NIST CSF
Voluntary risk-based framework for cybersecurity management
APRA CPS 234
Australian prudential standard for information security resilience.
Quick Verdict
NIST CSF offers voluntary, flexible cybersecurity risk management for all organizations globally, while APRA CPS 234 mandates strict information security governance for Australian financial entities with Board accountability and APRA notifications.
NIST CSF
NIST Cybersecurity Framework 2.0
Key Features
- Introduces Govern function for strategic oversight
- Enables Current/Target Profiles for gap analysis
- Provides Tiers for maturity assessment
- Establishes common language for risk discussions
- Maps to standards like ISO 27001
APRA CPS 234
Prudential Standard CPS 234 Information Security
Key Features
- Board ultimate responsibility for information security
- 72-hour notification for material security incidents
- Third-party managed assets fully in scope
- Systematic independent control testing required
- Asset classification by criticality and sensitivity
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
NIST CSF Details
What It Is
NIST Cybersecurity Framework (CSF) 2.0 is a voluntary, risk-based guideline from the U.S. National Institute of Standards and Technology. It provides a flexible structure for organizations to manage cybersecurity risks, applicable across all sizes and sectors. Its outcomes-focused approach emphasizes prioritization over prescriptive controls.
Key Components
- **Framework CoreSix Functions (Govern, Identify, Protect, Detect, Respond, Recover), 22 Categories, 112 Subcategories with informative references to standards like ISO 27001.
- **Implementation TiersFour levels (Partial to Adaptive) for assessing risk management sophistication.
- **ProfilesCurrent and Target alignments for gap identification. No formal certification; relies on self-attestation.
Why Organizations Use It
Enhances risk communication, board-level alignment, and supply chain oversight. Demonstrates due care, supports compliance, prioritizes investments, and builds stakeholder trust amid evolving threats.
Implementation Overview
Start with current Profile assessment, identify gaps to Target Profile, implement prioritized actions via Tiers. Suited for all organizations globally; quick starts for SMEs, scalable for enterprises. No mandatory audits.
APRA CPS 234 Details
What It Is
APRA Prudential Standard CPS 234 (Information Security) is a binding regulation issued by the Australian Prudential Regulation Authority. Effective from 1 July 2019, it mandates APRA-regulated financial entities to maintain information security capabilities commensurate with threats and vulnerabilities. Its risk-based approach emphasizes governance, resilience against cyber incidents, and coverage of assets managed by third parties.
Key Components
- **Governance pillarsBoard accountability, defined roles, policy frameworks.
- **Core requirementsAsset classification by criticality/sensitivity, commensurate controls, systematic testing, internal audit assurance.
- Approximately 24 paragraphs outline obligations; no fixed control count, built on CIA triad (confidentiality, integrity, availability).
- Compliance via self-assurance, APRA notifications (72 hours for incidents, 10 days for weaknesses).
Why Organizations Use It
- Mandatory for APRA entities (banks, insurers, super funds) to avoid penalties, enforcement.
- Enhances cyber resilience, stakeholder protection, operational continuity.
- Builds trust, reduces incident impact, integrates with CPS 220/230.
Implementation Overview
- Phased: gap analysis, asset inventory, control/testing programs, third-party assessments.
- Applies to all sizes in Australian financial sector; audit by internal/external experts, no formal certification.
Key Differences
| Aspect | NIST CSF | APRA CPS 234 |
|---|---|---|
| Scope | Cybersecurity risk management lifecycle | Information security governance and controls |
| Industry | All sectors worldwide, voluntary | Australian financial services only |
| Nature | Voluntary flexible framework | Mandatory prudential regulation |
| Testing | Self-assessment via Profiles/Tiers | Systematic independent testing required |
| Penalties | No formal penalties | Regulatory sanctions and enforcement |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about NIST CSF and APRA CPS 234
NIST CSF FAQ
APRA CPS 234 FAQ
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