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NISTIR 8286 and Best Practices for Enterprise Risk Management

In an increasingly digital world, cybersecurity has never been more critical for organizations of all sizes and industries. As cyber threats become more sophisticated, the potential impact of a security breach on an organization’s operations, reputation, and financial well-being can be devastating. As a result, integrating cybersecurity risk management into more comprehensive Enterprise Risk Management (ERM) practices (as opposed to localized technical or business processes) has become essential for building a resilient and secure business. 

This article explores the key considerations for incorporating CSRM into the ERM process, highlighting how organizations can protect their valuable assets and maintain a strong risk posture in the face of an ever-changing cyber threat landscape.

 

What Is Enterprise Risk Management (ERM)?

ERM is a proactive, comprehensive, and systematic approach to identifying, assessing, prioritizing, and managing risks that an organization faces. It aims to improve an organization’s decision-making, risk management capabilities, and overall performance by considering both opportunities and threats across all aspects of the business. These aspects include cybersecurity, finance, operations, supply chain logistics, and others. 

Key components of ERM include:

Implementing ERM effectively helps organizations better understand their risk exposures, develop more informed strategies, and create a more resilient organization capable of navigating uncertainties and challenges.

 

What Is NISTIR 8286?

NISTIR 8286, titled “Integrating Cybersecurity and Enterprise Risk Management (ERM),” was published in October 2020 to help define security and risk practices for ERMs. NISTIR 8286 guides integrating cybersecurity risk management processes with an organization’s broader Enterprise Risk Management processes. 

This publication emphasizes the importance of considering cybersecurity risks in the overall risk management strategy. It provides a framework for aligning and coordinating cybersecurity risk management efforts with ERM.

The report highlights the following fundamental principles:

These principles are in response to perceived shortcomings in the application of CSRM in ERM contexts, including:

By following the principles and guidance outlined in NISTIR 8286, organizations can better understand their cybersecurity risk exposure, make informed decisions, and create a more resilient enterprise in the face of evolving cyber threats.

 

Risk Considerations

Following these defined limitations, NISTIR 8286 provides a basic framework of risk considerations that organizations should consider when applying risk management to their ERM:

It’s important to note that these considerations apply to businesses that are currently implementing an ERM within their organization, and as such they may have limited application in other, generalized risk management processes. 

 

Bolster Your Risk Management with Continuum GRC

Cybersecurity risk management is a foundational consideration for any data-driven business, with far-reaching implications for all aspects of your operation. Don’t settle for manual risk assessment tools that rely on stone-age tools like email, spreadsheets, and data entry. Continuum GRC is a comprehensive and risk-focused cybersecurity management platform hosted entirely on the cloud, managed entirely by top experts in the field of cybersecurity. 

Continuum GRC is a cloud platform that can take something as routine and necessary as regular vulnerability scanning and reporting under FedRAMP and make it an easy and timely part of business in the public sector. We provide risk management and compliance support for every major regulation and compliance framework on the market, including:

And more. We are the only FedRAMP and StateRAMP Authorized compliance and risk management solution worldwide.

Continuum GRC is a proactive cyber security® and the only FedRAMP and StateRAMP Authorized cybersecurity audit platform worldwide. Call 1-888-896-6207 to discuss your organization’s cybersecurity needs and find out how we can help your organization protect its systems and ensure compliance.

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