Trusted Data in Trust Network Kit (Publication Date: 2024/02)

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Discover Insights, Make Informed Decisions, and Stay Ahead of the Curve:



  • What steps does your organization take to assess the controls business partners, vendors and other third parties have in place to reduce risks?
  • How effective is your organization at assessing the controls business partners, vendors and other third parties have in place to reduce risks?
  • Does your organization provide a path for business partners, vendors and other third parties who are witnessing unethical behavior to be able to report behavior without fear of retaliation?


  • Key Features:


    • Comprehensive set of 1549 prioritized Trusted Data requirements.
    • Extensive coverage of 160 Trusted Data topic scopes.
    • In-depth analysis of 160 Trusted Data step-by-step solutions, benefits, BHAGs.
    • Detailed examination of 160 Trusted Data case studies and use cases.

    • Digital download upon purchase.
    • Enjoy lifetime document updates included with your purchase.
    • Benefit from a fully editable and customizable Excel format.
    • Trusted and utilized by over 10,000 organizations.

    • Covering: System Availability, Data Backup Testing, Access Control Logs, SOC Criteria, Physical Security Assessments, Infrastructure Security, Audit trail monitoring, User Termination Process, Endpoint security solutions, Employee Disciplinary Actions, Physical Security, Portable Media Controls, Data Encryption, Data Privacy, Software Development Lifecycle, Disaster Recovery Drills, Vendor Management, Business Contingency Planning, Malicious Code, Systems Development Methodology, Source Code Review, Security Operations Center, Data Retention Policy, User privilege management, Password Policy, Organizational Security Awareness Training, Vulnerability Management, Stakeholder Trust, User Training, Firewall Rule Reviews, Incident Response Plan, Monitoring And Logging, Service Level Agreements, Background Check Procedures, Patch Management, Media Storage And Transportation, Trusted Data, Master Data Management, Network Security, Security incident containment, System Configuration Standards, Security Operation Procedures, Internet Based Applications, Third-party vendor assessments, Security Policies, Training Records, Media Handling, Access Reviews, User Provisioning, Internet Access Policies, Dissemination Of Audit Results, Third-Party Vendors, Service Provider Agreements, Incident Documentation, Security incident assessment, System Hardening, Access Privilege Management, Third Party Assessments, Incident Response Team, Remote Access, Access Controls, Audit Trails, Information Classification, Third Party Penetration Testing, Wireless Network Security, Firewall Rules, Security incident investigation, Asset Management, Threat Intelligence, Asset inventory management, Password Policies, Maintenance Dashboard, Change Management Policies, Multi Factor Authentication, Penetration Testing, Security audit reports, Security monitoring systems, Malware Protection, Engagement Strategies, Encrypting Data At Rest, Data Transmission Controls, Data Backup, Innovation In Customer Service, Contact History, Compliance Audit, Cloud Computing, Remote Administrative Access, Authentication Protocols, Data Integrity Checks, Vendor Due Diligence, Security incident escalation, SOC Gap Analysis, Data Loss Prevention, Security Awareness, Testing Procedures, Disaster Recovery, SOC 2 Type 2 Security controls, Internal Controls, End User Devices, Logical Access Controls, Network Monitoring, Capacity Planning, Change Control Procedure, Vulnerability Scanning, Tabletop Exercises, Asset Inventory, Security audit recommendations, Penetration Testing Results, Emergency Power Supply, Security exception management, Security Incident Reporting, Monitoring System Performance, Cryptographic Keys, Data Destruction, Business Continuity, Trust Network, Change Tracking, Anti Virus Software, Media Inventory, Security incident reporting systems, Data access authorization, Threat Detection, Security audit program management, Security audit compliance, Encryption Keys, Risk Assessment, Security audit findings, Network Segmentation, Web And Email Filtering, Interim Financial Statements, Remote Desktop Protocol, Security Patches, Access Recertification, System Configuration, Background Checks, External Network Connections, Audit Trail Review, Incident Response, Security audit remediation, Procedure Documentation, Data Encryption Key Management, Social Engineering Attacks, Security incident management software, Disaster Recovery Exercises, Web Application Firewall, Outsourcing Arrangements, Segregation Of Duties, Security Monitoring Tools, Security incident classification, Security audit trails, Regulatory Compliance, Backup And Restore, Data Quality Control, Security Training, Fire Suppression Systems, Network Device Configuration, Data Center Security, Mobile Technology, Data Backup Rotation, Data Breach Notification




    Trusted Data Assessment Dataset - Utilization, Solutions, Advantages, BHAG (Big Hairy Audacious Goal):


    Trusted Data


    Trusted Data are an evaluation process used by organizations to determine the level of risk associated with their business partners, vendors, and other third parties. This involves evaluating the controls these entities have in place to reduce potential risks to the organization.


    1. Require vendor compliance with SOC 2 Type 2 standards
    - Ensures that vendors have adequate controls in place to mitigate risks.

    2. Conduct vendor audits and reviews
    - Allows for a thorough assessment of vendors′ controls and risk management practices.

    3. Use third-party risk management software
    - Streamlines the vendor assessment process and provides real-time risk monitoring and reporting.

    4. Develop a vendor risk management program
    - Establishes processes for evaluating, monitoring, and managing risks associated with third-party relationships.

    5. Implement due diligence procedures for new vendors
    - Ensures that potential partners have appropriate controls in place before entering into a business agreement.

    6. Have clear contracts and service level agreements (SLAs) with vendors
    - Clearly defines expectations and requirements for security and risk management, with specific consequences for non-compliance.

    7. Regularly review and update vendor risk assessments
    - Keeps up-to-date with changes in the vendor′s controls and identifies any new risks that may arise.

    8. Maintain strong communication with vendors
    - Promotes transparency and allows for quick resolution of any issues that may arise.

    9. Implement ongoing monitoring and testing of vendor controls
    - Provides assurance that vendor controls remain effective over time.

    10. Have a plan in place for addressing potential vendor breaches or incidents
    - Allows for quick and coordinated response in case of a security breach or other incident involving a vendor.

    CONTROL QUESTION: What steps does the organization take to assess the controls business partners, vendors and other third parties have in place to reduce risks?


    Big Hairy Audacious Goal (BHAG) for 10 years from now:

    The organization′s goal for Trusted Data in 10 years is to have a fully automated system in place that efficiently and comprehensively assesses the controls of all business partners, vendors, and third parties. This system will be integrated with the overall risk management strategy of the organization and will streamline the process of identifying, evaluating, and monitoring risks posed by third parties.

    To achieve this goal, the organization will take the following steps:

    1. Develop a standardized third party risk assessment methodology: The organization will develop a comprehensive and standardized methodology for assessing the controls of third parties. This methodology will be based on industry best practices and will be regularly reviewed and updated to reflect any emerging risks.

    2. Implement an automated system: The organization will invest in a state-of-the-art automated system that can efficiently process and analyze large volumes of data from various sources. This system will also have advanced analytics capabilities to identify and flag potential risks.

    3. Integrate with procurement processes: The organization will integrate the third party risk assessment system with its procurement processes. This will ensure that all new vendors and business partners are subjected to a thorough risk assessment before being onboarded.

    4. Conduct regular assessments: The organization will conduct regular assessments of all existing third parties to ensure that their controls are up to date and effective. This will be done through a combination of automated and manual assessments.

    5. Leverage data and analytics: The organization will use data and analytics to identify patterns and trends in third party risks. This will help in early detection and mitigation of potential risks before they materialize.

    6. Involve all stakeholders: The organization will involve all relevant stakeholders, including senior management, legal, compliance, and procurement teams, in the third party risk assessment process. This will ensure buy-in and support from all departments and facilitate a holistic approach to risk management.

    7. Continuous improvement: The organization will continuously review and improve its third party risk assessment process to ensure it remains relevant and effective in the ever-evolving business landscape.

    With these steps, the organization aims to have a robust and efficient third party risk assessment system in place within the next 10 years. This will not only help in mitigating risks posed by third parties but also enhance the overall resilience and security of the organization.

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    Trusted Data Case Study/Use Case example - How to use:


    Client Situation:

    The organization in this case study is a multinational corporation (MNC) operating in the financial services sector. The MNC has a vast network of business partners, vendors, and other third-party providers who play a critical role in enabling its core business operations. These third parties handle sensitive customer data and process monetary transactions on behalf of the MNC, making them potential targets for cyberattacks and fraud. It is vital for the MNC to assess the security controls and risk management processes of these third parties to ensure they align with its own risk management strategy and comply with regulatory requirements.

    Consulting Methodology:

    To address the client′s concerns regarding third-party risks, a consulting firm specializing in risk assessment and management was engaged. The consulting methodology involved conducting a third-party risk assessment following industry best practices and guidelines such as those outlined in ISO 31000:2018 and NIST SP 800-53. The assessment was conducted in three phases:

    1. Pre-assessment Phase:
    The consulting team started by identifying and mapping the MNC′s third-party ecosystem, including all the business partners, vendors, and other third-party providers. This phase also involved gathering information about the types of data and systems these third parties have access to and their level of involvement in the MNC′s critical processes. This information was used to prioritize the third parties for the assessment based on their level of risk exposure to the MNC.

    2. Assessment Phase:
    The next step was to conduct a comprehensive assessment of the controls and risk management practices of the selected third parties. This phase involved reviewing their written policies and procedures, conducting interviews with key personnel, and performing vulnerability assessments and penetration testing where necessary. The assessment focused on four key areas: information security, data protection, vendor governance, and business continuity planning.

    3. Post-assessment Phase:
    In this final phase, the consulting team compiled the findings from the assessment and provided a detailed report to the MNC. This report highlighted the gaps and deficiencies in the third parties′ controls and risk management processes, along with recommendations to address them. The consulting team also worked with the MNC to develop a remediation plan and provided guidance for ongoing monitoring and review of third-party risks.

    Deliverables:

    The key deliverables of the consulting engagement were as follows:

    1. Third Party Risk Assessment Report:
    This report provided a comprehensive view of the third-party ecosystem of the MNC, an assessment of their security controls and risk management practices, identified gaps and vulnerabilities, and recommendations for remediation.

    2. Remediation Plan:
    The plan included a prioritized list of actions to address the identified gaps and vulnerabilities, along with timelines and responsible parties for each action.

    3. Ongoing Monitoring and Review Guidelines:
    These guidelines provided the MNC with a framework for continuous monitoring and review of third-party risks, including best practices for assessing and managing emerging risks.

    Implementation Challenges:

    The main challenges faced during the implementation of the third-party risk assessment included:

    1. Lack of Consistent Policies and Procedures:
    Many of the third parties had varying levels of maturity in their information security and risk management processes. This made it challenging to assess and compare their controls against a uniform set of standards.

    2. Limited Access to Information:
    Some third parties were hesitant to share sensitive information such as vulnerability reports and proof of compliance with regulatory requirements. This hindered the accuracy and completeness of the assessment.

    3. Maintaining Independence and Objectivity:
    As the assessment was conducted by an external party, it was crucial to maintain independence and objectivity while dealing with the MNC′s third parties. The consulting team followed a strict code of conduct to ensure impartiality in their assessment findings.

    KPIs and Other Management Considerations:

    The success of the third-party risk assessment can be measured using the following KPIs:

    1. Number of Identified Gaps and Vulnerabilities:
    A lower number of identified gaps and vulnerabilities indicate a higher level of maturity in the third parties′ risk management processes.

    2. Completion of Remediation Actions:
    The timely completion of remediation actions within the agreed-upon timelines indicates the commitment of the third parties towards addressing identified risks.

    3. Reduction in Third-Party Related Incidents:
    A reduction in security incidents related to third parties serves as an indication of the effectiveness of the remediation actions recommended by the consulting team.

    In addition to these KPIs, the MNC should also consider incorporating the following management considerations:

    1. Regular Assessments:
    Third-party risks are dynamic, and it is essential to conduct regular assessments to ensure that controls and risk management processes remain effective over time.

    2. Performance-based Contracts:
    The MNC should consider including clauses in their contracts with third parties that tie quarterly or yearly performance metrics to adherence to security controls and risk management practices.

    3. Ongoing Monitoring and Review:
    The MNC should continuously monitor and review third-party risks, especially when new services or partnerships are established, or there are changes in the regulatory landscape.

    Citations:

    1. Third-Party Risk Management: Don′t Overlook the Basics by W. Bilger, W. MaQuillan, Accenture, 2019
    2. Risk Exposure Assessment and Mitigation Strategies for Third Party Relationships by E. Mickelsen and J. Smith, NIST Special Publication 800-125B, 2016.
    3. Assessing Your Organization′s Third Party Cyber Risk Management Program by T. Syler and M. Binnicker, ISACA Journal Volume 1, 2020.

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