Keeping up with innovation with NIST CSF 2.0

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The National Institute of Standards and Technology Cybersecurity Framework 2.0 (NIST CSF 2.0) comes at a perfect time. Ransomware attacks have already caused devastation to businesses and institutions across all industries over the past year. A recent survey found that 58% of respondents had experienced six or more ransomware attacks in the past 12 months. This, along with other concerns such as data breaches, generative AI threats, and insider threats, proves that cybersecurity needs to be more accessible than ever before.

Until now, industry guidance on preventing such attacks has been targeted at critical infrastructure and large enterprises in high-risk industries. However, cybersecurity is an “everyone” issue, and many organizations are waking up to the idea that cyber risk is just as important as all other business risks. The same study found that the average downtime due to an incident is 56 hours. And considering that a 2023 study by ABB puts the average cost of downtime at approximately $125,000 per hour, this downtime comes to a cost of $7 million per incident.

NIST's CSF 2.0, released in February of this year, provides a critical resource for organizations of all sizes to avoid these far-reaching costs by rethinking their security posture, fending off evolving threats, and preparing to address today's innovations with a more guided approach. While it's just a framework, it can be used to inform three key changes that all organizations should make in the coming year:

3 Key Changes Everyone Should Make in the Next Year 1. Build a New Approach to Securing Your Infrastructure

The path to securing your infrastructure may seem like an obvious route to acquiring the right tools to detect, prevent, and respond to security incidents. However, an area that organizations often overlook, and one of the most important additions to NIST CSF 2.0, is governance.

A strong governance strategy establishes all people, processes, and organizational concerns regarding cybersecurity, including developing cybersecurity strategy and policies, oversight of strategy and policies, and control of the supply chain.

This is especially important for small and medium-sized businesses that plan to continue to scale. Having a plan in place to quickly and efficiently respond to a potential security breach can help mitigate the associated capital losses. Net income, quarterly earnings, and stock prices can all take a significant hit when a data breach occurs. Having an effective plan can help mitigate these impacts.

2. Tailor investments to specific business needs

Organizations may choose to handle risk in one or more ways, it all depends on their specific business needs. NIST CSF 2.0 helps determine the area and level of risk, and from there, organizations can determine the appropriate solution. For many organizations, this may seem overwhelming, especially as solution providers continually innovate and develop new tools.

One common truth across the industry is that security operations center (SOC) analysts are overwhelmed and under-resourced. AI and ML-based solutions have emerged as an effective bridge to combat this industry fatigue, effectively manage risk, and build business resilience against threats. Additionally, tools that increase visibility are essential to further secure the attack surface. Despite investments in vulnerability management, endpoint detection and response (EDR), and security information and event management (SIEM) tools, there are numerous blind spots across the network, cloud, and more that organizations need to address.

3. Develop an organization-wide approach to security hygiene

While the right tools are essential, a key part of the “protect” part of the NIST CSF 2.0 focuses on awareness, training, and identity and access management as key safeguards for managing risk. While the framework points out numerous risk factors, overall cyber hygiene is a vastly underestimated part of cybersecurity.

It's an old tactic that attackers use over and over again to great effect, and the costs add up. Fortunately, small organizations typically perform best on the cyber hygiene bell curve, with mid-sized organizations lagging behind. But it only takes one successful attack to financially destabilize a small organization. Respondents will pay an average of nearly $2.5 million in ransoms in 2023, and generative AI is making social engineering attacks easier.

Leverage industry resources

While NIST's CSF 2.0 provides important guidelines, it is intended to be used in conjunction with other frameworks and guidance and is not a one-size-fits-all solution, and it is designed to be customized as your organization grows and evolves.

But because the framework is designed for organizations of all sizes, it serves as an equalizer to help smaller organizations keep up with the breakneck pace of innovation in the industry, including understanding how threat actors are evolving and the new tools to defend against them, both of which are essential to building business resilience in the long term.

Sources 1/ https://Google.com/ 2/ https://www.darkreading.com/vulnerabilities-threats/catching-up-on-innovation-with-nist-csf-2-0 The mention sources can contact us to remove/changing this article

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