Skip to main content
Menu Icon

InfoBytes Blog

Financial Services Law Insights and Observations

National Institute of Standards and Technology issues updated cybersecurity framework

Privacy/Cyber Risk & Data Security NIST Risk Management

Privacy, Cyber Risk & Data Security

On April 16, the National Institute of Standards and Technology (NIST) announced the release of enhancements to its cybersecurity framework guidance that critical infrastructures, including the financial services industry, should voluntarily follow to mitigate cybersecurity risk. Updates to Cybersecurity Framework Version 1.1 (Framework) incorporate comments received from public feedback, team members, and workshops held over the past two years, as well as stakeholder input on draft versions. Changes include the addition of (i) explanations to clarify that the Framework can be used to promote compliance with an organization’s own cybersecurity requirements; (ii) a cybersecurity risk self-assessment section; (iii) an expanded section addressing ways in which the Framework can be used to manage cybersecurity within the supply chain; (iv) refinements to authentication and identity processes; (v) new language explaining the “relationship between Implementation Tiers and Profiles” in regard to risk management programs; and (vi) a new subcategory on the lifecycle of vulnerability disclosure. The process for which changes are made to the Framework may be viewed on NIST’s website. NIST further notes that both first-time and current Framework users should experience minimal to no disruptions when implementing the updated Framework, and are encouraged to customize the Framework “to maximize individual organizational value.”

As previously covered in InfoBytes, last year President Trump issued an Executive Order directing federal agencies to follow NIST’s Framework to manage cybersecurity risk.