Cybersecurity Risk Management - How to Manage Third-Party RisksEvery day is without a news story about data breaches that expose hundreds of thousands or even millions of personal information of people. These breaches are usually caused by third-party partners such as a vendor who suffers a system malfunction.The process of assessing cyber risk begins with precise details about your threat landscape. This lets you prioritize the threats that require your attention the most urgently.State-Sponsored AttacksIf cyberattacks are carried out by the nation-state, they have the potential to cause more serious damage than other attacks. Nation-state attackers typically have large resources and sophisticated hacking skills, making them difficult to detect or fight. They are able to steal sensitive information and disrupt business services. In addition, they can create more lasting damage by targeting the company's supply chain and compromising third-party suppliers.As a result, the average cost of a nation-state attack is an estimated $1.6 million. Nine out of 10 businesses believe they've been the victims of an attack by a state. Cyberspionage is becoming more and more well-known among threat actors from nations. It's therefore more important than ever that companies have robust cybersecurity procedures.Cyberattacks carried out by nation-states can take place in a variety of forms. They range from ransomware to Distributed Denial of Service attacks (DDoS). They can be carried out by government agencies, members of a cybercriminal outfit which is affiliated with or contracted by the state, freelancers employed for a specific nationalist operation or even just criminal hackers who target the public at large.Stuxnet was a game changer for cyberattacks. It allowed states to weaponize malware against their enemies. Since then, cyberattacks have been utilized by states to accomplish political, military and economic goals.In recent years there has been an increase in both the amount and sophistication of attacks backed by government. For example the Russian government-sponsored group Sandworm has been targeting both businesses and consumers with DDoS attacks and ransomware. This is different from traditional criminal syndicates, which are motivated by profit and are more likely to target businesses owned by consumers.Responding to a national-state actor's threat requires extensive coordination between multiple 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 coordinate a significant response with the FBI. Responding to a nation-state attack requires a higher level of coordination. It also involves coordinating with other governments, which can be time-consuming and challenging.Smart DevicesAs more devices are connected to the Internet cyber-attacks are becoming more prevalent. This increase in attack surfaces can cause security issues for businesses and consumers alike. Hackers can, for example use smart devices to exploit vulnerabilities in order to steal data or compromise networks. This is especially true if these devices aren't properly protected and secured.Smart devices are especially appealing to hackers as they can be used to gather an abundance of information about businesses or individuals. For example, voice controlled assistants like Alexa and Google Home can learn a amount about their users by the commands they are given. They also collect information about the layout of their homes, as well as other personal information. These devices are also used as gateways to other IoT devices, such as smart lighting, security cameras, and refrigerators.If hackers gain access to these types of devices, they can cause significant harm to people and businesses. They can make use of these devices to commit wide range of crimes, like identity theft, fraud, and Denial-of-Service attacks (DoS). Additionally, they can hack into vehicles to alter GPS locations or disable safety features. They may even cause physical harm to drivers and passengers.While it's not possible to stop users from connecting to their devices to the internet but there are ways to limit the damage they cause. Users can, for instance, change the factory default passwords on their devices to prevent attackers getting them easily. They can also enable two-factor verification. It is also essential to update the firmware on routers and IoT devices frequently. Also using local storage instead of cloud can reduce the risk of an attack while transferring or storing data to and from these devices.It is necessary to conduct research in order to better understand the digital damage and the best ways to mitigate them. Studies should concentrate on finding solutions to technology that can mitigate the harms caused by IoT. Additionally, they should investigate other potential harms such as cyberstalking and the exacerbated power imbalances among household members.Human ErrorHuman error is a typical factor that contributes to cyberattacks and data breaches. This can range from downloading malware to leaving an organisation's network vulnerable to attack. By establishing and enforcing strict security measures Many of these errors can be avoided. A malicious attachment could be clicked by an employee in an email containing phishing messages or a storage configuration issue could expose sensitive data.Moreover, an employee might disable a security function in their system without noticing that they're doing this. This is a common mistake that leaves software vulnerable to attacks from ransomware and malware. According to IBM, the majority of security incidents result from human error. It's important to know the kinds of mistakes that can cause a cyber breach and take steps in order to minimize the risk.Cyberattacks can be committed for a variety of reasons, including hacking, financial fraud, to obtain personal information and to block service or disrupt critical infrastructure and vital services of a state or an organisation. They are usually committed by state-sponsored actors third-party vendors or hacker collectives.The threat landscape is always changing and complex. Therefore, organizations must continuously review their risk profiles and review their security strategies to ensure they're up to current 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 also improve its security capabilities.But, it's crucial to keep in mind that no technology is able to protect an organization from every possible threat. It is therefore crucial to create a comprehensive cyber-security strategy that considers the various layers of risk within an organisation's ecosystem. It's also crucial to conduct regular risk assessments, rather than using only point-in-time assessments, which are often in error or omitted. A thorough analysis of a company's security risks will enable more effective mitigation of those risks and will help ensure the compliance of industry standards. This will help prevent costly data breaches and other incidents that could negatively impact the business's operations, finances and image. A successful cybersecurity plan should incorporate the following elements:Third-Party VendorsEvery organization relies on third-party vendors which are businesses outside the company that provide software, services, or products. These vendors have access to sensitive information such as client information, financials or network resources. Their vulnerability could be used to gain access to the business system that they are operating from in the event that they are not secured. This is why risk management teams have begun to go to the extremes to ensure that risks from third parties are vetted and controlled. top companies for cyber security is growing as cloud computing and remote working are becoming more popular. A recent survey conducted by the security analytics firm BlueVoyant revealed that 97% of the companies surveyed were negatively affected by supply chain weaknesses. That means that any disruption to a vendor - even one with a small part of the business supply chain - could trigger a domino effect that threatens the entire operation of the business.Many companies have taken to establishing a procedure that accepts new third-party vendors and requires them to sign to specific service level agreements that dictate the standards to which they will be held in their relationship with the organization. A good risk assessment will also include documentation of how weaknesses of the vendor are assessed, followed up on and corrected in a timely fashion.Another method to safeguard your business from threats from third parties is by using the privileged access management software that requires two-factor authentication to gain entry into the system. This will prevent attackers from getting access to your network through the theft of employee credentials.Lastly, make sure your third-party vendors use the latest versions of their software. This will ensure that they haven't introduced unintentional flaws into their source code. Many times, these flaws go undetected and can be used as a springboard for more high-profile attacks.Third-party risk is a constant threat to any business. The strategies discussed above can help reduce these threats. However, the most effective way for you to minimize your risk to third parties is through constant monitoring. This is the only way to understand the state of your third-party's cybersecurity posture and to quickly recognize any risks that may occur.