Sherlocked Security – Continuous Vendor Monitoring
Proactively Monitor Vendor Security Posture to Mitigate Risk and Ensure Ongoing Compliance
1. Statement of Work (SOW)
Service Name: Continuous Vendor Monitoring
Client Type: Enterprises, Financial Institutions, Healthcare Providers, Technology Firms, Public Sector
Service Model: Subscription-Based Monitoring & Advisory
Compliance Alignment: NIST 800-53, ISO/IEC 27001, SOC 2, GDPR, HIPAA, PCI-DSS, CCPA
Continuous Vendor Monitoring Service Covers:
- Ongoing monitoring of third-party vendor security posture
- Continuous assessment of vendor compliance with security requirements and contracts
- Identification of potential risks and vulnerabilities in vendor systems
- Real-time alerts and notifications for security incidents and policy violations
- Integration with vendor security monitoring tools and systems
- Vendor performance and SLA compliance tracking
- Risk assessments aligned with evolving compliance regulations and industry standards
- Regular audits and assessments of vendor security practices
- Reporting on security incidents, breach attempts, and data exposure from third-party vendors
2. Our Approach
[Vendor Risk Assessment] → [Continuous Monitoring Setup] → [Alerting & Reporting] → [Compliance & Risk Analysis] → [Ongoing Audit & Remediation] → [Periodic Review & Recommendations]
3. Methodology
- Vendor Risk Assessment:
- Conduct an initial security risk assessment for each key vendor, including the identification of vulnerabilities, data protection practices, incident response capabilities, and security maturity levels.
- Evaluate each vendor’s compliance with industry regulations (e.g., GDPR, HIPAA, PCI-DSS) and any contractual security obligations.
- Continuous Monitoring Setup:
- Deploy monitoring tools to continuously track key security indicators and vendor activities, including network traffic, access logs, patching processes, and incident response timelines.
- Integrate with vendor security systems (e.g., SIEM, IDS/IPS) to ensure real-time data collection and analysis.
- Alerting & Reporting:
- Configure real-time alerts for any security incidents or deviations from agreed-upon security standards.
- Provide automated and manual reports to track vendor performance, security incidents, and compliance status.
- Compliance & Risk Analysis:
- Continuously evaluate the vendor’s compliance with relevant security frameworks (e.g., NIST, ISO 27001, SOC 2) and industry regulations.
- Identify new risks as vendor environments evolve (e.g., through changes in infrastructure, acquisitions, or policy updates).
- Ongoing Audit & Remediation:
- Perform regular security audits of vendor systems and operations to ensure they adhere to security policies and regulatory requirements.
- Collaborate with vendors to address any security gaps or non-compliance findings through remediation plans.
- Periodic Review & Recommendations:
- Conduct periodic reviews of vendor relationships and security practices to identify emerging risks, compliance challenges, and areas for improvement.
- Provide actionable recommendations for enhancing vendor security practices and reducing third-party risk.
4. Deliverables to the Client
- Vendor Security Posture Report: A detailed report on the current security posture of each vendor, including risks, vulnerabilities, and compliance gaps.
- Continuous Monitoring Dashboard: A real-time dashboard that provides visibility into vendor activities, incidents, and performance metrics.
- Incident & Risk Alerts: Automated alerts for security incidents, breach attempts, and compliance violations from third-party vendors.
- Vendor Compliance & Audit Reports: Regular reports on the vendor’s compliance with industry standards and the status of any ongoing audits.
- Risk Mitigation Recommendations: A set of recommendations for reducing risks, improving security practices, and ensuring ongoing compliance across the vendor network.
- Executive Briefing: A high-level report and presentation for senior leadership summarizing key vendor risks, incidents, and ongoing security posture.
5. What We Need from You (Client Requirements)
- List of Key Vendors: A list of critical third-party vendors, their services, and the associated risks to your organization.
- Existing Contracts & SLAs: Vendor contracts and service level agreements outlining security and compliance requirements.
- Vendor Security Reports: Access to any existing security audits, compliance reports, or certifications from vendors.
- Vendor Security Tools Integration: Access to any vendor security monitoring tools (e.g., SIEM, IDS/IPS, vulnerability management systems).
- Internal Security & Compliance Requirements: Details on your organization’s internal security requirements, compliance objectives, and risk tolerance levels.
- Stakeholder Interviews: Availability of key stakeholders, including IT, procurement, and compliance teams, to define monitoring objectives and risk thresholds.
6. Tools & Technology Stack
- Vendor Risk Management:
- BitSight, Prevalent, Archer, OneTrust
- Continuous Monitoring:
- SIEM (Security Information & Event Management): Splunk, IBM QRadar, LogRhythm
- IDS/IPS (Intrusion Detection/Prevention Systems): Snort, Suricata
- Vulnerability Management:
- Tenable Nessus, Qualys, Rapid7 Nexpose
- Compliance Monitoring:
- Tenable.io, Qualys Compliance Suite, NIST CSF Tools
7. Engagement Lifecycle
- Kickoff & Scoping: Initial meeting to define the scope, identify critical vendors, and understand security and compliance needs.
- Vendor Risk Assessment: Perform an in-depth risk assessment of each vendor, identifying potential vulnerabilities, compliance risks, and security posture gaps.
- Monitoring Tools Setup: Configure and integrate monitoring tools to track vendor security activities, incidents, and performance.
- Alerting & Notification Setup: Establish thresholds for automated alerts and notifications for security incidents and vendor policy violations.
- Ongoing Monitoring & Auditing: Continuously monitor and audit vendor security performance, tracking compliance, and addressing incidents as they arise.
- Reporting & Risk Mitigation: Provide ongoing reports on vendor risks, security posture, and compliance status, along with actionable mitigation recommendations.
- Periodic Review & Adjustments: Regular reviews and adjustments to the monitoring program based on evolving risks and vendor environments.
8. Why Sherlocked Security?
| Feature | Sherlocked Advantage |
|---|---|
| Real-Time Vendor Monitoring | Continuous monitoring of third-party security risks in real-time. |
| Proactive Risk Mitigation | Immediate alerts and risk mitigation strategies to address issues. |
| Comprehensive Compliance Tracking | Ongoing tracking of vendor compliance with evolving security regulations. |
| Scalable & Customizable | Tailored monitoring services that scale with your vendor ecosystem. |
| Expert Guidance | Ongoing strategic advice for managing vendor risk and improving security posture. |
9. Real-World Case Studies
Financial Services – Ongoing Vendor Security Monitoring
Client: A leading financial institution relying on multiple external data providers.
Findings: A critical vendor had a security breach due to poor patch management, leading to unauthorized access to sensitive financial data.
Outcome: Implemented continuous monitoring and alerted the client to non-compliance issues. Vendor was required to improve patch management and undergo quarterly security audits. The institution minimized risk exposure by 40%.
Healthcare Provider – Vendor Compliance Auditing
Client: A healthcare provider working with cloud service vendors for data storage.
Findings: Compliance audits revealed gaps in the vendor’s HIPAA compliance, exposing patient data to unauthorized access.
Outcome: Established continuous monitoring with compliance checks for HIPAA, and alerted the provider to gaps in vendor security. The vendor was required to implement stronger encryption protocols and establish an incident response plan.
10. SOP – Standard Operating Procedure
- Initial Vendor Risk Assessment: Identify and assess the security posture of key vendors and outline monitoring requirements.
- Tool & System Integration: Configure monitoring tools and integrate with vendor security platforms for seamless data flow.
- Continuous Monitoring Setup: Define key performance indicators (KPIs), compliance checklists, and alert thresholds for vendors.
- Ongoing Audits & Reporting: Regular audits and real-time reporting on vendor security and compliance status.
- Incident Response: Develop a response plan for when vendor security incidents are detected, with clear escalation paths.
- Periodic Review: Regularly review vendor relationships and security practices to identify emerging risks and update monitoring strategies.
11. Continuous Vendor Monitoring Readiness Checklist
1. Pre-Assessment Preparation
- [ ] List of critical third-party vendors and their services
- [ ] Access to current vendor contracts and SLAs
- [ ] Vendor security reports and audit documentation
- [ ] List of required compliance frameworks and regulatory requirements
2. During Engagement
- [ ] Integration of monitoring tools with vendor systems
- [ ] Configuration of alerts and reporting metrics for vendors
- [ ] Establishment of regular audit schedules and reporting cadence
3. Post-Engagement Actions
- [ ] Continuous monitoring of vendor security activities
- [ ] Incident alerts and compliance tracking reports
- [ ] Ongoing audits and risk mitigation recommendations