Cybersecurity Risk Management - How to Manage Third-Party RisksEvery day is without hearing about data breaches that leak hundreds of thousands or even millions of personal information of people. These incidents usually originate from third-party vendors, like a vendor that experiences a system outage.Information about your threat environment is vital for assessing cyber threats. This information lets you identify threats that require immediate focus.State-sponsored attacsCyberattacks from nation-states can cause more damage than other attack. Nation-state attackers typically have large resources and advanced hacking skills that make them difficult to detect and fight. They can take sensitive information and disrupt business services. They can also cause more harm through targeting the supply chain of the company as well as inflicting harm on third party suppliers.This means that the average nation-state attack costs an estimated $1.6 million. cryptocurrency solutions in 10 companies believe they have been a victim of an attack by a nation-state. Cyberspionage is becoming increasingly popular among threat actors from nation states. Therefore, it's more important than ever that companies have robust cybersecurity procedures.Cyberattacks against states can take a variety of forms, ranging 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 cybercriminal outfit that is a part of or contracted by the state, freelancers employed for a particular nationalist project or even just criminal hackers who attack the public at large.The advent of Stuxnet changed the game for cyberattacks as it allowed states to weaponize malware and use it against their adversaries. Since then states have used cyberattacks to accomplish political goals, economic and military.In recent years there has been an increase in the number of attacks sponsored by governments and the advanced nature of these attacks. For instance the Russian government-sponsored group Sandworm has been targeting companies and consumers with DDoS attacks and ransomware. This is different from traditional crime syndicates which are motivated by the desire to make money. They tend to target businesses and consumers.As a result responding to a threat from a nation-state actor requires extensive coordination with multiple government agencies. This is quite different from "your grandfather's cyberattack" when a company might submit an Internet Crime Complaint Center (IC3) Report to the FBI however, it wouldn't typically require significant coordination with the FBI as part of its incident response process. Responding to a nation state attack requires a greater degree of coordination. It also requires coordination with other governments, which is lengthy and difficult.Smart DevicesCyberattacks are growing in frequency as more devices connect to the Internet. This increased attack surface can create security risks for consumers and businesses alike. For instance, hackers could exploit smart devices to steal information or even compromise networks. This is especially true when these devices aren't properly secured and secured.Hackers are attracted to smart devices due to the fact that they can be used for a variety of purposes, including gaining information about individuals or businesses. Voice-controlled assistants such as Alexa and Google Home, for example can gather a large amount about their users based on the commands they receive. They can also collect information about users' home layouts as well as other personal details. These devices are also used as gateways to other IoT devices such as smart lighting, security cameras, and refrigerators.If hackers can get access to these kinds of devices, they could cause serious harm to individuals and businesses. They could employ them to commit variety of crimes, including fraud and identity theft. Denial-of-Service (DoS) attacks, and malicious software attacks. They also have the ability to hack into vehicles to spoof GPS location, disable safety features, and even cause physical injury to drivers and passengers.While it is not possible to stop users from connecting to their devices to the internet however, there are steps that can be taken to minimize the harm they cause. For instance users can alter the default passwords that are used on their devices to prevent attackers from easily locating them and also enable two-factor authentication. Regular firmware updates are also essential for routers and IoT device. Local storage, rather than cloud storage, can lower the chance of an attacker when transferring and the storage of data between or on these devices.It is necessary to conduct research to better understand these digital harms and the best ways to reduce them. Particularly, studies should be focused on identifying and developing technology solutions that can help reduce the negative effects caused by IoT devices. Additionally, they should investigate other possible harms, such as cyberstalking, or the exacerbated power imbalances among household members.Human ErrorHuman error is a typical factor that can lead to cyberattacks and data breaches. It can be anything from downloading malware to leaving a company's network vulnerable to attack. Many of these mistakes can be avoided by setting up and enforcing strong security controls. For example, a worker could click on an attachment that is malicious in a phishing attack or a storage configuration issue could expose sensitive information.Administrators of systems can disable a security function without realizing it. This is a common mistake that makes software vulnerable to attacks from malware and ransomware. According to empyrean , the majority of security incidents are caused by human error. This is why it's crucial to be aware of the types of mistakes that can cause a cybersecurity breach and take steps to prevent the risk. empyrean group are carried out for a wide range of reasons including hacking activism, financial fraud, to obtain personal information, deny service, or disrupt vital infrastructure and essential services of a government agency or an organisation. They are usually committed by state-sponsored actors third-party vendors, or hacker collectives.The threat landscape is complicated and ever-changing. Organisations must therefore constantly examine their risk profiles and revise strategies for protection to keep pace with the most recent threats. The good news is that advanced technologies can lower the overall risk of a cyberattack, and improve an organisation's security posture.However, it's important to keep in mind that no technology can shield an organization from every threat. Therefore, it is essential to develop a comprehensive cyber-security strategy that is based on the different levels of risk in the organization's ecosystem. It is also important to conduct regular risk assessments, rather than relying solely on point-in time assessments that are often incorrect or omitted. A thorough analysis of a company's security risks will permit more efficient mitigation of these risks and will help ensure the compliance of industry standards. This can ultimately prevent costly data breaches and other security incidents from adversely impacting a business's reputation, operations, and financials. A successful strategy for cybersecurity includes the following components:Third-Party VendorsEvery organization depends on third-party vendors that is, companies outside of the company who offer products, services and/or software. These vendors have access to sensitive information like financials, client information 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 started to go to great lengths to ensure that the risks of third parties are identified and controlled.The risk is growing as cloud computing and remote working are becoming more popular. In fact, a recent study by security analytics firm BlueVoyant found that 97% of the companies they surveyed were affected negatively by supply chain weaknesses. A disruption by a vendor, even if it only affects a small portion of the supply chain could have a ripple effect that can disrupt the entire business.Many organizations have resorted the initiative to create a process which accepts new vendors from third parties and requires them to adhere to specific service level agreements that dictate the standards to which they are held in their relationship with the company. Additionally, a thorough risk assessment should include a record of how the vendor is evaluated for weaknesses, following up on the results, and then resolving the issues in a timely manner.A privileged access management system that requires two-factor verification to gain entry to the system is another method to safeguard your business against threats from outside. This stops attackers from easily accessing your network through the theft of credentials.Lastly, make sure your third-party vendors use the most current versions of their software. This will ensure that they don't have accidental flaws in their source code. empyrean corporation , these flaws are not discovered and could be used as a springboard for more prominent attacks.In the end, third-party risk is an ever-present threat to any business. While the strategies mentioned above can assist in reducing certain risks, the best method to ensure your third-party risk is minimized is to conduct continuous monitoring. This is the only method to fully comprehend the cybersecurity position of your third party and to quickly identify the potential threats.