How to Manage Security Risks with NIST RMF

The National Institute of Standards and Technology (NIST) creates and regulates standards and guidelines relating to information security. It publishes a series of Special Publications. The 800 series provides details on information security/privacy controls that need to be in place for information systems in the US federal government. NIST’s Risk Management Framework (RMF) is the established process that integrates security, privacy, and cyber supply chain risk management into a system development life cycle.

Designed to be comprehensive, flexible, repeatable, and measurable, the NIST RMF details a 7-step process to manage information security and privacy risk for organizations.

The Steps of NIST’s Risk Management Framework

NIST’s RMF provides a common language and methodology for managing cybersecurity risks. The 7 steps are: Prepare, Categorize, Select, Implement, Assess, Authorize, and Monitor. The framework should complement a business’s existing cybersecurity program and risk management processes, not replace them. In order to create a NIST RMF profile, you are given an opportunity to assess your existing system.

Going through the steps should identify any areas where processes need to be strengthened. Or additionally, where to implement new processes. Once you establish your profile, you then pair it with the framework’s easy-to-use language. Ultimately, this allows for stronger communication throughout the enterprise. 

Next, the profile then pairs with the implementation plan. Beneficially, this allows a company to take full advantage of the framework by enabling cost-effective prioritization and improvement of processes and activities. Additionally, you can also set specific expectations with suppliers and partners, which your NIST-enhanced processes can then monitor.

The NIST Framework helps guide key decision points in relation to risk management activities on all levels of the organization.

Consec Solutions can help your organization incorporate NIST Frameworks within your organization if you are working within or in affiliation with US government agencies. Contact us for more information on NIST Risk Management Frameworks and how to use them.