Organizations need to clearly identify risks before they become relative issues. Therefore, it is important for security professionals to comprehend what must be done to construct strategies that are considered to be proactive resources for analyzing and assessing cybersecurity threats before they become active issues. Select an area of industry that you are interested in and create a hypothetical business. Refer to the “Business Profile Template” when completing this portion of the assignment. Define the business environment by making sure to: Then, in a Word document, begin implementing a cybersecurity framework. Refer to the “Framework for Improving Critical Infrastructure Cybersecurity,” located within the Course Materials, focusing specifically on “Table 2: Framework Core.” Make sure to: APA style is not required, but solid academic writing is expected. Refer to “Organizational Objectives and Priorities Scoring Guide,” prior to beginning the assignment to become familiar with the expectations for successful completion. You are required to submit this assignment to TurnItIn Purchase the answer to view it

Introduction

In today’s digital age, cybersecurity threats have become a significant concern for organizations across various industries. The potential consequences of cyber attacks, such as data breaches, financial loss, and reputational damage, have made it essential for organizations to proactively manage and mitigate these risks. This paper aims to provide a hypothetical business profile and implement a cybersecurity framework to address potential cybersecurity threats in the chosen industry.

Hypothetical Business Profile

The chosen industry for this assignment is the banking sector. The hypothetical business, XYZ Bank, is a multinational financial institution operating in multiple countries. It provides a wide range of banking services, including personal and business banking, investment services, and corporate finance solutions. The bank has a large customer base and handles a significant amount of sensitive financial information.

Business Environment

To understand the business environment of XYZ Bank, it is important to consider various factors. Firstly, the banking industry is highly regulated, with strict compliance requirements regarding customer data protection and privacy. Secondly, XYZ Bank faces intense competition from other financial institutions, requiring it to continually innovate and offer secure online banking services to attract and retain customers. Finally, the bank operates in multiple jurisdictions, each with its own cybersecurity regulations and standards.

Cybersecurity Framework Implementation

To ensure the proactive management of cybersecurity risks, XYZ Bank will employ the Framework for Improving Critical Infrastructure Cybersecurity as a guide. This framework, developed by the National Institute of Standards and Technology (NIST), provides a comprehensive approach to managing and mitigating cybersecurity risks.

Table 2: Framework Core focuses on the five core functions of cybersecurity: Identify, Protect, Detect, Respond, and Recover. By applying these functions, XYZ Bank can establish a robust cybersecurity posture.

1. Identify:
This function involves developing an understanding of the organization’s cybersecurity risks, vulnerabilities, and potential impacts. XYZ Bank will conduct a comprehensive risk assessment to identify potential threats and vulnerabilities specific to its banking operations. This assessment will consider both internal and external threats, such as malware attacks, insider threats, and regulatory compliance risks.

2. Protect:
The Protect function involves implementing safeguards to minimize the impact of cybersecurity threats. XYZ Bank will implement a strong authentication system, encryption protocols, and secure communication channels to protect customer data. Additionally, the bank will establish robust access controls, ensuring only authorized personnel can access sensitive information.

3. Detect:
The Detect function focuses on continuously monitoring systems and networks to identify potential cybersecurity incidents. XYZ Bank will employ advanced intrusion detection systems, network monitoring tools, and security information and event management (SIEM) solutions to detect any unauthorized access or suspicious activities.

4. Respond:
The Respond function involves developing an incident response plan to address and mitigate cybersecurity incidents promptly. XYZ Bank will establish an incident response team comprising cybersecurity experts who will follow a predefined plan to contain and respond to cyber attacks. The plan will include steps for isolating affected systems, notifying relevant stakeholders, and coordinating with law enforcement agencies if necessary.

5. Recover:
The Recover function aims to restore normal operations after a cybersecurity incident. XYZ Bank will develop a comprehensive business continuity plan that includes backup and disaster recovery strategies. This will ensure that critical systems and data can be restored quickly in the event of a cyber attack.

In conclusion, XYZ Bank, a hypothetical multinational bank operating in the banking sector, has implemented the Framework for Improving Critical Infrastructure Cybersecurity to proactively address cybersecurity threats. By applying the Identify, Protect, Detect, Respond, and Recover functions, the bank can strengthen its cybersecurity posture and protect its sensitive financial information and customer data.