Which framework is commonly used for managing cybersecurity risk?

The NIST Cybersecurity Framework is a widely recognized framework designed specifically for managing cybersecurity risk. It provides a structured approach to identifying, protecting against, detecting, responding to, and recovering from cybersecurity incidents. This framework is especially valuable because it is adaptable and can be used by organizations of all sizes and sectors, making it applicable in various contexts, from small businesses to large enterprises.

The NIST Cybersecurity Framework emphasizes a risk management approach, allowing organizations to prioritize their cybersecurity efforts effectively based on their specific risk environment, which aligns well with the objective of managing cybersecurity risks. It comprises three main components: the Framework Core, the Framework Profile, and the Framework Implementation Tiers, which together guide organizations in approaching their cybersecurity needs systematically.

Other frameworks mentioned, like ISO 27001, COBIT, and ITIL, do provide some level of guidance related to cybersecurity and information security management. However, they do not focus exclusively on cybersecurity risk management to the same extent or in the same structured manner as the NIST Cybersecurity Framework, which is specifically designed to create a comprehensive approach to managing cybersecurity risk.