Third-Party Risk Management Policy
1. Purpose
Establish requirements for evaluating, managing, and monitoring the cybersecurity risks associated with [ORGANIZATION]'s third-party service providers and business partners.
2. Scope
This policy applies to all third-party service providers, vendors, suppliers, and business partners who access [ORGANIZATION]'s data, systems, or network, or who process, store, or transmit data on [ORGANIZATION]'s behalf.
3. Policy
3.1 Third-Party Inventory and Classification
[ORGANIZATION] shall maintain an inventory of all third-party service providers with access to [ORGANIZATION]'s data or systems, including: provider name, services provided, data shared/accessible, risk classification, contract owner, and last assessment date.
Third parties shall be classified based on risk: Critical (access to Restricted data or critical systems), High (access to Confidential data or important systems), Medium (access to Internal data), Low (no data access, limited system interaction).
The inventory shall be reviewed and updated at least [CUSTOMIZE: annually/bi-annually].
3.2 Third-Party Assessment
All third parties classified as Critical or High risk shall undergo a security assessment before contract execution and at least [CUSTOMIZE: annually] thereafter.
Assessments shall evaluate: information security policies and practices, data protection and privacy controls, incident response capabilities, business continuity and disaster recovery, compliance certifications (SOC 2, ISO 27001, etc.), vulnerability management practices, and access control mechanisms.
Assessment methods may include: security questionnaires (e.g., SIG, CAIQ), review of audit reports (SOC 2 Type II, ISO 27001 certificate), on-site or virtual assessments, and automated risk rating services.
3.3 Contractual Requirements
Contracts with third parties handling [ORGANIZATION]'s data shall include: data protection and confidentiality obligations, security requirements and minimum controls, right to audit or request audit evidence, breach notification requirements (within [CUSTOMIZE: 24/48/72] hours), data return/destruction upon contract termination, compliance with applicable regulations, and liability and indemnification provisions.
Service Level Agreements (SLAs) shall define security performance metrics where applicable.
3.4 Ongoing Monitoring
Third-party security posture shall be monitored on an ongoing basis using: periodic reassessments per the schedule above, automated security rating services, review of publicly disclosed breaches or security incidents, and contract compliance monitoring.
Third parties experiencing a security breach affecting [ORGANIZATION]'s data shall be subject to immediate reassessment and potential contract remediation or termination.
4. Compliance
Compliance with this policy is mandatory for all personnel within its scope. Compliance will be monitored through periodic audits, automated controls, and management review.
Exceptions to this policy must be documented with a business justification, approved by [CUSTOMIZE: CISO/Security Team], and reviewed at least annually.
5. Enforcement
Violations of this policy may result in disciplinary action up to and including termination of employment or contract, and may result in civil or criminal penalties where applicable law has been violated.
[ORGANIZATION] reserves the right to audit compliance with this policy at any time, with or without notice.
6. Review and Revision
This policy shall be reviewed at least annually by [CUSTOMIZE: CISO/Policy Owner] and updated as necessary to reflect changes in the threat landscape, regulatory requirements, or organizational structure.
All revisions shall be documented with version number, date, author, and description of changes.
Policy Approval
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