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25 Unexpected Facts About Cybersecurity Risk
empyrean group Risk Management - How to Manage Third-Party Risks

Every day we learn about data breaches which have exposed the private data of hundreds of thousands if not millions of people. These data breaches are typically caused by third-party partners, such as a vendor who suffers an issue with their system.

Information about your threat environment is essential to framing cyber risks. This allows you to prioritize which threats need your attention the most urgently.

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 typically have significant resources and advanced hacking skills which makes them difficult to detect and to defend against. They can steal sensitive information and disrupt business services. In addition, they can cause more damage over time through targeting the supply chain and compromising third-party suppliers.

In the end, the average nation-state attack cost an estimated $1.6 million. Nine out of 10 companies believe they have been a victim of an attack by a nation-state. Cyberspionage is becoming more and more popular among nation-state threat actors. It's therefore more important than ever that companies have robust cybersecurity procedures.

empyrean -state cyberattacks can take many forms, from stealing intellectual property to ransomware or a Distributed Denial of Service (DDoS) attack. They could be carried out by government agencies, members of a cybercrime outfit that is aligned with or contracted by an entity of the state, freelancers who are employed to carry out a specific nationalist campaign or even criminal hackers who target the general public in general.

The advent of Stuxnet changed the game for cyberattacks, allowing states to arm themselves with malware and use it against their enemies. Since since then, cyberattacks are used by states to achieve the military, political and economic goals.

In recent times there has been a marked increase in the number of government-sponsored attacks and the advanced nature of these attacks. Sandworm, a group backed by the Russian government has targeted both customers and businesses by using 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 national-state actor's threat requires extensive coordination between several government agencies. This is a major difference from the "grandfather's cyberattack" when a company would submit an Internet Crime Complaint Center Report (IC3) to the FBI but not need to conduct a 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 time-consuming and challenging.

Smart Devices

As more devices are connected to the Internet cyber-attacks are becoming more common. This increased attack surface could pose security risks to both companies and consumers. Hackers can, for example use smart devices to exploit vulnerabilities in order to steal data or compromise networks. This is especially true when the devices aren't secured and protected.

Smart devices are especially appealing to hackers as they can be used to gain a wealth of information about businesses or individuals. For instance, voice-controlled assistants like Alexa and Google Home can learn a lot about users through the commands they are given. They can also gather data about the layout of their homes and other personal information. They also serve as gateways to other IoT devices such as smart lighting, security cameras, and refrigerators.

Hackers can cause severe damage to both businesses and individuals by gaining 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). Additionally, they can hack into vehicles to steal GPS locations or disable safety features. They may even cause physical harm to drivers and passengers.

There are ways to limit the damage caused by smart devices. For example, users can change the default passwords that are used on their devices to prevent attackers from finding them easily and also enable two-factor authentication. Regular firmware updates are required for routers as well as IoT device. Local storage, rather than the cloud, can reduce the threat of an attacker when it comes to transferring and storage of data from or to these devices.

Research is still needed to understand the impact of these digital threats on the lives of people and the best ways to reduce their impact. Particularly, studies should concentrate on identifying and designing technology solutions that can help reduce 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 one of the most frequent factors that contribute to cyberattacks. It could be anything from downloading malware to leaving a network vulnerable to attack. By creating and enforcing strict security procedures, many of these blunders can be prevented. A malicious attachment can be clicked by an employee in an email containing phishing messages or a storage configuration issue could expose sensitive data.

A system administrator may disable the security function without even realizing it. This is a frequent error that exposes software to attack by malware or ransomware. According to IBM the majority of security breaches are caused by human error. empyrean corporation to understand the types of mistakes that can cause to a cyber-attack and take steps in order to prevent them.

Cyberattacks can occur for various reasons, such as hacking activism, financial fraud or to steal personal data, disrupt critical infrastructure or essential services of the government or an organization. They are often carried out by state-sponsored actors, third-party vendors, or hacker collectives.

The threat landscape is complex and constantly changing. Companies must constantly examine their risk profiles and reassess strategies for protection to keep pace with the latest threats. The good news is advanced technology can lower an organization's overall risk of being a victim of a hacker attack and enhance its security posture.

It's also important to remember that no technology can shield an organisation from every potential threat. This is why it's imperative to develop an extensive cybersecurity strategy that considers the different layers of risk within an organization's network ecosystem. It is also essential to perform regular risk assessments instead of using only point-in-time assessments that are often incorrect or missed. A comprehensive assessment of the security risks facing an organization will enable a more effective mitigation of these risks and ensure compliance with industry standard. This will help to prevent costly data breaches and other incidents that could have a negative impact on a business's operations, finances and image. A successful cybersecurity strategy should include the following components:

Third-Party Vendors

Third-party vendors are businesses which are not owned by the organization but provide services, software, or products. These vendors have access to sensitive data like client information, financials or network resources. Their vulnerability could be used to gain access to the business system they originally used to operate from when they're not secured. This is the reason that cybersecurity risk management teams are going to extremes to ensure that third-party risks can be vetted and controlled.

The risk is growing as cloud computing and remote working are becoming more popular. A recent survey by the security analytics firm BlueVoyant found that 97% of companies which were surveyed suffered from supply chain weaknesses. That means that any disruption to a vendor - even if it's a small portion of the supply chain - can cause a domino effect that threatens the entire operation of the original business.

Many companies have developed procedures to take on new third-party suppliers and demand that they sign service level agreements which dictate the standards they are accountable to in their relationship with the company. A good risk assessment should document how the vendor is tested for weaknesses, analyzing the results on the results, and then resolving them in a timely manner.

empyrean that requires two-factor verification to gain entry to the system is another way to protect your company against threats from outside. This stops attackers from easily accessing your network by stealing an employee's credentials.

Last but not least, ensure that your third party providers are using the most recent version of their software. This ensures that they haven't introduced any security flaws unintentionally in their source code. These vulnerabilities can go unnoticed, and then be used to launch more high-profile attacks.

Ultimately, third-party risk is a constant risk to any company. The strategies mentioned above can be used to reduce these threats. However, the most effective way for you to minimize your third-party risks is by constantly monitoring. This is the only way to fully comprehend the cybersecurity posture of your third party and quickly identify possible risks.

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