Understanding the MyCISO Third-Party Risk Management (TPRM) Framework
In an interconnected digital environment, managing third-party risks is crucial for maintaining robust cyber security. The MyCISO Third-Party Risk Management (TPRM) Framework provides a structured approach to assessing and mitigating risks associated with third-party vendors. Developed by MyCISO, this framework helps organisations safeguard their data and operations from vulnerabilities introduced by external partners.
Target Audience
The MyCISO TPRM Framework is aimed at Chief Information Security Officers (CISOs), security professionals, IT managers, and procurement officers responsible for managing third-party relationships and ensuring security compliance. It offers detailed guidelines and controls to manage third-party risks effectively.
Key Components/Pillars
The MyCISO TPRM Framework is built around several core components:
Third-Party Management: Establishing and maintaining third-party management policies and procedures.
Third-Party Inventories: Keeping an accurate and current inventory of third-party service providers (TSPs).
Third-Party Criticality Assessments: Identifying and prioritising third-party services based on their criticality to business operations.
Supply Chain Protection: Evaluating and mitigating risks associated with the supply chain.
Third-Party Services: Managing risks related to third-party services.
Third-Party Risk Assessments & Approvals: Conducting thorough risk assessments before engaging third-party services.
Third-Party Processing, Storage, and Service Locations: Ensuring data handling by third parties complies with security policies.
Third-Party Contract Requirements: Establishing robust contract requirements to enforce security policies.
Security Compromise Notification Agreements: Mandating third parties to notify the organisation in case of a security breach.
Contract Flow-Down Requirements: Ensuring that security requirements are passed down through the supply chain.
Third-Party Authentication Practices: Implementing strong authentication practices for third-party access.
First-Party Declaration (1PD): Securing declarations from third parties regarding compliance with security policies.
Break Clauses: Including clauses in contracts to terminate agreements if security policies are not adhered to.
Review of Third-Party Services: Regularly reviewing and auditing third-party services.
Third-Party Incident Response & Recovery Capabilities: Ensuring third parties have incident response and recovery plans.
Guidelines/Controls
The MyCISO TPRM Framework outlines guidelines and controls across various security domains:
Governance and Risk Management:
Third-Party Management: Publish a Third-Party Management Policy.
Third-Party Inventories: Maintain an updated registry of TSPs.
Third-Party Criticality Assessments: Perform risk assessments for third-party services.
Personnel Security:
Roles & Responsibilities: Ensure clear definitions and reviews of security roles.
Physical Security:
Data Protection: Ensure robust physical security controls for data handled by third parties.
System Hardening and Configuration:
Third-Party Processing, Storage, and Service Locations: Implement role-based access controls (RBAC) and audit trails.
Access Control:
Third-Party Authentication Practices: Establish multi-factor authentication policies for third-party access.
Cryptography:
Data Protection: Ensure data encryption mechanisms are in place for third-party data handling.
Incident Response:
Third-Party Incident Response & Recovery Capabilities: Mandate third parties to have robust incident response plans.
Implementation and Compliance
MyCISO recommends a risk-based approach for implementing and complying with the TPRM Framework. Organisations can assess their maturity levels and identify areas for improvement. MyCISO provides assessment programs to help organisations evaluate their compliance and implement necessary controls effectively.
Additional Resources
MyCISO offers various supplementary resources to support organisations in implementing the TPRM Framework:
Advisories and alerts on emerging threats.
Training programs for staff awareness.
Tools and templates for policy development.
Official documentation and guidelines available on MyCISO’s website.
Benefits and Adoption
Adopting the MyCISO TPRM Framework provides several key benefits:
Enhanced security posture through comprehensive third-party risk management controls.
Improved risk management and incident response capabilities.
Increased staff awareness and involvement in security practices.
Assurance of compliance with industry standards and regulations.
Notable sectors adopting the MyCISO TPRM Framework include finance, healthcare, and government agencies, highlighting its versatility and effectiveness across different industries.
In conclusion, the MyCISO TPRM Framework is a flexible and comprehensive guide that helps organisations manage and mitigate third-party cyber security risks. Its widespread adoption and recognition as a best practice underscore its effectiveness in addressing today’s complex cyber security challenges.
