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Cybersecurity Risk Management - How to Manage Third-Party Risks

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

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

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-equipped and possess sophisticated hacking techniques, making it difficult to recognize them or fight them. They can steal sensitive information and disrupt services for businesses. They also can cause more damage by targeting the supply chain of the company as well as compromising third suppliers.

The cost of a nation-state attack is estimated at $1.6 million. Nine out of 10 organizations believe they've been victims of a state-sponsored attack. Cyberspionage is becoming increasingly popular among nation-state threat actors. Therefore, it is more crucial than ever to ensure that businesses have solid cybersecurity practices.

Cyberattacks by nation-states can come in many varieties. They can vary from ransomware to Distributed Denial of Service attacks (DDoS). They are performed by cybercriminal groups, government agencies which are backed by states, freelancers employed to execute a nationalist attack or even by criminal hackers who target the general population.

The introduction of Stuxnet changed the rules of cyberattacks, allowing states to use malware as a weapon and make use of it against their enemies. Since the time, cyberattacks have been used by states to achieve the military, political and economic goals.

In recent times, there has been an increase in both the number and sophistication of attacks sponsored by governments. Sandworm, a group backed by the Russian government has targeted both consumers and businesses with DDoS attacks. This is distinct from traditional crime syndicates that are motivated by the desire to make money. They tend to target both consumers and businesses.

Responding to a national state actor's threat requires a lot of coordination between several government agencies. This is a big difference from "your grandfather's cyberattack," when a company could submit an Internet Crime Complaint Center (IC3) Report to the FBI, but would not routinely need to engage in significant coordination with the FBI as part of its incident response process. Responding to a nation-state attack requires a higher degree of coordination. It also involves coordinating with other governments, which can be difficult and time-consuming.

Smart Devices

As more devices become connected to the Internet Cyber attacks are becoming more prevalent. This increased attack surface can cause security issues for companies and consumers. Hackers could, for instance, exploit smart devices to steal data or compromise networks. This is especially true if devices aren't properly secured and secured.

Smart devices are particularly attractive to hackers because they can be used to gather a wealth of information about businesses or individuals. Voice-controlled assistants such as Alexa and Google Home, for example, can learn a great amount about their users through the commands they receive. They can also collect data about the layout of their homes and other personal information. In addition they are often used as a gateway to other types of IoT devices, like smart lights, security cameras and refrigerators.

If hackers can get access to these devices, they can cause significant harm to people and businesses. They could make use of these devices to commit a diverse range of crimes including identity theft, fraud and Denial-of-Service attacks (DoS). In addition, they can hack into vehicles to steal GPS locations, disable safety features and even cause physical harm to drivers and passengers.

Although it is impossible to stop users from connecting to their smart devices but there are steps that can be taken to limit the harm they cause. For example users can alter the factory default passwords on their devices to stop attackers from finding them easily and also enable two-factor authentication. It is also crucial to update the firmware on routers and IoT devices regularly. Additionally using local storage instead of cloud will reduce the chance of an attack when you transfer or the storage of data to and from these devices.

Research is still needed to better understand the impact of these digital threats on our lives and the best methods to limit them. In particular, studies should concentrate on identifying and designing technology solutions that can help reduce the negative effects caused by IoT devices. They should also look into other potential risks related to with cyberstalking and the exacerbated power asymmetries between household members.


Human Error

Human error is a frequent factor that can lead to cyberattacks and data breaches. This could range from downloading malware to leaving a company's network vulnerable to attack. Many of these mistakes can be avoided by establishing and enforcing strict security measures. A malicious attachment could be opened by an employee within an email that is phishing or a storage configuration issue could expose sensitive information.

Moreover, an employee might disable a security feature in their system without noticing that they're doing so. This is a common error which makes software vulnerable to attacks from ransomware and malware. IBM claims that human error is the main reason behind security incidents. This is why it's essential to understand the types of errors that can result in a cybersecurity attack and take steps to prevent the risk.

Cyberattacks are committed to a variety of reasons, including financial fraud, hacking activism or to collect personal data or to deny service, or disrupt critical infrastructure and essential services of a government agency or an organisation. State-sponsored actors, vendors or hacker groups are usually the culprits.

The threat landscape is a complex and ever-changing. Organisations must therefore constantly examine their risk profiles and reassess protection strategies to stay up-to-date with the most recent threats. The good news is that modern technologies can reduce an organisation's overall risk of a hacker attack and improve its security capabilities.

But, it's crucial to keep in mind that no technology is able to protect an organization from every threat. empyrean group is why it's imperative to develop an effective cybersecurity plan that considers the various layers of risk within an organization's network ecosystem. It is also important to conduct regular risk assessments, rather than relying on only point-in-time assessments that are often incorrect or omitted. A comprehensive assessment of the security risks facing an organization will permit an efficient mitigation of these risks, and also ensure compliance with industry standard. 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 will include the following elements:

Third-Party Vendors

Every company relies on third-party suppliers - that is, businesses outside the company which offer services, products and/or software. These vendors have access to sensitive information such as client information, financials or network resources. If these businesses aren't secure, their vulnerability becomes a gateway into the original company's system. This is the reason that cybersecurity risk management teams are going to extremes to ensure that risks from third parties are screened and managed.

The risk is growing as cloud computing and remote working are becoming more popular. In fact, a recent survey by security analytics firm BlueVoyant found that 97% of the companies they surveyed had been adversely affected by supply chain vulnerabilities. That means that any disruption to a vendor - even if it is a tiny part of the business supply chain - can cause a domino effect that threatens the entire operation of the original business.

Many companies have taken the initiative to create a process that accepts new third-party vendors and requires them to sign to specific service level agreements that dictate the standards by which they are held in their relationship with the company. In addition, a good risk assessment should document how the vendor is screened for weaknesses, then following up on the results and resolving the issues in a timely manner.

A privileged access management system that requires two-factor verification to gain entry to the system is a different method to safeguard your business against threats from outside. This will prevent attackers from accessing your network by stealing an employee's credentials.

Lastly, make sure your third-party vendors use the latest versions of their software. This will ensure that they don't have inadvertent flaws into their source code. These flaws can often go undetected, and be used to launch additional publicized attacks.

Third-party risk is a constant risk to any company. While the aforementioned strategies can 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 security posture of your third party and to quickly spot potential threats.

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