About Me
CompTIA Security+
1 Threats, Attacks, and Vulnerabilities
1-1 Types of Threats
1-2 Types of Attacks
1-3 Vulnerabilities
1-4 Threat Actors and Motives
1-5 Threat Intelligence
1-6 Incident Response
1-7 Penetration Testing
1-8 Vulnerability Scanning
1-9 Threat Modeling
1-10 Security Controls
2 Technologies and Tools
2-1 Firewalls
2-2 Intrusion Detection Systems (IDS)
2-3 Intrusion Prevention Systems (IPS)
2-4 Security Information and Event Management (SIEM)
2-5 Data Loss Prevention (DLP)
2-6 Security Orchestration, Automation, and Response (SOAR)
2-7 Endpoint Security
2-8 Network Security
2-9 Cloud Security
2-10 Mobile Device Security
2-11 Secure Coding Practices
2-12 Cryptography
2-13 Public Key Infrastructure (PKI)
2-14 Certificate Management
2-15 Security Tools and Utilities
3 Architecture and Design
3-1 Security Models
3-2 Security Controls
3-3 Secure Network Design
3-4 Secure Systems Design
3-5 Secure Application Design
3-6 Secure Cloud Architecture
3-7 Secure Mobile Architecture
3-8 Secure IoT Architecture
3-9 Secure Data Storage
3-10 Secure Backup and Recovery
3-11 Security in DevOps
3-12 Security in Agile Development
3-13 Security in Continuous IntegrationContinuous Deployment (CICD)
3-14 Security in Configuration Management
3-15 Security in Identity and Access Management (IAM)
4 Identity and Access Management
4-1 Authentication Methods
4-2 Authorization Mechanisms
4-3 Identity and Access Management (IAM) Concepts
4-4 Single Sign-On (SSO)
4-5 Multi-Factor Authentication (MFA)
4-6 Federation
4-7 Role-Based Access Control (RBAC)
4-8 Attribute-Based Access Control (ABAC)
4-9 Identity as a Service (IDaaS)
4-10 Identity Lifecycle Management
4-11 Access Reviews and Audits
4-12 Privileged Access Management (PAM)
4-13 Identity Federation
4-14 Identity Provisioning and Deprovisioning
5 Risk Management
5-1 Risk Management Concepts
5-2 Risk Assessment
5-3 Risk Mitigation Strategies
5-4 Business Impact Analysis (BIA)
5-5 Risk Register
5-6 Risk Treatment
5-7 Risk Monitoring and Reporting
5-8 Risk Appetite and Tolerance
5-9 Risk Communication
5-10 Risk Transfer
5-11 Risk Acceptance
5-12 Risk Avoidance
5-13 Risk Reduction
5-14 Risk in Cloud Environments
5-15 Risk in Mobile Environments
5-16 Risk in IoT Environments
6 Cryptography and PKI
6-1 Cryptographic Concepts
6-2 Symmetric Encryption
6-3 Asymmetric Encryption
6-4 Hashing
6-5 Digital Signatures
6-6 Public Key Infrastructure (PKI)
6-7 Certificate Management
6-8 Certificate Authorities (CAs)
6-9 Certificate Revocation
6-10 Key Management
6-11 Cryptographic Protocols
6-12 Cryptographic Attacks
6-13 Quantum Cryptography
6-14 Post-Quantum Cryptography
6-15 Cryptographic Use Cases
7 Security Operations
7-1 Security Operations Concepts
7-2 Security Policies and Procedures
7-3 Security Awareness and Training
7-4 Security Monitoring and Logging
7-5 Incident Response
7-6 Forensics
7-7 Disaster Recovery
7-8 Business Continuity
7-9 Physical Security
7-10 Personnel Security
7-11 Supply Chain Security
7-12 Third-Party Risk Management
7-13 Security Audits and Assessments
7-14 Compliance and Regulatory Requirements
7-15 Security Metrics and Reporting
7-16 Security Operations Center (SOC)
7-17 Security Orchestration, Automation, and Response (SOAR)
7-18 Security in DevOps
7-19 Security in Agile Development
7-20 Security in Continuous IntegrationContinuous Deployment (CICD)
7.12 Third-Party Risk Management Explained

7.12 Third-Party Risk Management Explained

Key Concepts

Third-Party Risk Management involves identifying, assessing, and mitigating risks associated with outsourcing services, products, or operations to external entities. Key concepts include Vendor Assessment, Contractual Obligations, Compliance, Continuous Monitoring, and Incident Response.

Vendor Assessment

Vendor Assessment is the process of evaluating potential and existing vendors to determine their ability to meet security and compliance requirements. This includes reviewing their security policies, procedures, and track record.

Example: A financial institution conducts a thorough assessment of a cloud service provider before signing a contract. The assessment includes reviewing the provider's data encryption methods, access controls, and incident response capabilities to ensure they meet the institution's security standards.

Contractual Obligations

Contractual Obligations involve defining and enforcing security requirements in contracts with third parties. These obligations ensure that vendors adhere to specific security standards and practices.

Example: A healthcare organization includes clauses in its contracts with third-party vendors that require them to comply with HIPAA regulations. The clauses specify data encryption standards, access controls, and incident reporting procedures to protect patient data.

Compliance

Compliance refers to ensuring that third-party vendors adhere to legal, regulatory, and industry standards. This includes regular audits and assessments to verify compliance.

Example: A retail company requires its payment processing vendor to undergo annual PCI DSS audits. The vendor must provide audit reports and evidence of compliance to ensure they are meeting the necessary security standards for handling credit card information.

Continuous Monitoring

Continuous Monitoring involves ongoing oversight of third-party vendors to ensure they maintain security and compliance standards. This includes regular reviews, audits, and performance assessments.

Example: A software company continuously monitors its third-party code libraries for vulnerabilities. The company uses automated tools to scan for known vulnerabilities and conducts regular manual reviews to ensure the libraries are secure and up-to-date.

Incident Response

Incident Response in the context of Third-Party Risk Management involves establishing protocols for responding to security incidents that involve third-party vendors. This includes communication plans and coordinated response efforts.

Example: A manufacturing company has an incident response plan that includes procedures for dealing with a data breach involving a third-party supplier. The plan outlines steps for notifying affected parties, containing the breach, and coordinating with the supplier to resolve the issue.

Conclusion

Third-Party Risk Management is crucial for protecting an organization's assets and maintaining compliance. By understanding and implementing Vendor Assessment, Contractual Obligations, Compliance, Continuous Monitoring, and Incident Response, organizations can effectively manage risks associated with third-party relationships.

© 2024 Ahmed Baheeg Khorshid. All rights reserved.