Cyber Risk Assessment: Executive Summary

Cyber Risk Assessments are critical tools used to identify, estimate, and prioritize threats to an organization's operations (including mission, functions, image, and reputation), assets, individuals, and the broader Nation. This process is essential due to the continuous operation and use of information systems.

Leveraging the NIST Framework

The National Institute of Standards and Technology (NIST) has developed a widely adopted framework to guide organizations in managing their cybersecurity risks effectively and in an optimized manner. This framework serves as a foundational tool for businesses of all sizes.

The NIST Cybersecurity Framework is structured into three interconnected parts:

The Framework Core: This provides a set of cybersecurity activities and desired outcomes, organized into five functions: Identify, Protect, Detect, Respond, and Recover.
Framework Implementation Tiers: These describe how an organization views risk and the processes in place to manage that risk, ranging from Partial to Adaptive.
Framework Profiles: These are custom alignments of the Framework Core with an organization’s business requirements, risk tolerance, and resources.

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Purpose and Decision Support

The primary purpose of a cyber risk assessment is to inform key decision-makers and support appropriate risk responses. It's important to recognize that most C-suite executives and even some directors have limited time to delve into the day-to-day minutiae of cyber operations. Therefore, this assessment is designed to serve as a concise executive summary, enabling these parties to make informed and strategic decisions about the organization's security posture.