Confidently handshake with only those who deserve to comply
Post Due diligence, you understand the security posture and risk exposure from Third Parties. Carefully drafting security clauses in alignment with your security baseline is crucial to ensure the Third Party continues to maintain the optimum security control for the term of engagement.
Contractually oblige Third Parties to ensure they maintain an optimal security posture by enforcing security clauses in the contract/agreement. Protect your organization against liabilities and indemnities through these security clauses.
It’s imperative to have a very thought after Security Exhibit. Security Exhibit is a document that entails security language as per all the security domains in line with the security baseline of your organization with carefully crafted security statements under each of those domains. Applicable clauses should be included in the contract or agreement.
Bound by legal contracts, any company with the right conscience will strive to meet the terms and even go beyond expectations. What better way to confidently demonstrate your ability to maintain and run a healthy and functional security infrastructure? This is bound to instill confidence in your clients.
Based on the nature of the engagement with the Third Party, security clauses will be recommended in the contract or agreement. Legal performs a careful review of the clauses and their inputs can help in further scrutinizing the long-term effect of the agreed clauses.
Common Challenges Faced by the Businesses
Organizations not having comprehensive and well-defined security clauses are at risk of not enforcing their security standards to Third and Fourth Parties. This leads to partially covering all aspects of security in the contract which can lead to gaps and it’s just one lapse in security control that could ultimately result in a breach of SLA or expectations in the agreement and you cannot pass on the liability to a Third Party. Ultimately Liability and Indemnity will need to be factored in.
What we do in the TPRM Onboarding Phase
Draft security language in the Security Exhibit, inline to your baseline security standard. Factor Liability and Indemnity in the right places to ensure legal coverage in the event of breach or security incident
Expert legal review to complement the security language
Create variations of the Security language by factoring in Third Party tiering, category and type of service offered
Self-help playbook for Legal and Procurement to make decisions on the addition of clauses in the contract (saving time for the security team)
Best practices to recommend clauses and guidance to business and Third Parties
Benefits of associating with Defentrix under TPRM Onboarding
A well-defined and live document that is handy and eliminates the need to re-write clauses for each engagement
Uniform language with appropriate justification during the negotiation
Customized exhibits based on the most common use cases save time for review
Alignment to the most current best practices in the industry
Overall reduction of Turn-Around-Time and operational SLAs
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