Information
The network element should use SNMP Version 3 for any SNMP agent configured on the device.
SNMPv2 only requires a community string to be specified, which the client needs to use in their requests to "authenticate".
SNMPv3 uses an actual security model called "User-based Security Model" (USM) codified in RFC3414 (originally in RFC2264 1998). USM supports authentication and encryption.
Solution
snmp-server group group1 v3 priv
snmp-server user user1 group1 v3 auth sha256 12345 priv aes256 {password}
snmp-server host server1 version 3 priv user1
Impact:
Client requests will also need to use snmpv3 to poll the device.