Shared Assessments CTPRP - Certified Third-Party Risk Professional (CTPRP)

The purpose of internal communications and information sharing using TPRM performance metrics is to inform and align the organization’s stakeholders on the status, progress, and outcomes of the TPRM program. This includes communicating the results of vendor assessments, the compliance level of the organization’s policies and procedures, and the periodic reporting to management and other relevant parties. However, documenting the corrective action plan between external parties is not an internal communication, but rather an external one. This is because the corrective action plan is a formal agreement between the organization and the vendor to address and resolve the issues identified in the assessment. Therefore, this statement is not an example of the purpose of internal communications and information sharing using TPRM performance metrics. References:

15 KPIs & Metrics to Measure the Success of Your TPRM Program

Third-party risk management metrics: Best practices to enhance your program

3 Best Third-Party Risk Management Software Solutions (2024)

Incident response and incident notification are two related but distinct processes that organizations should follow when dealing with security incidents. Incident response is the process of identifying, containing, analyzing, eradicating, and recovering from security incidents, while incident notification is the process of communicating the relevant information about the incident to the appropriate internal and external stakeholders, such as senior management, regulators, customers, and media12.

Not all security incidents are security breaches, which are defined as unauthorized access to or disclosure of sensitive or confidential information that could result in harm to the organization or individuals3. A security incident may become a security breach based on the analysis of the impact, scope, and severity of the incident, as well as the applicable legal and regulatory requirements. When a security breach is confirmed or suspected, the organization should trigger its incident notification or crisis communication process, which should include the following elements:

A clear definition of roles and responsibilities for notification and communication

A list of internal and external stakeholders who need to be notified and their contact information

A set of predefined templates and messages for different types of incidents and audiences

A communication strategy and timeline that aligns with the incident response plan and the business continuity plan

A feedback mechanism to monitor and measure the effectiveness of the communication and adjust as needed

Incident notification and communication are critical for managing the reputation, trust, and compliance of the organization, as well as for mitigating the potential legal, financial, and operational consequences of a security breach. References:

1: Incident Response Plan: Frameworks and Steps

2: A Guide to Incident Response Plans, Playbooks, and Policy

3: What is Incident Response? Plan and Steps

: Incident Response and Breach Notification

: Incident Response Communication: Best Practices

: The Importance of Incident Response Communication

One of the key objectives of a TPRM program is to identify and mitigate the risks posed by third parties throughout the relationship life cycle. Therefore, measuring the operational performance of implementing a TPRM program requires tracking the effectiveness and efficiency of the risk management processes and activities. Among the four examples given, calculating the average time to remediate identified corrective actions is the most likely to provide meaningful metrics for this purpose. This metric indicates how quickly and consistently the organization and its third parties can resolve the issues and gaps that are discovered during the risk assessment and monitoring phases. It also reflects the level of collaboration and communication between the parties, as well as the alignment of expectations and standards. A lower average time to remediate implies a higher operational performance of the TPRM program, as it demonstrates a proactive and responsive approach to risk management12.

The other three examples are less likely to provide meaningful metrics for measuring the operational performance of implementing a TPRM program, as they do not directly measure the outcomes or impacts of the risk management activities. Logging the number of exceptions to existing due diligence standards may indicate the level of compliance and consistency of the TPRM program, but it does not show how the exceptions are handled or justified. Measuring the time spent by resources for task and corrective action plan completion may indicate the level of effort and resource allocation of the TPRM program, but it does not show how the tasks and plans contribute to the risk reduction or mitigation. Tracking the number of outstanding findings may indicate the level of exposure and vulnerability of the TPRM program, but it does not show how the findings are prioritized or addressed. References:

1: 15 KPIs & Metrics to Measure the Success of Your TPRM Program | UpGuard Blog

2: Third-Party Risk Management Reporting: What You Need to Know - Venminder

According to the NIST Computer Security Incident Handling Guide1, one of the first steps in responding to an incident is to identify the scope, nature, and source of the incident. This involves gathering evidence, analyzing logs, interviewing witnesses, and performing forensic analysis. The goal is to determine the extent of the compromise, the type of attack, the identity or location of the attacker, and the potential impact on the organization and its stakeholders. This step is essential for containing the incident, mitigating the damage, and preventing further escalation or recurrence. References:

NIST Computer Security Incident Handling Guide1, Section 3.2.2 Identification

Cisco What Is an Incident Response Plan for IT?2, Section 2. Respond

CrowdStrike Incident Response [Beginner’s Guide]3, Section 3. Incident Response Steps

Single Sign-On (SSO) is a convenient and efficient way of authenticating users across multiple applications and platforms with a single set of credentials. However, it also poses some security risks and challenges that need to be considered and addressed. One of the main disadvantages of SSO is that it creates a single point of failure and a high-value target for attackers. If an end-user credential is compromised, the attacker can gain access to all the systems and resources that the user is authorized to access, potentially causing significant damage and data breaches. Therefore, SSO requires strong security measures to protect the user credentials, such as encryption, multifactor authentication, password policies, and monitoring. Additionally, SSO users need to be aware of the risks and follow best practices to safeguard their credentials, such as using strong and unique passwords, changing them regularly, and avoiding phishing and social engineering attacks. References:

1: What are the disadvantages of single sign-on authentication? - Information Security Stack Exchange

2: Single Sign-On Disadvantages: 6 Advantages and Disadvantages [What You Need to Know] - Mostly Blogging

3: SSO Security Risks: The Drawbacks of SSO (And What Can You Do About it) - Zluri

 A regulation is a rule of order having the force of law, prescribed by a superior or competent authority, relating to the actions of those under the authority’s control. Regulations are issued by various government departments and agencies to carry out the intent of legislation enacted by the legislature of the applicable jurisdiction. Regulations also function to ensure uniform application of the law. A standard is a guideline established generally by private-sector bodies and that are available for use by any person or organization, private or government. The term includes what are commonly referred to as ‘industry standards’ as well as ‘consensus standards’. Standards are developed through a voluntary process of collaboration and consensus among stakeholders, such as manufacturers, consumers, regulators, and experts. Standards may reflect best practices, technical specifications, performance criteria, or quality requirements. Standards do not have the force of law unless they are adopted or referenced by a regulation. Therefore, a regulation must be adhered to by all companies subject to its requirements, but companies can voluntarily choose to follow standards that are relevant and beneficial to their operations, products, or services. References:

The Difference Between Regulations and Standards

Regulations vs Standards: Clearing Up the Confusion - AEM

Standards vs. Regulations

Certified Third Party Risk Professional (CTPRP) Study Guide

 Security vulnerabilities and security defects are not synonymous, but rather different concepts that relate to the security of software products or services. A security vulnerability is a weakness or flaw in the software that can be exploited by an attacker to compromise the confidentiality, integrity, or availability of the system or data12. A security defect is a mistake or error in the software code that causes the software to behave in an unexpected or incorrect way34. A security defect may or may not lead to a security vulnerability, depending on the context and impact of the defect. For example, a security defect that causes a buffer overflow may result in a security vulnerability that allows an attacker to execute arbitrary code on the system. However, a security defect that causes a spelling error in the user interface may not pose a security risk at all.

Security vulnerabilities and security defects have different causes, consequences, and solutions. Security vulnerabilities are often caused by design flaws, logic errors, or insufficient security controls in the software12. Security defects are often caused by poor coding practices, lack of testing, or human mistakes in the software development process34. Security vulnerabilities can have severe consequences for the software users, providers, and stakeholders, such as data breaches, identity theft, fraud, or sabotage12. Security defects can have various consequences for the software functionality, performance, or usability, such as crashes, glitches, or bugs34. Security vulnerabilities require proactive and reactive measures to prevent, detect, and mitigate the potential attacks, such as security testing, patching, monitoring, and incident response12. Security defects require corrective and preventive measures to identify, resolve, and avoid the errors, such as code review, debugging, refactoring, and quality assurance34.

Therefore, the statement that security vulnerabilities and security defects are synonymous is FALSE. They are distinct but related aspects of software security that require different approaches and techniques to address them. References: 1: What is a Software Vulnerability? | Veracode 2: Software Security: differences between vulnerabilities and Defects 3: What is a Software Defect? - Definition from Techopedia 4: Are vulnerabilities discovered and resolved like other defects? - Springer