In this lesson, Nick Palazzolo, CPA, dives into the National Institute of Standards and Technology (NIST) Cybersecurity Framework, breaking down its structure and components to simplify its use in managing and reducing cybersecurity risks. Nick starts by defining what NIST is and moves on to explain the three integral parts of the framework: the core, implementation tiers, and profiles. He elaborates on each component, starting with the core's five functions—Identify, Protect, Detect, Respond, and Recover—designed to help organizations develop a comprehensive cybersecurity strategy. Nick also details the implementation tiers that range from "Partial" to "Adaptive," each stage indicating a progression in managing cybersecurity risks more effectively and becoming increasingly agile and proactive. Lastly, he discusses the framework profiles which assist in identifying the current versus the target cybersecurity states, aiding organizations in aligning their security measures with business goals and risk tolerances. Nick's guidance provides a clear understanding of how to effectively implement and leverage the NIST framework across various sectors.