Cyber threats are becoming more frequent and sophisticated. Organizations can no longer afford to operate without a structured approach to protecting sensitive information. One of the most effective ways to build that structure is by implementing a cybersecurity framework.

But what is a cybersecurity framework? In simple terms, it is a standardized set of guidelines, best practices, and controls that help organizations manage and reduce cybersecurity risks. It forms the foundation of a strong, scalable, and compliant cybersecurity program.

Why cybersecurity frameworks matter

The growing complexity of cyber threats

The cybersecurity threat landscape has evolved dramatically. Today’s threats include advanced persistent attacks, supply chain vulnerabilities, ransomware, and AI-enabled exploits. These modern risks require more than just firewalls and antivirus tools. They demand a strategic, repeatable approach to managing cyber risk across the organization.

The need for consistent, scalable security practices

Organizations often operate in complex environments with varying systems, third-party vendors, and regulatory obligations. Without a consistent approach, security becomes fragmented and ineffective. A cybersecurity framework brings uniformity to how risk is identified, managed, and mitigated, enabling teams to scale security initiatives with confidence and clarity.

Cybersecurity framework definition

What is a cybersecurity framework

A cybersecurity framework is not a product — it’s a methodology. Although there is no set cybersecurity framework definition, it can be described as a standard that outlines the processes, controls, and policies organizations can adopt to protect digital assets. While some frameworks, like HIPAA, are regulatory, others, like NIST, are voluntary but widely adopted. Based on security and business needs, organizations should opt for the right types of cybersecurity frameworks. The key is that they must provide an approach that is actionable, auditable, and flexible enough to adapt to different risk profiles.

Common elements found in most frameworks

Most cybersecurity risk management frameworks share some common features. They typically include

• Identify: Understand your assets, data, and risks.
• Protect: Implement safeguards like encryption, access control, and training.
• Detect: Monitor systems to uncover anomalies and breaches.
• Respond: Plan and execute incident response.
• Recover: Restore systems and operations post-incident.

These elements make frameworks indispensable for managing the lifecycle of cyber risk.

Types of cybersecurity frameworks you should know

Understanding the types of cybersecurity frameworks helps you determine which fits best with your needs.

NIST Cybersecurity Framework (CSF)

Developed by the U.S. government, NIST CSF is one of the most recognized frameworks globally. It provides a flexible approach to managing cybersecurity risks based on the five functional areas mentioned earlier. HITRUST offers a companion guide for NIST 2.0 to help organizations implement it efficiently.

ISO/IEC 27001

An international standard, ISO/IEC 27001 focuses on information security management systems (ISMS). It provides a systematic approach to securing sensitive company information, aligning well with businesses that operate globally.

HIPAA Security Rule

It is mandatory for healthcare entities to comply with the HIPAA Security Rule. This cybersecurity compliance framework outlines administrative, physical, and technical safeguards for protecting health information.

HITRUST CSF

The HITRUST framework (HITRUST CSF) stands out by integrating and harmonizing more than 60 standards and frameworks, including NIST, ISO, HIPAA, and others. This unified approach simplifies the overwhelming task of compliance and reduces redundant audits. The HITRUST CSF uses threat intelligence data to keep up with evolving threats, making it a one-of-a-kind cyber threat-adaptive framework.

The value of a multi-framework approach

Why organizations rarely rely on a single framework

Most organizations don’t operate in a vacuum. Whether you’re in finance, healthcare, or technology, you're likely subject to several regulations and stakeholder expectations.

Benefits of an integrated approach

A multi-framework approach allows organizations to

• Meet multiple compliance requirements simultaneously.
• Align with business-specific risk priorities.
• Save time and resources by avoiding duplicate efforts.

The HITRUST framework is specifically designed to offer a multi-framework approach and support a harmonized, efficient strategy.

How cybersecurity frameworks support risk management

Frameworks as a guide for identifying and addressing risk

A cybersecurity risk management framework acts like a compass. It doesn’t eliminate risk, but it helps you understand where you are and how to navigate forward. Frameworks offer structure for identifying vulnerabilities, prioritizing mitigation strategies, and tracking progress.

Aligning frameworks with regulatory and business requirements

Cybersecurity compliance frameworks help you stay ahead of evolving compliance mandates. They bridge the gap between regulatory demands and operational capabilities, ensuring that cybersecurity doesn’t become a bottleneck to growth.

Measuring maturity and assurance over time

Many frameworks come with maturity models, enabling organizations to benchmark their posture and chart a course for improvement. This long-term visibility is critical for executive buy-in and for proving due diligence to auditors and partners. Different types of HITRUST assessments offer assurance based on the HITRUST framework.

Choosing the right framework for your organization

Key factors to consider

• Industry requirements: Healthcare, financial services, and government entities have unique mandates.
• Risk tolerance: Understand your organization’s risk appetite and threat profile.
• Compliance obligations: Consider legal, contractual, and ethical responsibilities.

Once you have understood what is a cybersecurity framework and evaluated these factors, choosing the right framework is the next step. Selecting a framework aligned with your needs ensures that cybersecurity becomes a business enabler — not just a checkbox exercise.

Why harmonization matters in a fragmented landscape

With so many frameworks available, harmonization becomes a necessity. HITRUST simplifies this complexity by integrating dozens of global standards into one framework. A HITRUST certification provides assurance across multiple domains, making it easier to communicate trust to customers and regulators.

Using a strong framework as the foundation of cyber resilience

Next steps for building a scalable, compliant security program

Understanding what is a cybersecurity framework is just the beginning. To truly build cyber resilience, organizations must

• Evaluate current gaps and align them with a chosen framework.
• Engage stakeholders across IT, compliance, and leadership.
• Prioritize implementation based on risk and impact.
• Use assessments and audits to track maturity and progress.

You can scale your security program while staying compliant and confident in the face of evolving threats if you start with the right foundation. Using a robust cybersecurity framework brings structure, clarity, and confidence to your risk management efforts.

Learn more about the HITRUST CSF and understand how it helps organizations navigate cyber risk with confidence.

As financial technology (fintech) continues to evolve, third-party vendor risk management for financial institutions has become a mission-critical priority. In a sector where digital services, data-driven solutions, and external partnerships are the norm, overlooking third-party risk can lead to severe regulatory, operational, and reputational consequences.

This blog explores the unique challenges fintech companies face when managing third-party vendors and how adopting a structured, scalable assurance program like HITRUST can turn risk into a strategic advantage.

The importance of TPRM in fintech

The growing dependence on external vendors

Financial cybersecurity has always been a significant matter. Fintech thrives on agility and innovation — often achieved through partnerships with niche technology providers, cloud service vendors, and data analytics firms. This interconnected ecosystem accelerates time to market but also expands the attack surface. Each vendor relationship introduces potential vulnerabilities that can be exploited if not properly managed through a rigorous finance TPRM program.

What’s at stake: Data, compliance, and reputation

Financial institutions deal with sensitive customer data, proprietary algorithms, and regulatory scrutiny. A single third-party breach can expose this data, violate compliance requirements, and damage customer trust. The cost of a security failure is not limited to fines and downtime — it can derail investor confidence, trigger audits, and stunt growth. That’s why third-party risk management in the financial tech industry is essential.

Understanding third-party vendor risk

What qualifies as a third party?

In the financial technology sector, third parties are any external entities — vendors, partners, or service providers — that support critical business operations. This includes cloud infrastructure providers, payment processors, customer support outsourcers, KYC vendors, and even open-source software contributors. Each must be evaluated not only on performance but also on how they manage risk.

Common types of risk in financial technology

Operational risk

When a key vendor experiences downtime or fails to deliver as expected, it can halt operations, delay product releases, and frustrate customers. In a fast-paced industry like fintech, even brief disruptions can carry outsized consequences.

Security and privacy risk

Third parties often require access to sensitive systems or data. If their security posture is weak, it opens the door to breaches, insider threats, or data misuse. Fintechs must ensure vendors align with stringent security and privacy expectations.

Regulatory and compliance risk

Fintechs operate under a complex web of regulations such as GLBA, SOX, and PCI-DSS. Non-compliance by a vendor can trigger violations and fines for the financial institution itself, even if the organization has otherwise maintained compliance.

Fintech-specific TPRM challenges

Fast growth and loose controls

Third-party vendor risk management for financial institutions is critical. Startups and scaling fintechs are often laser-focused on innovation and growth. Risk management may be deprioritized, leading to ad hoc vendor evaluations and inconsistent controls. This reactive approach makes TPRM fragile and unsustainable.

Compliance complexity across jurisdictions

Many fintech companies operate across states and countries, each with distinct regulatory frameworks. Third-party risk management for fintech across these diverse jurisdictions requires a harmonized, auditable approach to compliance.

Cloud-native tech stacks and data sprawl

Fintechs are heavily cloud-based, often relying on multi-cloud or hybrid environments. This increases the complexity of securing data, enforcing consistent controls, and tracking how and where sensitive information is stored, accessed, and shared.

Best practices for managing vendor risk in fintech

Clear vendor classification and risk tiers

Not all vendors carry the same level of risk. Fintechs should categorize vendors based on access levels, data sensitivity, and operational impact. This finance TPRM approach allows for right-sized due diligence and resource allocation.

Build a scalable onboarding and review process

Vendor onboarding should include standardized risk assessments, contract clauses for compliance and security, and clear documentation. Regular reviews must be scheduled based on the vendor’s risk tier — higher-risk vendors require more frequent assessments. Explore our quick guide to TPRM best practices for establishing a scalable process for third-party vendor risk management for financial institutions.

Continuous monitoring of TPRM

Point-in-time assessments are no longer sufficient. Continuous monitoring — enabled through automation and threat intelligence — helps identify changes in vendor risk posture. This proactive stance helps prevent small issues from escalating into crises.

How an assurance program like HITRUST can help

Bringing structure to risk assessment and monitoring

The HITRUST third-party risk management solution offers a comprehensive assurance program that enables tailored risk management based on business needs. It streamlines vendor management and allows organizations to monitor vendor security gaps and remediations. It makes third-party vendor risk management for financial institutions effective and efficient and ensures vendors meet rigorous security and compliance expectations.

Making audits easier with pre-mapped controls

HITRUST's pre-mapped controls to frameworks like ISO, NIST, and PCI-DSS mean fewer gaps and faster audit preparation. Vendors can demonstrate compliance with multiple standards using a single assessment, reducing audit fatigue and increasing credibility with stakeholders. For a deeper dive into optimizing your TPRM strategy, read our blog.

Turning vendor risk into a strategic advantage

Rather than being a burden, effective third-party risk management in financial tech companies can become a differentiator. Demonstrating robust, scalable TPRM builds trust with customers, investors, and regulators. It signals maturity, readiness for growth, and a commitment to responsible innovation.

By adopting the HITRUST TPRM approach, fintech companies gain the structure and confidence to scale securely — protecting data, preserving trust, and accelerating market access.

Learn how HITRUST can help simplify third-party risk management for fintech companies.

If you’re still accepting SOC 2 reports from your vendors as your primary assurance mechanism, it’s time to take another look. SOC 2 was once considered a strong security indicator for many organizations. However, it has now become little more than a check-the-box exercise. 

Why SOC 2 isn’t enough 

The threat landscape has evolved. Data breaches have become harder to detect. Cyberattacks have become more sophisticated. Bad actors are finding new ways to target weak vendors and gain access to sensitive data from multiple organizations. Not just that, ransomware attacks have also increased, disrupting business continuity and causing major reputational and financial damages.     

The problem? SOC 2 has not evolved to tackle these new-age challenges. Instead, it has been trivialized to the point where it no longer signifies robust assurance. 

Automation, inconsistency in auditing practices, and vendor-scoped control selection result in many SOC 2 reports providing limited insight into a vendor’s actual security posture. Often, they also miss critical control areas, like third-party risk management (TPRM) and email security, putting your organization at risk of inherited vulnerabilities. 

In a time of escalating ransomware attacks and increased regulatory scrutiny, the assurance mechanisms you rely on need to do more than just say that your vendor is secure. They need to prove it. 

That’s where HITRUST certification comes in. 

Why HITRUST is a better alternative  

HITRUST offers an effective, standardized approach to vendor risk management.  

Unlike SOC 2, HITRUST  

• Stays ahead of emerging threats with threat intelligence data  

• Uses a comprehensive, prescriptive framework aligned with 60+ standards 

• Delivers proven results as 99.41% of HITRUST-certified environments remained breach-free in 2024 

• Offers scalable assessment options based on business needs and vendor’s risk profile 

• Streamlines managing large volumes of vendors and reduces manual effort 

• Encourages continued risk tracking and remediation  

But what does this mean for your vendor risk management strategy? And how can you adopt this effective TPRM approach? 

To explain this, we’ve created a concise eBook to help you evaluate SOC 2’s limitations and explore why modern organizations are replacing it with HITRUST certification as their new TPRM baseline. 

Read the eBook now to learn more: Why It’s Time to Rethink SOC 2 in Third-Party Risk Management

It’s time to move from traditional, checkbox compliance to proven cybersecurity assurance that can truly reduce risk and help protect your business. Choose HITRUST certification over SOC 2 reports to strengthen your TPRM program.