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25 Surprising Facts About Cybersecurity Risk
Cybersecurity Risk Management - How to Manage Third-Party Risks

A day doesn't go by without hearing about data breaches that expose hundreds of thousands or even millions of private details of individuals. SaaS solutions are usually caused by third-party partners, such as a vendor who experiences a system failure.

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

State-sponsored Attacks

Cyberattacks by nation-states can cause more damage than any other attack. Nation-state attackers typically have significant resources and sophisticated hacking skills which makes them difficult to detect or fight. They are usually adept at stealing more sensitive information and disrupt vital business services. Additionally, they could cause more damage over time through targeting the supply chain and compromising third-party suppliers.

In the end, the average cost of a nation-state attack is an estimated $1.6 million. Nine out of 10 companies believe they've been victims of an attack by a state. And with cyberespionage growing in popularity among threat actors from nations-states, it's more important than ever for companies to have solid cybersecurity practices in place.

Cyberattacks by nation-states can come in a variety of forms. They range from ransomware to Distributed Denial of Service attacks (DDoS). They could be carried out by government agencies, employees of a cybercriminal organization that is a part of or contracted by an entity of the state, freelancers who are employed to carry out a specific nationalist campaign or even criminal hackers who attack the public at large.

The advent of Stuxnet changed the game for cyberattacks as it allowed states to arm themselves with malware and use it against their adversaries. Since then states have used cyberattacks to accomplish political as well as military objectives.

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. For example the Russian government-sponsored group Sandworm has been targeting both businesses and consumers with DDoS attacks and ransomware. This is distinct from traditional crime syndicates, which are motivated by financial gain. They are more likely to target businesses and consumers.

In the end responding to threats from a nation-state actor requires extensive coordination with multiple government agencies. This is quite different from the "grandfather's cyberattack" when a company would submit an Internet Crime Complaint Center Report (IC3) to the FBI but not need to engage in significant coordinated response with the FBI. Responding to a nation state attack requires a greater degree of coordination. It also involves coordinating with other governments, which is lengthy and difficult.

Smart Devices

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

Hackers are attracted by smart devices due to the fact that they can be utilized for a variety purposes, such as gaining information about individuals 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 gather information about home layouts and other personal information. Additionally they are frequently used as an interface to other kinds of IoT devices, such as smart lights, security cameras, and refrigerators.

If hackers gain access to these kinds of devices, they could cause serious harm to individuals and businesses. They can make use of these devices to carry out a diverse range of crimes like identity theft, fraud, and Denial-of-Service attacks (DoS). In empyrean group , they can hack into vehicles to alter GPS locations and disable safety features. They can even cause physical harm to drivers and passengers.

There are ways to reduce the harm caused by these devices. Users can, for instance change the default factory passwords on their devices to prevent attackers being able to find them easily. They can also activate two-factor authentication. Regular firmware updates are also required for routers as well as IoT devices. Furthermore, using local storage instead of cloud can reduce the risk of an attack when you transfer or storage data between and these devices.

It is necessary to conduct research in order to better understand the digital harms and the best strategies to minimize them. Particularly, studies should concentrate on identifying and developing technology solutions to help mitigate the negative effects caused by IoT devices. They should also look into other potential harms, such as those associated with cyberstalking or exacerbated power imbalances between household members.


Human Error

Human error is a typical factor that causes cyberattacks and data breaches. This can range from downloading malware to leaving an organisation's network open for attack. Many of these errors can be avoided by setting up and enforcing strict security measures. For instance, an employee could click on a malicious attachment in a phishing scam or a storage configuration error could expose sensitive information.

Additionally, a user could disable a security feature on their system without even realizing they're doing it. This is a common error which makes software vulnerable to attacks from ransomware and malware. According to IBM, the majority of security incidents result from human error. It's crucial to understand the types of mistakes that could lead to to a cyber-attack and take steps in order to prevent them.

Cyberattacks can be committed for various reasons, such as hacking activism, financial fraud or to steal personal data or disrupt the vital infrastructure or vital services of an an organization or government. State-sponsored actors, vendors, or hacker groups are usually the perpetrators.

The threat landscape is a complex and ever-changing. This means that organizations have to continuously review their risk profiles and reassess their protection strategies to ensure they're up to current with the most recent threats. The good news is that advanced technologies can reduce the threat of cyberattacks and improve an organisation's security posture.

It's important to keep in mind that no technology will protect an organization from every possible threat. This is why it's imperative to devise an extensive cybersecurity strategy that considers the various layers of risk within an organization's network ecosystem. It's also essential to conduct regular risk assessments rather than relying on conventional point-in time assessments that could be easily missed or inaccurate. A comprehensive assessment of the security risks of an organization will allow for an efficient mitigation of these risks, and also ensure that the organization is in compliance with industry standards. This can help avoid costly data breaches as well as other incidents that could have a negative impact on a business's operations, finances and image. A successful cybersecurity strategy should include the following elements:

Third-Party Vendors

Third-party vendors are businesses which are not owned by the company but offer services, software, and/or products. These vendors usually have access to sensitive information like client data, financials or network resources. If these businesses aren't secure, their vulnerability can become an entry point into the company's system. This is the reason why cybersecurity risk management teams have begun to go to the extremes to ensure that the risks of third parties are assessed and controlled.

As the use of remote computing and cloud computing increases the risk of being harmed by cloud computing is becoming even more of a concern. A recent survey conducted by the security analytics firm BlueVoyant revealed that 97% of the companies surveyed were negatively affected by supply chain vulnerabilities. That means that any disruption to a vendor - even if it's a small part of the business supply chain - could trigger a domino effect that threatens the entire operation of the original business.

Many companies have developed a process to onboard new suppliers from third parties and require that they sign service level agreements that specify the standards they will be held to in their relationship with the organisation. Additionally, a thorough risk assessment should include documenting how the vendor is tested for weaknesses, following up on the results, and then resolving them promptly.

A privileged access management system that requires two-factor authentication to gain access to the system is another method to safeguard your company against third-party risks. SaaS solutions will prevent attackers from gaining entry to your network by stealing an employee's credentials.

The last thing to do is ensure that your third party providers are running the most current version of their software. This will ensure that they haven't introduced accidental flaws in their source code. Most of the time, these flaws go undetected and can be used as a basis for other high-profile attacks.

Third-party risk is an ongoing risk to any company. While the strategies mentioned above can assist in reducing certain threats, the best method to ensure that your risk from third parties is reduced is to conduct continuous monitoring. This is the only way to truly understand the state of your third-party's cybersecurity posture and to quickly identify any potential risks that could occur.

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