WHY SHOULD FINANCIAL ORGANIZATIONS IMPLEMENT NIST CSF?

If there is one sector that handles and stores a large amount of sensitive data, it would be financed. Financial organizations have to deal with a lot of sensitive information like financial records, payment details, and customer details daily. This makes them the #1 target of cybercriminals. In fact, in 2021, the financial sector was one of the top 10 most vulnerable industries in terms of data security. Any successful data breach can mean the loss of critical and sensitive data and, off-course, reputation damage. 

When it comes to data security in the financial sector, adopting the NIST CSF or the National Institute of Standards and Technology Cybersecurity Framework is one of the most effective approaches. Like the CMMC solution, NIST CSF has been enacted to help the financial sector strengthen its data security posture. And one should rely on professional provider of managed IT services for businesses to ensure proper compliance.

What Is NIST CSF?

NIST CSF is a compilation of recommendations and measures financial organizations can put in place to manage their cybersecurity posture and reduce cyber threats. The cybersecurity framework is built upon existing control measures, data security best practices, and cybersecurity guidelines. These standards and practices act as a foundation for most compliance like DFARS and CMMC. 

The NIST enacted the cybersecurity framework in response to the directive by former US President Barack Obama. The framework was released in 2014 to improve and safeguard critical infrastructure. Since its release, the framework has become an essential guideline for various organizations to enhance their data security stance. 

Why is NIST CSF Essential for Finance Organizations?

There are primarily three reasons why finance companies should adopt NIST CSF. They are:

  • Cybersecurity frameworks ensure comprehensive data protection.
  • Some frameworks are sector-specific and can align with your business’s unique needs.
  • The frameworks prepare organizations against new cyber threats. 

Comprehensive Cyber Protection

Out of all the cybersecurity frameworks like the DFARS and CMMC compliance requirements, the NIST CSF is the most comprehensive one. Financial companies can secure their data systems and cover other security criteria by adhering to NIST CSF. The framework has five high-level controls: Identify, Protect, Detect, Respond, and Recover. These five controls come together to form a complete cybersecurity risk management life cycle. Each core functions have 23 categories and 108 subcategories. 

While the categories cover the cybersecurity objectives, the subcategories describe the expected outcome for cybersecurity initiatives. 

Sector-Specific Framework Profile

How an organization chooses to implement the NIST CSF depends upon a lot of external and internal factors. Besides this, the CSF profile can be designed per the risk level to which your organization is exposed and the available resources. 

Under the guidance of NIST, the Financial Services Sector Coordinating Council developed the Financial Services Sector Cybersecurity Profile in 2018. This profile was designed to be used by all kinds of financial organizations and asset management firms. 

The Financial Services Sector Cybersecurity Profile is founded upon various cybersecurity guidelines from across industries and around the globe. The FSP puts extra emphasis on supervision. Thus, the final draft of the FSP extends the five functions of the NIST CSF. Like NIST CSF, the FSP is divided into different categories and subcategories.…

Best Custom Software Development Methodologies

The methodology is a process followed in the creation of unique and custom software. In other words, it functions as a framework within which the development process is planned, designed, and managed. Standard procedures like Design, Production, and Execution are included in development techniques by app development companies in Virginia.

When you begin to design a unique solution, picking the appropriate methodology is always crucial. Your system and development approach choice will affect how well the project turns out. 

But a lot relies on the team size, structure, and product objectives.

An approach that is clearly stated provides you with:

  • Improved estimates
  • Supplying reliable systems
  • Keeping the client updated
  • Precise knowledge of the work that needs to be done
  • Recognizing dangers earlier
  • Allowing enough time to make changes

Having a quick and efficient software development process is the main benefit of picking the proper approach from a competitive standpoint. However, each methodology has its unique characteristics, benefits, and drawbacks.

Three essential Software Development Methodologies 

Waterfall Methodology

The waterfall model is frequently referred to as a software development life cycle strategy and is a linear sequential lifecycle. One of the earliest and most well-liked approaches you can apply for your project is the waterfall model.

The waterfall technique utilizes a sequential process and doesn’t impede the pace of custom software development, as its name implies. 

It is simple to follow and has a useful flow thanks to the sequential flow. Everything is organized and well-planned, allowing you to save time and money. The waterfall methodology has specific phases and operates flawlessly like a cascade.

The phases of waterfall methodology are:

  • statement of requirements
  • Software design
  • Creating a new mechanism or integrating with already-existing software
  • QA/Testing
  • Evaluation
  • Servicing

Because of the high standards and organic flow, departments like defense, military, and aircraft adopt the waterfall approach. The waterfall approach makes it simple to follow the procedure demanded by the government and is suitable for their procurement procedure.

Situations in which the waterfall methodology is appropriate

  • The specifications are known, understood, and established.
  • The ultimate objectives are clear.
  • The project is brief, and there is little to no risk.

Agile Methodology

Agile was created as a solution to the problems with the waterfall, making it an advanced version of the waterfall. Agile is more adaptable than waterfall. It starts with a straightforward project design where you may give each module a deadline for completion.

After completing each module, you can assess the working process and provide feedback. Later, every bug is addressed, and the quality of the code is checked.

The best aspect of employing agile is that software engineers can make ongoing adjustments in accordance with the needs of their projects. In this manner, the programmer can always return to the earlier stage and fix the mistake.

The bifurcation system provided by the agile technique employs a sequential iterative approach. This indicates that all steps can be divided into more manageable components, such as assessment, verification, incorporation, and deployment.

Several well-known companies use an agile methodology for their software to produce solutions quickly, experimentally, and iteratively.

Conditions under which the Agile Methodology is Appropriate

  • desire regular software updates
  • Make only minimal preparations before beginning the project.
  • Would like to generate more features in less time

Spiral Model Methodology

The spiral model begins with the smaller portion of software development and works its way up to the larger portion, as the name would imply. Many app development organizations employ the spiral model methodology to carry out the systemic flow.

The main benefit of employing the spiral model is that it recognizes and eliminates the risks from the start. This model has everything systematized, making it incredibly simple for the software companies in VA to speed up the development process.

Situations in which the spiral model methodology is appropriate

  • Want to construct substantial, pricey, and challenging projects
  • Lowering and controlling the project’s risk
  • When funds are tight, risk assessment is crucial.
  • Flexibility to alter the process’s course as needed
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