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5_3_2 Section 5 – Governance, Risk, and Compliance - 5.3 – Organizational Security Policies - Third-party Risk Management
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5_3_2 Section 5 – Governance, Risk, and Compliance - 5.3 – Organizational Security Policies - Third-party Risk Management

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Questions and Answers

What type of vendors may a company work with?

  • Only internal vendors
  • Payroll, email marketing, travel, or raw materials vendors (correct)
  • Only social media vendors
  • Only technology vendors
  • Why is it important to understand the risk associated with providing data to a third party?

  • To reduce costs
  • To ensure security and protect against breaches (correct)
  • To improve customer service
  • To increase marketing efforts
  • What is a recommended practice when working with third-party vendors?

  • Only sharing data via email
  • Only working with vendors that have no security requirements
  • Categorizing the risk associated with each vendor and having security policies in place (correct)
  • Not sharing data with them
  • What can be a useful practice when contracting with a third-party vendor?

    <p>Including a list of specific security requirements in the contract</p> Signup and view all the answers

    What happened to Target in 2013?

    <p>They suffered an enormous breach to their network due to a third-party vendor</p> Signup and view all the answers

    What is a common scenario when working with cloud services?

    <p>You need to put your data into the cloud service</p> Signup and view all the answers

    What was the primary source of the malware infection that affected Target's network?

    <p>An email attachment sent to an HVAC vendor</p> Signup and view all the answers

    What was the main consequence of the malware infection on Target's network?

    <p>Over 110 million credit card numbers were stolen</p> Signup and view all the answers

    What is the primary concern related to third-party vendors in the supply chain?

    <p>The security risks involved in the supply chain process</p> Signup and view all the answers

    What is the benefit of performing an assessment of the supply chain?

    <p>It helps to understand the security risks involved</p> Signup and view all the answers

    What was the result of the software update provided by SolarWinds in 2020?

    <p>It installed malware onto the customers' systems</p> Signup and view all the answers

    How many companies were infected as a result of the SolarWinds breach?

    <p>At least 18,000 companies</p> Signup and view all the answers

    What is the primary concern when working with a business partner that has a direct network connection?

    <p>The security of the data being transferred</p> Signup and view all the answers

    What is the recommended way to transfer data between business partners?

    <p>Through an encrypted IPsec tunnel</p> Signup and view all the answers

    What is the purpose of having policies in place for handling risks with business partners?

    <p>To understand the best practices for handling data and intellectual property</p> Signup and view all the answers

    What is the benefit of understanding how intellectual property should be handled between business partners?

    <p>It helps to prevent unauthorized access or use of intellectual property</p> Signup and view all the answers

    What is the purpose of a service level agreement (SLA)?

    <p>To establish a minimum set of service terms for a product or service</p> Signup and view all the answers

    What is the purpose of a Memorandum Of Understanding (MOU)?

    <p>To outline expectations for a business process</p> Signup and view all the answers

    What is the purpose of a Measurement System Analysis (MSA)?

    <p>To evaluate the quality of a measurement system</p> Signup and view all the answers

    What is the purpose of a Business Partnership Agreement (BPA)?

    <p>To outline the terms of a business partnership</p> Signup and view all the answers

    What is the purpose of a nondisclosure agreement (NDA)?

    <p>To maintain confidentiality between parties</p> Signup and view all the answers

    What is the difference between a unilateral and a bilateral nondisclosure agreement?

    <p>A unilateral agreement involves only one party, while a bilateral agreement involves two parties</p> Signup and view all the answers

    What happens when a manufacturer announces the end of life (EOL) for a product?

    <p>The manufacturer stops selling the product, but continues to support it</p> Signup and view all the answers

    What is the difference between the end of life (EOL) and end of service life (EOSL) for a product?

    <p>EOL refers to the end of sales, while EOSL refers to the end of support</p> Signup and view all the answers

    Why is it important to understand the end of life (EOL) for a product?

    <p>Because it affects the security patches provided by the vendor</p> Signup and view all the answers

    What is the purpose of including a firewall or filter between two networks?

    <p>To manage the type of traffic transferred between networks</p> Signup and view all the answers

    Study Notes

    Third-Party Vendors and Security Concerns

    • When working with third-party vendors, data sharing is inevitable, and it's essential to understand the risk associated with providing data to a third party.
    • Categorize the risk for each vendor and have security policies and procedures in place to protect against the highest-risk vendors.
    • Include security requirements in the initial contract to ensure everyone understands the requirements.

    Third-Party Vendor Risks: Target Corporation Example

    • In 2013, Target Corporation suffered a massive breach due to a third-party HVAC vendor's lack of security measures.
    • The vendor's malware-infected email attachment led to the infection of Target's point-of-sale terminals, resulting in the theft of over 110 million credit card numbers.
    • This incident highlights the importance of evaluating the security measures of third-party vendors.

    Supply Chain Security Concerns

    • The supply chain involves multiple organizations, people, and resources, making it challenging to understand the security methods in place.
    • Assess the supply chain to identify security risks and improve the process.
    • Evaluate the IT systems supporting the supply chain and document changes as needed.

    Supply Chain Breach Example: SolarWinds

    • In 2020, a software update from a network management provider installed malware onto customers' systems, affecting at least 18,000 companies.
    • The malware was digitally signed with the provider's certificate, making it trusted by customers.
    • This breach emphasizes the importance of evaluating the security measures in the supply chain.

    Business Partners and Security Concerns

    • When working with business partners, there may be direct network connections between organizations, creating significant security concerns.
    • Implement policies to handle risks, such as building an IPsec connection and monitoring for malicious activity.
    • Configure firewalls or filters to manage traffic between networks.

    Agreements with Third-Parties

    • Service Level Agreements (SLAs) set minimum service terms for specific services or products.
    • Memorandums of Understanding (MOUs) outline expectations and requirements between organizations.
    • Measurement System Analysis (MSA) evaluates and assesses the quality of measurement systems.
    • Business Partnership Agreements (BPAs) detail ownership stakes, financial agreements, and decision-making processes.
    • Nondisclosure Agreements (NDAs) ensure confidentiality between parties sharing sensitive information.

    End of Life and End of Service Life

    • Understand when a product's end of life and end of service life might be, as manufacturers may stop selling and supporting products.
    • Plan for security patches and updates when a product reaches its end of life and end of service life.

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    Description

    This quiz explores the importance of data sharing in third party vendor relationships, including payroll, email marketing, travel, and raw materials.

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