Organizations use the Risk Management Framework as a methodology and guidance to identify, remove, and limit risks. The National Institute of Standards and Technology (NIST) created it to assist defend the US government’s information networks.
Emphasizing risk management in your company plan is a critical aspect of achieving any sort of cybersecurity posture, including CMMC security certification. Fortunately, whether you work for the government or for the Department of Defense, the risk management framework will almost certainly make that decision for you (RMF).
We’ll go about RMF and risk management in general, as well as why they’re crucial to your company, in this post.
RMF compliance isn’t just another layer of effort for your company. RMF’s declared purpose is to inspire companies like yours to address security compliance via a risk-based perspective. That is, rather than deploying security protocols and praying for the best, RMF gives the tools and procedures to demonstrate what it implies to make risk-based cybersecurity and privacy control implementation decisions.
So, what does this imply for you? Essentially, it means you’ll follow the RMF’s six-step approach for risk-based security deployment.
The RMF procedure is divided into seven steps:
Prepare: You start cataloging and identifying significant areas of risk and how they affect your organization’s goals at this level (costs, operations, compliance). This stage entails examining employee and management responsibilities, building security control catalogues, categorizing essential systems and data, and evaluating risks associated with each of these elements.
Most importantly, you’ll develop a risk management plan that specifies the level of risk that your company is ready to accept. This approach will take into account regulatory compliance and industry requirements, as well as your overall business objectives.
Categorize: At this point, you’ll classify the risk associated with your inventory, strategy, and objectives. That is, you will categorize risk connected to data and how it is handled, maintained, and distributed using the degree of risk stated in your approach, along with any metrics included therein.
Select: At this point, you’ll use your categories and system data to figure out what security and privacy measures you’ll need to fulfill your risk profile. Instead of choosing controls based on a predetermined list, you now choose controls based on a comprehensive risk assessment.
Implement: As the name implies, this is where you put selected rules in place, replete with paperwork and reporting.
Determine the efficiency, efficacy, and results of controls after they are established and operational. Recording how those policies interact as part of your broader architecture is part of this.
Authorize: With CMMC regulation in place, documentary evidence in place, and measurements in progress, your business and technical management can now make risk-based judgements about how that process works, which include approving software updates, new technologies, new strategic approaches, and, if needed, configuration changes.
Monitor: Your team will now keep an eye on the system and make any required adjustments to the controls and settings.
It’s vital to keep in mind that these actions aren’t all in the same order. You’ll go through them as part of a risk management lifetime that can accommodate regular and quick updates, control modifications, and strategy alterations.