NIST Introduces Enterprise Risk Profile for Cybersecurity Management
The National Institute of Standards and Technology (NIST) has recently published NIST Internal Report (IR) 8286C, titled 'Staging Cybersecurity Risks for Enterprise Risk Management and Governance Oversight'. Released in 2023, this report is the latest in a series that includes NIST IR 8286, NIST IR 8286A, NIST IR 8286B, and NIST IR 8286D, each focusing on distinct aspects of integrating cybersecurity and enterprise risk management.
NIST IR 8286C introduces a novel concept: the enterprise risk profile (ERP). This tool enables organisations to compare and manage cyber risks alongside other risk types effectively. The report describes methods for combining risk information from various sources across the enterprise. This includes aggregating and normalising results from cybersecurity risk registers, thereby informing enterprise-level risk decision-making and monitoring.
The integration and normalisation of risk information in NIST IR 8286C play a crucial role in this process. By providing a standardised approach, organisations can better understand and manage their overall risk landscape, including cybersecurity risks.
NIST IR 8286C, published in 2023, offers enterprises a comprehensive guide to integrating cybersecurity risks into their enterprise risk management strategies. By introducing the enterprise risk profile and outlining methods for risk information aggregation and normalisation, this report equips organisations with valuable tools to make informed risk decisions and enhance their governance oversight.
