What are the best practices for managing third-party relationships in a SOC?

1. Vendor Risk Assessment: - Conduct thorough risk assessments before onboarding any third-party vendors. - Assess the security controls, practices, and compliance of the third party. - Consider the sensitivity of the data and systems the vendor will access. 2. Due Diligence: - Perform due diligence on potential vendors, including their reputation and past security incidents. - Understand the vendor's security policies, incident response procedures, and overall security posture.

The risk assessment should also be performed frequently during the contract period to determine that the third party provider is not exposing the organisation to new cyber risks and can continue to meet their contractual obligations.

First of all, you need to review the accuracy of the SOC 2 report and ask follow-up questions to find gaps, and/or draft findings. Then you need to figure out how many employees will need access to the tool, and how many of those will be elevated access. Using single sign-on (SSO) is a good way to give and remove access fast. You also need to keep track of what kind of data they are processing and reduce it to need to know. You also need to be accurate about how many IT assets are added to the CMDB (configuration management database) because of this tool, often it is more than 1 or 2. Lastly, have a backup vendor on your shortlist for if the relationship sours so business operations stay up.

Needs step 0 - is this provider RIGHT for me and my needs? Before you assess them as a risk, assess if they fit the requirements that you need for security. Many MSSP relationships crash because of a requirement mis-match.

Best practices for managing third-party relationships in a Security Operations Center (SOC) revolve around assessing third-party risks. Conduct thorough risk assessments of all third-party vendors to evaluate their security policies, practices, and compliance with industry standards. This includes reviewing their incident response history, data protection measures, and employee training programs. Establish clear security requirements and expectations in service level agreements. Regularly monitor and audit their performance to ensure they adhere to these standards.

In my experience, clear communication of the scope, objectives, timelines, and quality standards is crucial for a successful partnership between a Security Operations Center (SOC) and a third-party provider. This transparency fosters efficient collaboration, mitigates misunderstandings, and enhances the overall effectiveness of the SOC. Clarity on communication protocols, security measures, and performance metrics ensures a shared understanding of responsibilities. Regular reviews and adherence to contractual agreements support ongoing success, allowing for continuous improvement in response to evolving security landscapes.

"Once a third-party provider is selected, SOC managers should establish clear expectations" Noooo! Some of the expectations needs to happen *BEFORE* the provider is selected as certain providers cannot fulfill some expectations

Perhaps add advice on a cadence of call to have in order to provide feedback to them For example, if too many false positive, prepare a list, share with MSSP during your weekly call Well, need to set up such a call first..

In my experience, a robust performance monitoring strategy is vital to ensure third-party providers consistently deliver value to the Security Operations Center (SOC). Regular data collection from diverse sources, including service reports, audits, feedback, incidents, and metrics, provides a comprehensive view of the provider's performance. This proactive approach involves continuous improvement initiatives, addressing performance gaps, and optimizing service delivery collaboratively. Open communication with the provider and meticulous documentation of results contribute to a dynamic and resilient partnership, enhancing the overall effectiveness of the SOC and organizational cybersecurity posture.

In my experience, periodic reviews of third parties are essential for effective vendor management. They provide a proactive means of managing risks, ensuring compliance, evaluating performance, and vigilantly addressing cybersecurity concerns. These reviews enable organizations to adapt to changes, align with strategic goals, and maintain operational resilience. Beyond contractual compliance, they contribute to financial stability, mitigate disruptions, and foster continuous improvement. By building strong, trusting relationships, organizations can navigate dynamic landscapes, optimize value from third-party engagements, and remain agile in the face of evolving challenges.

"Learn from third-party experiences" is a bit weird, as you learn from your own experience too at this point. "SOC managers should document the lessons learned from each relationship" is a bit unclear

Learning from experiences with third-party providers is vital for continuous improvement in Security Operations Center (SOC) management. Documenting lessons learned, including best practices and challenges, fosters an adaptive and resilient SOC. This proactive approach enhances processes, refines risk mitigation strategies, and contributes to informed decision-making. The result is a more efficient SOC that is well-prepared to navigate evolving cybersecurity landscapes.