Assignment 2 Instructions Robust cyber security Framework. | CSIS 343 - Cybersecurity
- Develop a robust cybersecurity framework for the financial services firm. Discuss the
implementation of industry best practices, such as the NIST Cybersecurity Framework, to protect against a wide range of cyber threats. Address key components such as risk management, threat detection, and incident response. Developing a robust cybersecurity framework for a financial services firm is crucial to protect sensitive information, financial transactions, and maintain the trust of clients and stakeholders. Implementing industry best practices, such as the NIST Cybersecurity Framework, can provide a solid foundation for enhancing cybersecurity. The NIST framework consists of five key functions: Identify, Protect, Detect, Respond, and Recover. Here's a discussion on how to implement these functions in the context of a
financial services firm:
Identify:
Asset Management: Create an inventory of all critical assets, including hardware, software, data, and personnel. Risk Management: Conduct regular risk assessments to identify and prioritize potential cybersecurity threats and vulnerabilities. Governance and Compliance: Establish a governance structure and ensure compliance with relevant regulations, such as GDPR, PCI DSS, and industry-specific standards.
Protect:
Access Control: Implement strong access controls, least privilege principles, and multi-factor authentication to safeguard sensitive data. Data Encryption: Encrypt sensitive data both in transit and at rest to protect it from unauthorized access. Security Awareness Training: Conduct regular training sessions for employees to enhance their awareness of security threats and best practices.
Detect:
Continuous Monitoring: Implement continuous monitoring of network traffic, system logs, and user activities to detect anomalous behavior. Intrusion Detection and Prevention Systems (IDPS): Deploy IDPS to identify and respond to potential security incidents in real-time. Security Information and Event Management (SIEM): Use SIEM tools to centralize and analyze log data for early detection of security incidents.
Respond:
Incident Response Plan: Develop and regularly update an incident response plan that outlines procedures for handling security incidents. Communication Plan: Establish a clear communication plan to notify stakeholders, including clients, regulators, and internal teams, in the event of a security incident. Forensics: Conduct forensic analysis to understand the nature and scope of the incident and take appropriate remediation actions.
Recover:
Backup and Disaster Recovery: Implement regular data backups and a robust disaster recovery plan to minimize downtime and data loss in case of an incident. Post-Incident Review: After an incident, conduct a thorough post-incident review to identify lessons learned and updates security measures accordingly. Improvement Plan: Use insights from incidents to continuously improve the cybersecurity framework and response capabilities. In addition to the NIST framework, financial services firms should also stay updated on emerging threats, collaborate with industry peers, and engage in threat intelligence sharing to enhance their cybersecurity posture. Regularly auditing and testing the cybersecurity framework through penetration testing and simulated exercises will help ensure its effectiveness against evolving cyber threats.