One of the examples of the voluntary framework is the U.S. Department of Commerce’s National Institute of Standards and Technology’s NIST Cybersecurity Framework.
Although these frameworks are not to be treated as maturity models to assess the level of maturity for cybersecurity, however, the framework provides end-to-end guidance to manage cybersecurity related risks. To better understand it, let us discuss the prime objectives of the cybersecurity framework.
Objectives of Cybersecurity Framework
The cybersecurity framework decreases the probable risk arising from cyberattacks and helps businesses secure critical assets. The objectives of the cybersecurity framework are:
Types of Cybersecurity Framework
Based on the cyber threats and requirements of organizations different types of cybersecurity frameworks are designed. Organizations should adopt a framework that not only fits with the actual requirements but also ensures continuity of the business. Also, the adopted framework should not hamper the workflow or business process. The most frequently implemented frameworks are:
PCI DSS (Payment Card Industry Data Security Standard):
PCI DSS plays an important role in payment industry. This is used to protect payment account security. PCI DSS is a set protocol focused on securing online payments including credit card, debit card and cash card transactions. The framework ensures the confidentiality of user data including card number, name, expiry date, CVV and Pin.
ISO 27001/27002 (International Organization for Standardization):
The International Organization for Standardization (ISO) develops a standard called ISO 27001 for effectively managing information security management systems (ISMS). ISO 27001 includes the best practices that an organization needs to follow for Information Security, while the ISO 27002 contains basic guidelines and rules for starting, implementing, maintaining and improving the management of information security in an organization.
CIS (Center of Internet Security):
CIS is a type of cybersecurity risk framework which provides a global standard for internet security. CIS is considered to be a global standard and best practice for securing systems and data from cyberattacks.
National Institute of Standards and Technology (NIST) Framework:
NIST is one of the top Cyber Security frameworks. It helps organizations better manage and reduce cybersecurity risks. NIST consists of 5 important elements viz, Protect, Identify, Detect, Recover, and Respond.
This was all about the cybersecurity framework and its importance for organizations. With the advent of digital technologies, businesses need to be more cautious with their critical assets and, hence, they would need cybersecurity at every step to protect valuables from the outer world.
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This article was originally published on EEWeb.