Manage Cyber Risk Cost-Effectively with NIST CSF and FAIR

Since its release in 2014, the NIST Cybersecurity Framework (NIST CSF) has been widely adopted by government and private sector organizations as a set of cybersecurity best practices that can be implemented to help reduce cyber risk. As organizations sort through the proposed 100+ best practices (sub-categories), they soon realize that it is not obvious which activities to prioritize and how much to invest in them, to achieve a certain level of maturity and risk tolerance, by scoring them on a 1-4 scale as the CSF proposes.

RiskLens helps marry the NIST CSF with a standard risk analysis model such as FAIR, to perform cyber risk assessments that add business context to NIST CSF programs. After all, it is not the goal of the CSF to be a one-size-fits-all approach to manage cybersecurity. Organizations have unique risks, different threats, different vulnerabilities, different risk tolerances. They should determine which practices are important to critical service delivery and prioritize investments to maximize the impact of each dollar spent.

Business Context for NIST CSF

RiskLens enables organizations that have adopted the NIST CSF to identify, assess and manage cyber risks from the business perspective, by quantifying them in financial terms. You will be finally able to determine which security measures and controls are best suited to minimize risk in your specific environment.

NIST CSF Activity Prioritization

With RiskLens, you can prioritize the security initiatives and controls that are directly relevant and most effective in reducing your cyber risk, from the bottom-line perspective. Perform cost-benefit analyses based on current-state versus future-state comparisons to determine which initiatives are the most cost-effective.

Communication about Cyber Risk

RiskLens allows you to add an economic dimension to your NIST CSF program by communicating about your top cyber risks and the most effective risk mitigation options in a language that the business understands, the financial one. Elevate your profile with the business by speaking about cybersecurity in ROI terms.

Two Standards Come Together

Manage Cyber Risk from the Business Perspective

Get clarity on what matters the most for your organization versus looking at cybersecurity as a mere technical maturity problem. Add a proven risk assessment methodology to your NIST CSF program to take a risk-based approach to cybersecurity, as recommended by NIST itself. Do that with the confidence of knowing that NIST has formally mapped the NIST CSF to FAIR. (see Informative Reference catalog)

RiskLens helps you put your NIST CSF work in the context of the actual cyber risk that your organization is facing, so that you can determine which NIST CSF activities or subcategories are directly relevant to your most significant loss event scenarios. Focus your efforts on those, instead of spreading your scarce resources on activities that matter less.

Maximize Risk Reduction

Prioritize NIST CSF activities based on their ability to reduce risk

Struggling to answer questions related to the effectiveness of your cybersecurity work in reducing business risk? Not all the controls and activities listed by frameworks such as NIST CSF are equally effective, leaving you guessing on which ones you should do first and what level of resources to allocate to them. Experience, intuition and maturity scores alone have you prioritize work without knowing whether it is addressing the most critical risks.

Identify what matters most based on the impact on your organization. Rapidly assess your top risks and triage which situations require the most attention and which do not. Then evaluate and prioritize your risk mitigation initiatives. With RiskLens, you can conduct comparative and cost-benefit analyses to optimize your cybersecurity budget based on your risk tolerance level.

Engage the Business

Improve Communication about Cyber Risk

Stop using technical language that the business does not understand and go beyond maturity scores that don’t tell much about the actual risk the organization faces. Open the eyes of the business to the true risks it faces. Get a seat at the table and become a partner to the business by translating cyber risk into a language they understand, the financial one.

RiskLens helps you articulate with confidence the risk associated with critical business services in monetary terms and defend your prioritization decisions not just with the business but also with regulators, auditors and Inspector Generals. Enable better decision-making and budget optimization by proposing alternative treatment options or levels of investment that the business can choose from, based on their cost-effectiveness.

Combining NIST CSF and FAIR to Drive Better Cyber Risk Decisions - RiskLens Sponsored Webinar

Combining NIST CSF and FAIR to Drive Better Cyber Risk Decisions - RiskLens Sponsored Webinar

Building a Cybersecurity Program with a Risk Management Framework & FAIR

Building a Cybersecurity Program with a Risk Management Framework & FAIR

"FAIR is a quantifiable, repeatable methodology that has a proven model behind it that is actually relevant to our business...we can actually articulate risk and threat likelihood and consequences, it gets us in a good position as a trusted adviser to the board."

Grant Bourzikas, CISO at McAfee

"I think that FAIR is just a phenomenal program for being able to develop a consistent and rigorous methodology to reason about and measure and mitigate your cyber risk."

Zulfikar Ramzan, CTO at RSA

"If CISOs push back on quantifying potential loss, I find that unacceptable as a board director. CISOs need to advance."

James Lam, Director, E*Trade

True Cyber Risk Management

Let us help you measure your risk in financial terms.

RiskLens offers solutions that measure and analyze cybersecurity risk with the international FAIR standard.

Schedule a Demo!