CISO Checklist:

Vendor Risk
Management

Vendor Selection and Risk Profiling

Security Posture Assessment and Verification
Continuous Monitoring and Threat Detection
Contractual Agreements and Compliance
Incident Response Planning with Vendors
Stakeholder Communication and Reporting
Review and Optimization of Vendor Risk
Management Practices

This checklist will help you address the essential

components of a Vendor Risk Management program.

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Vendor Selection and Risk Profiling:
Helps CISOs make informed decisions about which third-party services to use,
ensuring that only vendors with acceptable security postures can access or
handle the company’s sensitive data.

Establish a multi-tiered classification system to evaluate potential

vendors based on the sensitivity and scope of data access
required.

Integrate industry-standard security questionnaires into the

vendor selection process to understand their cybersecurity
practices.

Require prospective vendors to disclose past security incidents,

breach responses, and recovery actions as part of their risk
profile.

Engage in a dialogue with potential vendors about their

subcontractors and the security measures they employ.

Leverage external intelligence and vendor risk management

platforms to assess and compare vendor risk profiles.

Create an internal vendor risk registry to track and manage all

vendor risk profiles and assessments.

Periodically reevaluate vendor risk profiles to account for

changes in vendor operations or the threat landscape.

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Security Posture Assessment and Verification:
Assists in validating and ensuring that vendors’ security practices are in compliance
with the company’s standards, reducing the likelihood of security breaches through
third-party services.

Develop and maintain a comprehensive checklist of security

controls and best practices for vendor evaluation.

Conduct in-depth reviews of vendors’ security policies, incident

response plans, and compliance with regulatory requirements.

Utilize penetration testing and vulnerability assessments to

verify vendors' security claims.

Ensure vendors have robust data encryption practices for both

data at rest and in transit.

Assess the physical security measures of vendors who handle

or have access to physical assets.

Review and verify vendors' employee security awareness and

training programs.

Require periodic third-party security audits or certifications (e.g.,

ISO 27001, SOC 2) for critical vendors.

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Continuous Monitoring and Threat Detection:
Enables CISOs to maintain a constant watch over vendors' security practices, quickly identifying and
addressing any vulnerabilities or active threats that arise.

Implement a continuous monitoring strategy that includes

regular security performance reviews and real-time threat
intelligence feeds.

Employ automated tools to monitor vendor network traffic

for suspicious activities that could indicate a compromise.

Develop thresholds and triggers for alerts that require

immediate action versus routine follow-up.

Integrate vendor security monitoring into your organization’s

Security Information and Event Management (SIEM) system.

Maintain an active channel of communication with vendors for

the timely exchange of threat information.

Utilize cybersecurity scorecards for ongoing assessment of

each vendor's security posture.

Regularly update and refine monitoring tools and processes to

adapt to new threats and changes in vendor services.

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Contractual Agreements and Compliance:
Provides a framework to enforce security compliance among vendors, making it easier to
manage legal and regulatory obligations and to hold vendors accountable.

Ensure all vendor contracts include comprehensive security

clauses and definitions of acceptable security standards.

Define clear penalties for non-compliance and failure to

meet contractual security obligations.

Establish data handling and processing guidelines that are

in compliance with data protection regulations like GDPR or
HIPAA.

Include the right to audit clauses to allow for security

inspections and assessments.

Stipulate mandatory breach notification requirements within a

defined timeframe.

Set forth terms for the return or destruction of data upon

contract termination.

Regularly review and update contracts to align with evolving

legal, regulatory, and industry-standard cybersecurity practices.

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Incident Response Planning with Vendors:
Ensures CISOs have a strategy in place for dealing with security incidents, allowing for a swift
and coordinated response that aligns with the organization’s overall incident management
protocols.

Create a joint incident response plan that aligns with your

organization's internal incident handling procedures.

Define and document the specific roles and responsibilities

of both parties during a cybersecurity incident.

Establish communication protocols and escalation paths for

effective coordination during an incident.

Test and exercise the joint incident response plan with

tabletop exercises or simulated breaches.

Develop a post-incident review process to evaluate the

response and identify areas for improvement.

Ensure that vendors have a current and effective incident

response team in place.

Update and refine the incident response plan regularly based

on testing outcomes and evolving threats.

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Stakeholder Communication and Reporting:
Gives CISOs tools to regularly update stakeholders on vendor risk, ensuring there is clarity on
third-party risk and its management within the organization.

Create a standardized reporting template that summarizes

vendor risks, incidents, and performance metrics for
stakeholders.

Set a regular schedule for reporting to senior management

and other relevant stakeholders.

Use dashboards and visualizations to convey complex

vendor risk information in an accessible format.

Document and communicate any vendor-related security

incidents and resolution measures taken.

Provide training sessions for stakeholders on the importance

and impact of vendor risk management.

Foster a transparent communication culture where stakeholders

can freely discuss concerns and suggestions regarding vendor
risks.

Keep records of all communications for regulatory purposes

and internal audits.

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Review and Optimization of Vendor
Risk Management Practices:
Helps in the continual improvement of vendor risk management processes, keeping
the organization’s defenses against third-party risks strong and up-to-date.

Schedule semi-annual or annual reviews of vendor risk

management policies and procedures.

Use feedback from stakeholders, audits, and incidents to

improve vendor risk management strategies.

Keep abreast of new technologies and methodologies for

vendor risk management to enhance current practices.

Analyze trends in vendor risk to inform strategic decisions

and policy updates.

Encourage a culture of continuous improvement, where

feedback is sought and valued.

Benchmark your vendor risk management program against

industry standards and peers.

Document all changes and updates to the vendor risk

management program and communicate these to relevant
parties.

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 Foresiet Third-Party Vendor Risk Assessment

Mitigate Risks with Proactive Third-Party

Vendor Monitoring
Third-party vendors are essential to modern business operations. They provide us with
critical services and resources, from cloud computing to data management. However, this
reliance can also create a dangerous blind spot in your cybersecurity armor.

Third-party vendors often have access to sensitive data and systems, making them attractive
targets for cyber criminals. If a vendor's security practices are weak, it can compromise your
entire organization.

Third-party vendors can be a blind spot in your cybersecurity armor. Foresiet's service
emphasizes rigorous monitoring of your vendors' security practices, ensuring they meet or
exceed your organization’s standards. By assessing and managing the risks associated with
third-party vendors, we help you fortify your defenses against potential vulnerabilities.

Foresiet is a powerful digital risk protection solution that can help businesses proactively
manage and mitigate digital risks in a single pane of glass. Organizations don’t need to
invest in multiple-point solutions. With its comprehensive monitoring and analysis
capabilities, user-friendly dashboard, and real-time alerts, Foresiet is an essential tool
for businesses looking to protect their digital assets and operate with confidence in
today's digital landscape.

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Threat
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