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Increasing dependence on cyberspace makes preparedness against cyber threats integral to mission assurance. The nature of cyber threats in general - and advanced persistent threats in particular - requires a longer-term commitment from senior leadership, including vision, strategy, and investment prioritization as well as the organizational agility to respond to ever-changing tactics and techniques. The cyber preparedness (Cyber Prep) methodology enables an organization to (1) characterize the cyber threats that an organization or mission faces; (2) determine the level of preparedness necessary to ensure mission success; (3) facilitate strategic planning for cyber security by setting preparedness objectives; and (4) establish priorities for cyber security investment planning and management decisions. This paper presents the framework underlying the Cyber Prep methodology.