Skip to main content
Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

NIST updates its Cybersecurity Framework

Privacy, Cyber Risk & Data Security Federal Issues NIST Risk Management

Privacy, Cyber Risk & Data Security

The National Institute of Standards and Technology (NIST) recently unveiled a proposed update to its Cybersecurity Framework, which was originally developed to provide information security guidelines for “critical infrastructure” like banking and energy industries. (Covered by InfoBytes here). The update includes a new, sixth pillar called “govern” that provides categories to facilitate executive oversight; manage enterprise risk (including supply chain risk); and effective alignment of enterprise resources, strategies, and risk, emphasizing that “cybersecurity is a major source of enterprise risk and a consideration for senior leadership.” This pillar will also guide organizations’ leadership in making internal decisions to support its cybersecurity strategy. The framework draft also updated its implementation guidance, especially for creating profiles that tailor guidance for certain situations. Additionally, NIST included implementation examples that are particularly beneficial for smaller firms. The framework’s lead developer, Cherilyn Pascoe, mentioned the framework has proven useful across many different sectors like small businesses and foreign governments, therefore it was updated to be a useful tool to sectors, regardless of type or size, outside of those designated as critical. A major goal of the updated version of the framework is to show organizations how to leverage existing technology frameworks, standards, and guidelines to implement NIST’s framework. Furthermore, the framework title changed from “Framework for Improving Critical Infrastructure Cybersecurity” to “The Cybersecurity Framework” to reflect its expanded inclusivity and wide adoption.

Public comments must be received by November 4.