Cybersecurity Risk Management - How to Manage Third-Party Risks
Every day we hear about data breaches which have exposed the private data of hundreds of thousands, or even millions of people. These data breaches are typically caused by third party partners such as a vendor who experiences an issue with their system.
Information about your threat environment is crucial in defining cyber-related risks. This information lets you prioritize threats that need your immediate focus.
State-sponsored Attacs
When cyberattacks are committed by a nation-state they are more likely to cause more serious damage than other attacks. Nation-state attackers usually have substantial resources and advanced hacking skills which makes them difficult to detect and fight. As such, they are usually able to steal more sensitive information and disrupt crucial business services. They may also cause harm by targeting the supply chain of the business and inflicting harm on third parties.
The average cost of a nation-state terrorism attack is estimated at $1.6 million. empyrean corporation out of 10 organizations believe they've been the victims of a state-sponsored attack. As cyberespionage is growing in popularity among threat actors from nations-states it's more crucial than ever to have a solid security program in place.
Cyberattacks carried out by nation-states can take place in many types. They can vary from ransomware to Distributed Denial of Service attacks (DDoS). cloudflare alternative could be carried out by government agencies, employees of a cybercriminal organization which is affiliated with or contracted by the state, freelancers employed to carry out a specific nationalist campaign or even just criminal hackers who target the general public in general.
Stuxnet was an important game changer in cyberattacks. It allowed states to use malware against their enemies. Since then, cyberattacks have been utilized by states to accomplish political, military and economic goals.
In recent times there has been a marked increase in the number of attacks sponsored by governments and the level of sophistication of these attacks. Sandworm, a group sponsored by the Russian government has targeted both consumers and businesses with DDoS attacks. This is in contrast to traditional crime syndicates that are motivated by financial gain and tend to target businesses owned by consumers.
Responding to a national-state actor's threat requires a significant amount of coordination among multiple government agencies. This is a significant difference from "your grandfather's cyberattack" when a company might submit an Internet Crime Complaint Center (IC3) Report to the FBI, but would not typically require significant coordination with the FBI as part of its incident response process. Responding to a nation state attack requires a higher level of coordination. It also requires coordination with other governments, which is lengthy and difficult.
Smart Devices
Cyberattacks are growing in frequency as more devices connect to the Internet. This increase in attack surfaces can cause security issues for companies and consumers. For example, hackers can exploit smart devices to steal data or even compromise networks. This is especially true if these devices aren't properly protected and secured.
Smart devices are particularly attracted to hackers since they can be used to gain a wealth of information about people or businesses. Voice-controlled assistants like Alexa and Google Home, for example can discover a huge amount about their users based on the commands they receive. They can also gather data about the layout of their homes as well as other personal data. These devices also function as gateways to other IoT devices like smart lighting, security cameras and refrigerators.
If hackers can get access to these types of devices, they can cause significant harm to people and businesses. They can make use of these devices to commit diverse range of crimes including identity theft, fraud, and Denial-of-Service attacks (DoS). They also have the ability to hack into vehicles to spoof GPS location, disable safety features, and even cause physical injury to drivers and passengers.
While it is not possible to stop users from connecting their devices to the internet, there are ways to limit the harm they cause. Users can, for example, change the factory default passwords for their devices to stop attackers from finding them easily. They can also turn on two-factor authentication. Regular firmware updates are also essential for routers and IoT device. Also, using local storage instead of cloud can reduce the risk of an attack when you transfer or the storage of data to and from these devices.
It is essential to conduct research to better understand the digital damage and the best strategies to mitigate them. Particularly, research should be focused on identifying and developing technology solutions that can help reduce the harms caused by IoT devices. They should also look into other potential harms like those that are associated with cyberstalking or exacerbated power asymmetries between household members.
Human Error
Human error is a common factor that can lead to cyberattacks and data breaches. This could range from downloading malware to leaving a company's network vulnerable to attack. Many of these mistakes can be avoided by setting up and enforcing strict security measures. For instance, an employee might click on a malicious link in a phishing campaign or a storage configuration error could expose sensitive data.
A system administrator can turn off the security function without even realizing it. This is a common error that makes software vulnerable to attacks from malware and ransomware. According to IBM, the majority of security incidents involve human error. This is why it's essential to know the kinds of mistakes that can result in a cybersecurity attack and take steps to reduce them.
Cyberattacks are carried out for a variety of reasons, including financial fraud, hacking activism, to obtain personal information and to block service or disrupt the critical infrastructure and essential services of a state or an organisation. State-sponsored actors, vendors, or hacker groups are typically the culprits.
The threat landscape is a complex and ever-changing. Therefore, organizations should continually review their risk profile and reassess their protection strategies to ensure they're up to date with the latest threats. The good news is that advanced technologies can reduce an organisation's overall risk of a hacker attack and improve its security measures.
But, it's crucial to keep in mind that no technology is able to protect an organization from every threat. It is therefore essential to devise a comprehensive cyber security strategy that takes into consideration the various levels of risk in an organisation's ecosystem. It is also important to conduct regular risk assessments instead of using only point-in-time assessments, which are often in error or omitted. A thorough assessment of a company's security risks will allow for more efficient mitigation of those risks and ensure the compliance of industry standards. This will help to prevent costly data breaches as well as other incidents that could adversely impact the business's operations, finances and image. A successful cybersecurity strategy will include the following elements:
Third-Party Vendors
Third-party vendors are businesses that do not belong to the organization but provide services, software, and/or products. These vendors have access to sensitive information such as client information, financials or network resources. These companies' vulnerability can be used to access the original business system when they're not secured. It is for this reason that risk management teams for cybersecurity are willing to go to the extremes to ensure that risks from third parties can be identified and managed.
As the use of remote work and cloud computing increases the risk of being harmed by cloud computing is becoming more of an issue. A recent study conducted by security analytics firm BlueVoyant revealed that 97% of businesses which were surveyed suffered from supply chain security vulnerabilities. empyrean corporation by a vendor, even if it only impacts a small portion of the supply chain, can have a domino-effect that could affect the entire business.
Many companies have developed an approach to accept new suppliers from third parties and require them to agree to service level agreements which dictate the standards they are held to in their relationship with the organisation. A good risk assessment should document how the vendor is tested for weaknesses, following up on results, and remediating them promptly.
Another way to protect your business from threats from third parties is by implementing a privileged access management solution that requires two-factor authentication to gain entry into the system. This stops attackers from easily getting access to your network through the theft of credentials.
Lastly, make sure your third-party vendors are using the latest versions of their software. This will ensure that they haven't created any unintentional security flaws in their source code. Most of the time, these flaws remain undetected and are used as a way to launch other high-profile attacks.
Third-party risk is an ongoing threat to any business. While the above strategies may aid in reducing some of these risks, the most effective way to ensure that your third-party risk is minimized is to continuously monitor. This is the only way to truly be aware of the state of your third-party's cybersecurity and to quickly identify any risks that may arise.