The management of cybersecurity risk is fundamental to the purpose of a CISO and

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Dec 16, 2022

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The management of cybersecurity risk is fundamental to the purpose of a CISO and critical to the entire organization’s success. Evaluating new products, existing resources, and prioritization of cybersecurity mitigation efforts ensure a safe and sound technological operating environment. Choosing a risk taxonomy is an essential initial step a CISO can take to begin formalizing cybersecurity risk management in the organization.
You have been recently hired as the new CISO for Evans & Marshall Financial Services (EFMS) in Augusta, Georgia. EFMS is a multifaceted financial institution that provides banking, credit cards, life insurance, car and home insurance, financial planning, and mortgages for its 2.1 million members. Each of the organization’s significant divisions is led by a president, an embedded chief information officer, and technology supporting staff. EFMS cybersecurity is a shared service led by the EFMS CISO and represented in the business units by several business information security officers.
EFMS currently uses an internal risk management framework (RMF) for the entire organization, including cybersecurity. The board of directors and the risk committee have requested proposals to implement a cybersecurity-specific risk framework for assessing new and existing assets and products. The prioritization of risks and the development and implementation of cost-effective controls is the priority for any implementation.
For this activity, review each of the three major cybersecurity risk management frameworks below and make a written recommendation to the board of directors on your selection. At a minimum, include the following areas in your proposal:
A comparison of the three significant RMFs listed below and the comparative points used to evaluate and choose the final recommendation
A diagram that you have created customized to the EFMS organization based on the RMF chosen
The key personnel in the organization who must participate in the implementation and ongoing maintenance of the RMF. Add any new positions needed in addition to the ones listed above
An overview of the implementation of an analysis of new products for each of the lines of business within the organization
An analysis of the choice of control framework to be used in conjunction with the RMF
NIST RMF Links to an external site.:
https://csrc.nist.gov/Projects/risk-management
The NIST RMF provides a comprehensive, flexible, repeatable, and measurable seven-step process that any organization can use to manage information security and privacy risk for organizations and systems and links to a suite of NIST standards and guidelines to support the implementation of risk management programs to meet the requirements of the Federal Information Security Modernization Act.
ISO/IEC 27001 Links to an external site.:
https://en.wikipedia.org/wiki/ISO/IEC_27001
ISO 27001 is an international standard for managing information security. The standard was initially published jointly by ISO and the International Electrotechnical Commission (IEC) in 2005 and revised in 2013. It details requirements for establishing, implementing, maintaining, and continually improving an information security management system—the aim is to help organizations make the information assets they hold more secure.
FAIR Links to an external site.:
https://www.fairinstitute.org
FAIR has emerged as the premier value at risk model for cybersecurity and operational risk. The FAIR Institute is a nonprofit professional organization dedicated to advancing the discipline of measuring and managing cyber and operational risk. FAIR provides information risk, cybersecurity, and business executives with the standards and best practices to help organizations measure, manage, and report information risk from the business perspective.
Submission instructions: Your document should be a minimum of 600 words.

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