Third-Party Vendor Risks

Question 1

An attack that involves targeting a weaker link in the supply chain to gain access to a primary target

Answer 1

Supply Chain Attack

Question 2

U.S federal statute that provides roughly $280 billion in new funding to boost research and manufacturing of semiconductor inside the U.S

Answer 2

Chips Act

Question 3

Essential components in a wide range of products, from smartphones and cars to medical devices and defense systems

Answer 3

Semiconductors

Question 4

Organizations that provide a range of technology services and support to businesses and other clients

Answer 4

Managed Service Providers

Question 5

Process that organizations implement to evaluate the security, reliability, and performance of external entities

Answer 5

Vendor Assessment

Question 6

Businesses or individuals that provide goods and services to an organization

Answer 6

Vendors

Question 7

Individuals involved in the production and delivery of products or parts of products

Answer 7

Suppliers

Question 8

Individuals hired by companies to manage IT services on behalf of an organization

Answer 8

Managed Service Providers

Question 9

Simulated cyberattack against the supplier’s system to check for explitable vulnerabilities

Answer 9

Penetration Testing

Question 10

Vendor’s self-assessment, where they evaluate their own practices against industry standards or organizational requirements

Answer 10

Internal Audit

Question 11

Evaluation conducted by third-party entities that have no stake in the organization’s or vendor’s operations

Answer 11

Independent Assessment

Question 12

Used to dive deep into a vendor’s entire supply chain and assess the security and reliability

Answer 12

Supply Chain Analysis

Question 13

Process that organizations implement to evaluate the security, reliability, and performance of external entities

Answer 13

Vendor Assessment

Question 14

Arise when personal or financial relationships could potentially cloud the judgment of individuals involved in vendor selection

Answer 14

Conflict of Interest

Question 15

Comprhensive documents that potential vendors fill out to offer insights into the operations, capabilities, and compliance

Answer 15

Vendor Questionaries

Question 16

Guidelines that dictate the terms of interaction between an organization and its potential vendors

Answer 16

Rules of Engagement

Question 17

Mechanism to ensure that the chosen vendor still alighns with the organizational needs and standards

Answer 17

Monitoring

Question 18

Involves a two-way communication channel where both the organization and the vendor share feedback

Answer 18

Feedback Loops

Question 19

A versatile tool that formally establishes a relationship between two parties

Answer 19

Basic Contract

Question 20

The standard of service a client can expect from a provider

Answer 20

Service-Level Agreement (SLA)

Question 21

Formal and outlines the specific responsibilities and roles of the involved parties

Answer 21

MOA

Question 22

Less binding and more of a declaration of mutual intent

Answer 22

MOU

Question 23

Blanket agreement that covers the general terms of engagement between parties across multiple transactions

Answer 23

Master Service Agreement (MSA)

Question 24

Used to specify details for a particular project

Answer 24

SOW

Question 25

Commitment to privacy that ensures that any sensitive information shared during negotiations remains confidential between both parties

Answer 25

NDA

Question 26

Document that goes a step beyond the basic contract when two entities decide to pool their resources for mutual benefit

Answer 26

BPA