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Why Nobody Cares About Cybersecurity Risk
Cybersecurity Risk Management - How to Manage Third-Party Risks

Every day, we hear about breaches of data that have exposed the private data of hundreds of thousands, perhaps millions. These incidents are usually caused by third party partners such as a vendor that suffers a system malfunction.

Information about your threat environment is crucial to framing cyber risk. This information allows you to identify threats that require your immediate attention.

State-sponsored attacks

If cyberattacks are carried out by the nation-state they are more likely to cause more serious damage than other attacks. Nation-state hackers are typically well-equipped and possess sophisticated hacking techniques, making it difficult to recognize them or to defend against them. As such, they are usually capable of stealing more sensitive information and disrupt vital business services. They may also cause harm by targeting the supply chain of the company and inflicting harm on third parties.

As a result, the average nation-state attack cost an estimated $1.6 million. Nine in 10 organizations believe they have been a victim of an attack by a nation-state. Cyberspionage is becoming increasingly well-known among threat actors from nations. Therefore, it is more crucial than ever that companies have solid cybersecurity practices.

Cyberattacks from nation-states may come in a variety of types. They can vary from ransomware to Distributed Denial of Service attacks (DDoS). They can be performed by government agencies, cybercrime groups which are backed by states, freelancers who are hired to conduct a nationalist-themed operation or even hackers who target the general population.

Stuxnet was an important game changer in cyberattacks. It allowed states to use malware against their enemies. Since then states have used cyberattacks to achieve their political, economic and military goals.

In recent years, there has been an increase in both the number and sophistication of attacks backed by governments. Sandworm is a group that is backed by the Russian government has targeted both consumers and businesses with DDoS attacks. This is in contrast to traditional criminal syndicates, which are motivated by financial gain and are more likely to target consumer businesses.

As a result responding to a threat from a nation-state actor requires extensive coordination with multiple government agencies. This is a big difference from "your grandfather's cyberattack" when a company might submit an Internet Crime Complaint Center (IC3) Report to the FBI however, it wouldn't typically require significant coordination with the FBI as part of its incident response process. Responding to a nation state attack requires a greater degree of coordination. It also involves coordinating with other governments, which can be lengthy and difficult.

Smart Devices

Cyber attacks are increasing in frequency as more devices connect to the Internet. This increased attack surface can create security risks for both consumers and businesses. For instance, hackers can use smart devices to steal data, or even compromise networks. This is particularly true when these devices aren't properly secured and protected.

Hackers are attracted to smart devices due to the fact that they can be employed for a variety of purposes, such as gaining information about people or businesses. Voice-controlled assistants like Alexa and Google Home, for example can gather a large deal about their users by the commands they receive. They can also collect information about home layouts as well as other personal details. Furthermore they are often used as an interface to other types of IoT devices, such as smart lights, security cameras, and refrigerators.

If hackers gain access to these devices, they could cause a lot of harm to people and businesses. They could employ them to commit variety of crimes, including fraud, identity theft, Denial-of-Service (DoS) attacks, and malicious software attacks. Additionally, they can hack into vehicles to steal GPS locations or disable safety features. They may even cause physical injuries to drivers and passengers.

While it's not possible to stop people from connecting their smart devices but there are ways to limit the harm they cause. Users can, for example alter the default factory passwords of their devices to stop attackers from getting them easily. They can also enable two-factor verification. Regular firmware updates are also essential for routers and IoT devices. Also using local storage instead of cloud can reduce the risk of a cyberattack when transferring or storage data between and these devices.

It is necessary to conduct research to better understand the impact of these digital ills on the lives of people, as well as the best ways to reduce the impact. Particularly, research should concentrate on identifying and developing technology solutions that can help reduce the negative effects caused by IoT devices. They should also look into other potential harms such as those related to cyberstalking or exacerbated power imbalances between household members.

Human Error

Human error is a common factor that can lead to cyberattacks and data breaches. This can range from downloading malware to leaving an organization's network open for attack. By establishing and enforcing strict security measures Many of these errors can be avoided. A malicious attachment can be clicked by an employee in an email containing phishing messages or a storage configuration error could expose sensitive information.

Administrators of systems can disable an security feature without realizing it. This is a common mistake which makes software vulnerable to attacks from ransomware and malware. IBM asserts that human error is the main reason behind security incidents. It's important to know the kinds of errors that could lead to a cyber breach and take the necessary steps to mitigate the risk.

Cyberattacks can occur for a variety of reasons, including hacking activism, financial fraud or to steal personal information and disrupt the critical infrastructure or vital services of the government or an organization. State-sponsored actors, vendors, or hacker groups are often the culprits.


The threat landscape is complicated and ever-changing. Organisations must therefore constantly review their risk profiles and revisit strategies for protection to keep pace with the most recent threats. The good news is advanced technologies can reduce an organisation's overall risk of being targeted by hackers attack and enhance its security posture.

But, it's crucial to remember that no technology can shield an organisation from every potential threat. This is why it's crucial to create an extensive cybersecurity strategy that considers the various layers of risk in an organization's network ecosystem. It's also crucial to conduct regular risk assessments rather than relying on traditional point-in-time assessments that are often inaccurate or miss the mark. A thorough assessment of the security risks facing an organization will allow for an effective reduction of these risks and will ensure that the organization is in compliance with industry standards. This will ultimately help to prevent costly data breaches and other security incidents from negatively impacting the reputation of a company's operations and finances. A successful cybersecurity strategy includes the following components:

Third-Party Vendors

Third-party vendors are businesses that are not part of the organization but provide services, software, or products. These vendors have access to sensitive data such as client information, financials or network resources. When these companies aren't secured, their vulnerability is an entry point into the company's system. It is for this reason that risk management teams for cybersecurity will go to great lengths to ensure that risks from third parties can be identified and managed.

top cyber security companies is increasing as cloud computing and remote working are becoming more popular. In fact, a recent study by security analytics firm BlueVoyant found that 97% of companies they surveyed were affected negatively by supply chain weaknesses. A disruption to a vendor even if it just affects a small part of the supply chain could have a ripple effect that threatens to cause disruption to the entire company.

Many organizations have created procedures to take on new suppliers from third parties and require them to sign service level agreements that specify the standards they will be accountable to in their relationship with the organisation. A good risk assessment should include documenting how the vendor is screened for weaknesses, then following up on results, and remediating them promptly.

A privileged access management system that requires two-factor verification to gain access to the system is an additional way to protect your company against threats from outside. This prevents attackers gaining access to your network easily by stealing credentials of employees.

Last but not least, ensure that your third-party providers are using the most recent version of their software. This will ensure that they haven't introduced any unintentional security flaws in their source code. Many times, these flaws go undetected and can be used as a way to launch other high-profile attacks.

Third-party risk is a constant threat to any business. While the above strategies may assist in reducing certain risks, the best method to ensure your risk from third parties is reduced is to conduct continuous monitoring. This is the only method to fully comprehend the cybersecurity threat of your third-party and to quickly identify possible risks.

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