Data is the new oil for the digital economy. It has become one of the most important assets, which is why data security has become an international priority. Organizations around the world recognize the importance of cybersecurity and are ultimately embracing it. By implementing a cybersecurity framework, companies can create a safe work environment. Well, before we understand the cybersecurity framework, let’s see why companies need it. Why do organizations need a cybersecurity framework? Day-to-day businesses of all sizes and industries face challenges ensuring the security of their critical data. According to Statista, the size of the global cybersecurity market is expected to grow to 248.26 billion USD by 2023. Monetary losses due to cybercrime are increasing day by day. To meet these challenges and create a safe environment, the organization needs a diligent cybersecurity plan. The framework enables organizations to protect their valuable assets and help them mitigate the risks associated with the increase in cybercrime. What is a cybersecurity framework? A cybersecurity framework is a set of rules, standards / measures and best practices that an organization must follow to protect its critical assets. One of the most widely known examples of a cybersecurity framework is the Payment Card Industry Data Security Standards Framework (PCI-DSS). Every company that deals with credit card transactions must comply with the practices outlined by the PCI-DSS framework. This may require the organization to pass an audit. PCI audit examines the level of end-to-end payment processing system in an organization. A Qualified Security Assessor (QSA) or your internal security assessor performs an audit and determines the effectiveness of information security controls. Also, organizations can voluntarily adopt cybersecurity risk management frameworks. One example of a volunteer framework is the US Department of Commerce’s NIST Cybersecurity Framework. Although these frameworks should not be treated as maturity models for assessing cybersecurity maturity level, the framework provides comprehensive guidance for managing cybersecurity risks. To understand it better, let’s discuss the main goals of a cybersecurity framework. Cybersecurity framework goals The cybersecurity framework reduces the potential risks arising from cyber attacks and helps companies secure critical assets. The objectives of the cybersecurity framework are: Describe the current security situation Description of the targeted security situation Provide metrics to measure improvement Assess the security situation Types of cybersecurity framework based on cyber threats and the requirements of organizations Different types of cybersecurity frameworks are designed. Organizations must adopt a framework that not only matches actual requirements but also ensures business continuity. Also, the approved framework should not hinder the workflow or business process. The frameworks most applied are: PCI DSS (Payment Card Industry Data Security Standard): PCI DSS plays an important role in the payment industry. This is used to protect the security of the payment account. PCI DSS is a defined protocol that focuses on securing online payments including credit card, debit card, and cash card transactions. The framework guarantees the confidentiality of user data including card number, name, expiration date, CVV and PIN. ISO 27001/27002 (International Organization for Standardization): The International Organization for Standardization (ISO) develops a standard called ISO 27001 for the Effective Management of Information Security Management Systems (ISMS). ISO 27001 includes best practices for an organization to follow for information security, while ISO 27002 contains basic guidelines and rules for initiating, implementing, maintaining, and improving information security management in an organization. CIS (Center for Internet Security): CIS is a type of cybersecurity risk framework that provides a global standard for Internet security. CIS is considered a global standard and best practice for securing systems and data from cyber attacks. National Institute of Standards and Technology (NIST) framework: NIST is one of the best cybersecurity frameworks. Helps organizations better manage and reduce cybersecurity risks. NIST consists of 5 critical components, protection, identification, detection, recovery, and response. Conclusion This was all about the cybersecurity framework and its importance for enterprises. With the advent of digital technologies, companies need to be more careful about their vital assets, and thus, they will need cybersecurity at every step to protect valuables from the outside world. EInfochips helps companies design, develop and manage secure connected products across device, connectivity, and application layers using diverse cybersecurity services. Our expertise spans strategic assessments, transformations, turnkey applications, and managed security operations. To find out more about our cybersecurity offerings, please contact our cybersecurity experts. By Rahul Padnakhi.