Notes

Why The Biggest "Myths" About Cybersecurity Risk Could Actually Be True
Cybersecurity Risk Management - How to Manage Third-Party Risks

Every day, we learn about data breaches which have exposed the private information of hundreds of thousands, if not millions of people. These breaches are usually caused by third-party partners, such as a vendor who experiences a system failure.

Information about your threat environment is crucial to framing cyber risk. This information helps you prioritize threats that need immediate focus.

State-Sponsored Attacks

Cyberattacks carried out by nation-states could cause more damage than any other type of attack. Attackers from nation-states are usually well-resourced and have sophisticated hacking techniques, making it difficult to identify them or fight them. This is why they are often capable of stealing more sensitive information and disrupt critical business services. Additionally, they could cause more damage over time through targeting the supply chain and compromising third-party suppliers.

The cost of a nation-state terrorism attack is estimated at $1.6 million. Nine in 10 companies believe that they've been a victim of a nation-state attack. Cyberspionage is becoming more and more popular among threat actors from nation states. Therefore, empyrean is more crucial than ever that companies have strong cybersecurity practices.

Cyberattacks from nation-states may come in many forms. They could include ransomware, to Distributed Denial of Service attacks (DDoS). They are performed by cybercriminal groups, government agencies that are aligned or contracted by states, freelancers who are hired to carry out a nationalist operation or even hackers who target the general population.

Stuxnet was an important game changer in cyberattacks. It allowed states to weaponize malware against their adversaries. Since the time, cyberattacks have been employed by states to achieve economic, military and political goals.

In recent years there has been a significant increase in the number of attacks sponsored by governments and the sophistication of these attacks. Sandworm, a group sponsored by the Russian government has targeted both consumers and businesses with DDoS attacks. This is different from traditional crime syndicates that are motivated by financial gain and are more likely to target businesses owned by consumers.

In the end the response to a threat from a nation-state actor requires extensive coordination with multiple government agencies. This is a significant difference from the "grandfather's cyberattack" when a company could submit an Internet Crime Complaint Center Report (IC3) to the FBI but not need to coordinate a significant response with the FBI. In addition to the increased level of coordination responding to a nation state attack also requires coordination with foreign governments, which can be particularly difficult and time-consuming.

Smart Devices

As more devices are connected to the Internet, cyber attacks are becoming more common. This increased attack surface could create security risks for consumers and businesses alike. For example, hackers can exploit smart devices to steal data, or even compromise networks. This is particularly true when these devices aren't properly secured and secured.

Hackers are attracted to smart devices because they can be employed for a variety of purposes, such as gaining information about people or businesses. For example, voice controlled assistants such as Alexa and Google Home can learn a lot about users through the commands they are given. They can also collect data about the layout of their homes, as well as other personal information. These devices also function as gateways to other IoT devices like smart lighting, security cameras and refrigerators.

If hackers gain access to these types of devices, they can cause serious harm to individuals and businesses. They could make use of these devices to commit variety of crimes, including identity theft, fraud, and Denial-of-Service attacks (DoS). Additionally, they could hack into vehicles to alter GPS locations, disable safety features and even cause physical injuries to drivers and passengers.

There are ways to reduce the damage caused by smart devices. Users can, for instance change the default factory passwords on their devices to stop attackers from being able to find them easily. They can also enable two-factor verification. Regular firmware updates are essential for routers and IoT devices. Furthermore using local storage instead of the cloud can reduce the risk of an attack when you transfer or storing data to and from these devices.

It is essential to conduct research in order to better understand the digital harms and the best ways to reduce them. In particular, studies should focus on the development of technology solutions to help mitigate the negative effects caused by IoT devices. They should also investigate other potential harms like cyberstalking and the exacerbated power imbalances among household members.

Human Error

Human error is a frequent factor that contributes to cyberattacks and data breaches. It could be anything from downloading malware to allowing a network to attack. By establishing and enforcing strict security controls, many of these mistakes can be prevented. A malicious attachment might be clicked by an employee within an email containing phishing messages 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 frequent error that makes software vulnerable to attack by malware and ransomware. IBM claims that human error is the most significant reason behind security incidents. This is why it's important to know the kinds of mistakes that can result in a cybersecurity attack and take steps to prevent the risk.

Cyberattacks can be committed for a variety of reasons, including financial fraud, hacking activism or to steal personal data or disrupt the vital infrastructure or essential services of the government or an organization. They are usually committed by state-sponsored actors third-party vendors, or hacker collectives.

The threat landscape is always evolving and complicated. Organizations should therefore regularly examine their risk profiles and revisit strategies for protection to keep pace with the latest threats. The good news is that the most advanced technologies can help reduce the overall risk of a cyberattack, and enhance the security of an organization.

It's also important to remember that no technology can protect an organization from every possible threat. This is the reason it's essential to create an effective cybersecurity plan that takes into account the different layers of risk within an organization's network ecosystem. It's also crucial to conduct regular risk assessments rather than relying on traditional point-in-time assessments that can be easily erroneous or inaccurate. A thorough assessment of an organisation's security risks will allow for more efficient mitigation of these risks and help ensure compliance with industry standards. This will ultimately help prevent costly data breaches and other security incidents from adversely impacting a business's reputation, operations and finances. A successful cybersecurity plan should include 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 often have access to sensitive information such as financials, client data or network resources. If they're not secure, their vulnerability becomes an entry point into the business' system. This is the reason why cybersecurity risk management teams have started to go to great lengths to ensure that third-party risks are vetted and controlled.

The risk is growing as cloud computing and remote working become more common. A recent survey by the security analytics firm BlueVoyant revealed that 97% of companies that were surveyed had negative effects from supply chain weaknesses. This means that any disruption to a vendor - even if it's a small part of the business's supply chain - can cause an unintended consequence that could affect the entire operation of the business.

Many organizations have resorted to establishing a procedure that onboards new third-party vendors and requires them to agree to specific service level agreements that dictate the standards to which they will be held in their relationship with the company. Additionally, a thorough risk assessment should document how the vendor is evaluated for weaknesses, analyzing the results on results, and remediating them in a timely manner.


A privileged access management system that requires two-factor verification to gain entry to the system is an additional way to protect your company against third-party risks. This stops attackers from easily getting access to your network through the theft of credentials.

Finally, ensure that your third-party vendors have the most recent versions of their software. This ensures that they haven't introduced security flaws that were not intended in their source code. These flaws are often unnoticed, and then be used to launch additional high-profile attacks.

In the end, third-party risk is a constant risk to any company. While the strategies mentioned above can help mitigate some of these threats, the best method to ensure your risk to third parties is minimized is to continuously monitor. This is the only way to understand the state of your third party's cybersecurity and to quickly recognize any risks that might arise.

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