Notes

15 Of The Top Cybersecurity Risk Bloggers You Should Follow
Cybersecurity Risk Management - How to Manage Third-Party Risks

Every day, we hear about data breaches that have exposed the private data of hundreds of thousands, if not millions of people. These incidents usually originate from third-party partners, such as a vendor that experiences an outage to their system.

The process of assessing cyber risk begins with precise information about your threat landscape. This lets you prioritize the threats that require immediate attention.

State-sponsored Attacks

If cyberattacks are carried out by the nation-state they are likely to cause more serious damage than other attacks. Nation-state attackers typically have large resources and sophisticated hacking abilities that make them difficult to detect and defend against. best cybersecurity companies are able to steal sensitive information and disrupt services for businesses. In addition, they can create more lasting damage by targeting the supply chain and harming third-party suppliers.

This means that the average nation-state attack cost an estimated $1.6 million. Nine out of 10 companies think they've been the victim of a nation-state 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 from nation-states may come in many varieties. They could range from ransomware to Distributed Denial of Service attacks (DDoS). They are executed by cybercriminal organizations, government agencies that are aligned or contracted by states, freelancers hired to conduct a nationalist-themed operation or even by criminal hackers who target the general population.

Stuxnet was a game changer for cyberattacks. It allowed states to weaponize malware against their adversaries. Since then states have been using cyberattacks to accomplish political, economic and military goals.

In recent times there has been a significant increase in the number of government-sponsored attacks and the sophistication of these attacks. Sandworm, a group backed by the Russian government has targeted both customers and businesses with DDoS attacks. This is distinct from traditional crime syndicates which are motivated by financial gain. They are more likely to target businesses and consumers.

Responding to a state actor's national threat requires extensive coordination between various government agencies. This is a major difference from the "grandfather's cyberattack" where a business would submit an Internet Crime Complaint Center Report (IC3) to the FBI but not have to engage in significant coordinated response with the FBI. In addition to the greater degree of coordination responding to a nation state attack also requires coordination with foreign governments, which can be particularly challenging and time-consuming.

Smart Devices

As more devices are connected to the Internet, cyber attacks are becoming more frequent. This increased attack surface can create security risks for both companies and consumers. Hackers could, for instance use smart devices to exploit vulnerabilities to steal information or compromise networks. This is particularly true when these devices are not properly secured and secured.

Hackers are attracted to smart devices because they can be employed for a variety of reasons, including gathering information about businesses or individuals. Voice-controlled assistants, such as Alexa and Google Home, for example, can learn a great amount about their users based on the commands they receive. They also collect information about the layout of their homes as well as other personal data. These devices also function as gateways to other IoT devices, such as smart lighting, security cameras and refrigerators.

Hackers can cause severe harm to people and businesses when they gain access to these devices. They can make use of these devices to commit variety of crimes, such as identity theft, fraud, and Denial-of-Service attacks (DoS). They also have the ability to hack into vehicles to disguise GPS location, disable safety features, and even cause physical injury to passengers and drivers.

There are ways to minimize the harm caused by smart devices. Users can, for instance alter the default factory passwords of their devices to avoid attackers getting them easily. They can also activate two-factor authentication. It is also essential to update the firmware of routers and IoT devices regularly. Local storage, as opposed to cloud storage, can lower the chance of a hacker when they transfer and the storage of data between or on these devices.

It is essential to conduct research in order to better understand these digital harms and the best ways to mitigate them. Particularly, research should be focused on identifying and designing technology solutions that can help reduce the harms caused by IoT devices. They should also investigate other possible harms, such as those related to cyberstalking or the exacerbated power imbalances among household members.

Human Error

Human error is a typical factor that can lead to cyberattacks and data breaches. It could be anything from downloading malware to leaving a network open to attack. By establishing and enforcing strict security controls Many of these errors can be avoided. A malicious attachment can be clicked by an employee who receives an email that is phishing or a storage configuration error could expose sensitive data.

Moreover, an employee might disable a security feature on their system without realizing that they're doing it. This is a frequent error that leaves software open to attack by malware or ransomware. According to IBM, the majority of security breaches are caused by human error. This is why it's important to understand the types of mistakes that can result in a cybersecurity attack and take steps to reduce the risk.

Cyberattacks can be committed for various reasons, such as hacking activism, financial fraud or to steal personal data or disrupt the vital infrastructure or essential services of any organization or government. They are typically perpetrated by state-sponsored actors, third-party vendors or hacker groups.

The threat landscape is always evolving and complex. Companies must constantly examine their risk profiles and revisit protection strategies to stay up-to-date with the latest threats. The good news is that modern technology can lower an organization's overall risk of being a victim of a hacker attack and improve its security capabilities.

But, it's crucial to remember that no technology can shield an organization from every possible threat. Therefore, it is essential to create a comprehensive cyber-security strategy that takes into consideration the various levels of risk in the organization's ecosystem. It is also essential to conduct regular risk assessments, rather than using only point-in-time assessments that are often incorrect or even untrue. A comprehensive assessment of an organisation's security risks will enable more effective mitigation of those risks and help ensure that the company is in compliance with industry standards. This will ultimately help prevent costly data breaches and other security incidents from negatively damaging a business's reputation, operations and finances. A successful strategy for cybersecurity includes the following elements:

Third-Party Vendors

Every business relies on third-party vendors - that is, businesses outside the company that provide software, services, or products. These vendors usually have access to sensitive data such as client data, financials, or network resources. These companies' vulnerability can be used to access the business system that they are operating from when they're not secure. It is for this reason that cybersecurity risk management teams will go to great lengths to ensure that risks from third parties can be vetted and managed.

As the use of cloud computing and remote work increases the risk of a cyberattack is becoming more of a concern. In fact, a recent study by security analytics firm BlueVoyant found that 97% of companies they surveyed had been negatively impacted by supply chain weaknesses. A disruption by a vendor even if it only impacts a small portion of the supply chain, could have a ripple effect that could cause disruption to the entire company.

Many organizations have taken to establishing a procedure that onboards new third-party vendors and requires them to sign to specific service level agreements which define the standards to which they are held in their relationship with the company. Additionally, a thorough risk assessment should document how the vendor is screened for weaknesses, following up on results, and remediating them in a timely manner.

A privileged access management system that requires two-factor verification for access to the system is an additional method to safeguard your business against threats from outside. This stops attackers from gaining access to your network by stealing employee credentials.


Last but not least, ensure that your third-party providers are running the most current version of their software. This ensures that they haven't introduced security flaws that were not intended in their source code. These vulnerabilities can go undetected, and be used to launch more prominent attacks.

Third-party risk is a constant threat to any business. While the above strategies may assist in reducing certain risks, the most effective method to ensure your third-party risk is minimized is to conduct continuous monitoring. This is the only way to fully understand the cybersecurity position of your third party and to quickly spot possible risks.

Website: https://empyrean.cash/