84% of organizations utilize a cybersecurity framework, and 44% use more than one. But when it comes down to your business, how do you know which framework(s) to select?
Top 5 IT Risk Management Frameworks to Consider
First, you need to determine which framework aligns with your company’s needs and industry requirements. While one framework may not fit your business, cross-referencing competing frameworks can help you decide where you need to focus. Here’s five frameworks to consider:
ISO 27001 & ISO 27002
The ISO catalog of frameworks is among the leading risk management frameworks. One of the most widely known and globally adopted standards within the information security community is ISO 27001. The framework provides specific guidance and security controls for processing financial information, intellectual property, employee details, or information entrusted to you by third parties.
ISO 27002 is a variation of 27001 for institutions to establish an Information Security Management System (ISMS) based on ISO/IEC 27001. It provides in-depth detail about control objectives to help organizations best implement the framework within their unique operations.
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Cybersecurity Maturity Model Certification (CMMC)
The Cybersecurity Maturity Model Certification (CMMC), was published in January 2020 by the United States Department of Defense. The model establishes a new method to evaluate vendor cybersecurity programs by measuring both technical controls in place and ongoing processes to review and improve practices in place. The CMMC takes a collaborative approach by sampling practices across leading IT risk management frameworks, cloud security and more to deliver a comprehensive model based on the latest cyber-community insights.
NIST 800-53 & NIST CFS
The National Institute of Standards and Technology (NIST) publishes a handful of process guides and IT risk management frameworks, most notably, NIST 800-53 & NIST CFS. NIST 800-53 documents a robust catalog of security and privacy controls and objectives designated for U.S. federal information systems to support best-in-class cybersecurity standards.
NIST Cybersecurity Framework (CSF) consists of standards, guidelines, and practices. NIST CSF builds on existing frameworks (including NIST 800-53, ISO 27000) but offers a focused scope of controls alongside a thorough explanation written in ordinary language suited for non-technical executives or line of business individuals.
AICIPA, SOC 2
Developed and published by the American Institute of CPAs (AICPA), SOC 2 defines criteria for managing customer data based on five core principles: security, availability, processing integrity, confidentiality, and privacy.
Rather than provided a detailed IT risk management framework of pre-defined controls, organizations can define their set of Service and Organization Controls (SOC), embed controls into their corporate policies, audit effectiveness, and design to evaluate how well the control model meets the five principles according to business operations.
Expression des Besoins et Identification des de Sécurité (EBIOS)
EBIOS (Expression des Besoins et Identification des Objectifs de Sécurité – Expression of Needs and Identification of Security Objectives) – is a French information security framework published and maintained by Agence nationale de la sécurité des systèmes d’information – The National Cybersecurity Agency of France (ANSSI) under the French Prime Minister.
The EBIOS framework is developed for organizations working directly with the Defense Ministry to reduce risk and secure the handling of confidential or sensitive information. Today, the risk and compliance framework applies to any public or private organization as a core framework or in conjunction with existing information security programs.
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Automating IT Risk Compliance
No one IT risk management framework is better than the other, and each has its pros and cons. What’s important is choosing the framework that best reflects your compliance mandates and business needs to protect from security risks for your operations.
Once you have the framework in place, you’ll want to keep your risk data current and context-rich with today’s information. An automated IT risk management software can help.
OneTrust GRC IT & Security Risk Management can deliver the features, functionality, and expanded resources your team needs to keep your GRC practices up to speed with the latest compliance updates. Have one of our team members walk you through it, or try it free today!
Further reading on IT risk management:
- OneTrust GRC Blog: What is an IT Security Risk Management Framework?
- OneTrust GRC Blog: Risk Management Tools: Discover and Quantify Risk for Your Business
- Read the case study: ClearDATA Maintains a Clean Bill of IT and Security Risk Management (ITSRM) Health with OneTrust GRC
- Market Updates: ISO Guidance on AI & Trust: Is Your GRC Program Evolving with the Market?
Next steps on IT risk management solutions:
- Watch the Webinar: GRC Building Blocks: Automating IT Risk Management
- Download the Report: OneTrust Recognized in 2020 Gartner Magic Quadrant for IT Risk Management
- Read the whitepaper: New Age GRC: Avoiding Complex Custom GRC Platforms