The negative financial impact of cyber attacks on individuals or organisations is something that we cannot overlook, over the years a lot of organisations have suffered great financial losses as a result of cyber-attacks, even the crypto industry has suffered a lot of financial losses due to one form of a cyber-attack or the other. It become important for us to understand what cyber security is and the cyber security framework to reduce the risk and effect of cyber-attacks.

Cyber Security

The protection of networks, computer system, mobile devices, data, electronic systems and their infrastructure from information linkage or disclosure, misfunctioning, damage and theft is referred to as cyber security. Cyber security is also called computer security. Cyber security is meant to counter a lot of cyber threats that take place in cyberspace and some of these is threats are cyber terrorism, cybercrime, hacking, and another form of cyber-attack that take place daily.

Image Source

Difference countries in the world have different department that sees into the issue of cyber security and other online criminal activities for example the United Kingdom have U.K governments Nation Cyber Security Centre, Nigeria in West Africa have Electronic and Financial Crime Commission (EFCC), Australia have Australian Cyber Security Centre(ACSC), other countries like Russia, China, Israel, Estonia, Spain and so on also have their agencies that enforce cyber security measures and fight against cybercrime. They also have their own cyber security strategy documents. All these agencies aim at reducing the rate of cybercrime and the damage caused to individuals, organizations and the economy.

Now let look at the cyber security framework.

Cyber Security Framework

Cyber security framework means cyber security documents that were designed to support policymakers which can be government or C-Level in any organization in defining their cyber security policies or strategies. These Cyber security frameworks are designed to give a set of standards for cyber security across different nations, organizations and industries. With these frameworks, industries can have a good understanding of their postures and that of their vendors. Examples of cyber security frameworks are ISO 2703201 and ISO 27002, Business Software Alliance framework HIPAA, NIST cybersecurity framework, SOC2, FISMA, NERC-CIP, GDPR etc. The most popular framework is that of the NIST cyber security framework.

Some of the functions included in some of the frameworks are identification of risk, protection of assets, system, computer from attacks, detection of any form of risk or attacks, respond and recovery of the individual or organisation data or information after cyber attack incident.

Individuals and companies need to have a good understanding of these frameworks to reduce the risk of being attacked by cybercriminals.

Thanks for reading.