Despite a growing focus on defensive efforts, the number of cybersecurity breaches continues to rise. As a result, the National Institute of Standards and Technology (NIST) developed a framework, known as the Cybersecurity Framework, to strengthen cybersecurity defenses across critical infrastructure in all industries and organizations.
The voluntary framework consists of standards, guidelines, and practices to ensure you have the necessary processes and documentation in place to proactively manage and respond to cybersecurity-related risk. It's designed to work in tandem with an existing risk management strategy, so there's no need for you to re-create a risk management process and cybersecurity program.
You can compare your credit union's existing cybersecurity programs to the framework in order to identify opportunities for improvement. Where warranted, the elements of the framework not already addressed can be incorporated into existing programs. Alternatively, credit unions without an existing cybersecurity program can use the framework as a model to establish one.
The framework is not intended to be, a one-size-fits-all solution to address cybersecurity risk. It provides an adaptable, flexible and scalable tool that assists organizations in assessing, measuring, evaluating and improving their ability to respond to cybersecurity threats. It's important to note that individual credit unions maintain unique risk profiles; therefore, the implementation of the framework and the degree to which it is adopted will vary among institutions.
Cybersecurity threats continue to evolve and affect organizations of all types and sizes, including credit unions. While implementation of the framework is voluntary, its use is gaining momentum within the financial services industry.
The most successful cybersecurity programs are those that don’t simply rely on technical controls but clearly define a framework to address each of the essential cybersecurity functions: threat identification, protection mechanisms, threat detection, incident response, and incident recovery.
Combined with an ongoing risk management program, the framework can help build a strong foundation for any cybersecurity program.
For more information on how to use the NIST Cybersecurity Framework to better manage and reduce your credit union’s cybersecurity risk, join TraceSecurity for an upcoming webinar:
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