Date Published: September 2021
Comments Due:
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Author(s)
Kevin Stine (NIST), Stephen Quinn (NIST), Nahla Ivy (NIST), Matthew Barrett (CyberESI Consulting Group), Gregory Witte (Huntington Ingalls Industries), Robert Gardner (New World Technology Partners)
Announcement
This report continues an in-depth discussion of the concepts introduced in NISTIR 8286, Integrating Cybersecurity and Enterprise Risk Management (ERM), with a focus on the use of enterprise objectives to prioritize, optimize, and respond to cybersecurity risks.
The NISTIR 8286 series of documents is intended to help organizations better implement cybersecurity risk management (CSRM) as an integral part of ERM – both taking its direction from ERM and informing it. The increasing frequency, creativity, and severity of cybersecurity attacks mean that all enterprises should ensure that cybersecurity risk is receiving appropriate attention within their ERM programs and that the CSRM program is anchored within the context of ERM.
This publication draws upon processes and templates described in NISTIR 8286A, Identifying and Estimating Cybersecurity Risk for Enterprise Risk Management (ERM), and on feedback received on public comment drafts of that report. Draft NISTIR 8286B extends the use of stakeholders’ risk appetite and risk tolerance statements to define risk expectations. It further describes the use of the risk register and risk detail report templates to communicate and coordinate activity.
Since enterprise resources are nearly always limited, and must also fund other enterprise risks, it is vital that CSRM work at all levels be coordinated and prioritized to maximize effectiveness and to ensure that the most critical needs are adequately addressed. Risk prioritization, risk response, and risk aggregation should be aggregated and optimized to help guide enterprise risk communication and decision-making. Through effective prioritization and response, based on accurate risk analysis in light of business objectives, managers throughout the enterprise will be able to navigate a changing risk landscape and take advantage of innovation opportunities.
A third companion document, NISTIR 8286C, which will detail processes for enterprise-level aggregation and oversight of cybersecurity risks, is being developed and will be available for review and comment in the coming months.
NOTE: A call for patent claims is included on page iii of this draft. For additional information, see the Information Technology Laboratory (ITL) Patent Policy--Inclusion of Patents in ITL Publications.
This document is the second in a series that supplements NIST Interagency/Internal Report (NISTIR) 8286, Integrating Cybersecurity and Enterprise Risk Management (ERM). This series provides additional detail regarding the enterprise application of cybersecurity risk information; the previous document, NISTIR 8286A, provided detail regarding stakeholder risk guidance and risk identification and analysis. This second publication describes the need for determining the priorities of each of those risks in light of their potential impact on enterprise objectives, as well as options for properly treating that risk. This report describes how risk priorities and risk response information are added to the cybersecurity risk register (CSRR) in support of an overall enterprise risk register. Information about the selection of and projected cost of risk response will be used to maintain a composite view of cybersecurity risks throughout the enterprise, which may be used to confirm and, if necessary, adjust risk strategy to ensure mission success.
This document is the second in a series that supplements NIST Interagency/Internal Report (NISTIR) 8286, Integrating Cybersecurity and Enterprise Risk Management (ERM). This series provides additional detail regarding the enterprise application of cybersecurity risk information; the previous...
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This document is the second in a series that supplements NIST Interagency/Internal Report (NISTIR) 8286,
Integrating Cybersecurity and Enterprise Risk Management (ERM). This series provides additional detail regarding the enterprise application of cybersecurity risk information; the previous document, NISTIR 8286A, provided detail regarding stakeholder risk guidance and risk identification and analysis. This second publication describes the need for determining the priorities of each of those risks in light of their potential impact on enterprise objectives, as well as options for properly treating that risk. This report describes how risk priorities and risk response information are added to the cybersecurity risk register (CSRR) in support of an overall enterprise risk register. Information about the selection of and projected cost of risk response will be used to maintain a composite view of cybersecurity risks throughout the enterprise, which may be used to confirm and, if necessary, adjust risk strategy to ensure mission success.
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Keywords
cybersecurity risk management; cybersecurity risk measurement; cybersecurity risk register (CSRR); enterprise risk management (ERM); key performance indicator (KPI); key risk indicator (KRI); risk acceptance; risk aggregation; risk avoidance; risk conditioning; risk mitigation; risk optimization; risk prioritization; risk response; risk sharing; risk transfer
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