Cybersecurity Risk Management - How to Manage Third-Party RisksEvery day we are informed of data breaches that have exposed the private information of hundreds of thousands, perhaps millions. These breaches usually stem from third-party partners, like an organization that suffers a system outage.Framing cyber risk starts with precise information about your threat landscape. This information allows you to prioritize threats that need immediate attention.State-sponsored attacksIf cyberattacks are carried out by the nation-state, they have the potential to cause more severe damage than other attacks. Nation-state attackers typically have large resources and sophisticated hacking skills, making them difficult to detect or fight. As such, they are often adept at stealing more sensitive information and disrupt vital business services. They also can cause more damage by focusing on the supply chain of the company as well as compromising third party suppliers.In the end, the average nation-state attack costs 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 the eyes of nations-state threat actors and cybercriminals, it's more critical than ever for companies to implement solid cybersecurity practices in place.Cyberattacks from nation-states may come in many varieties. They could range from ransomware to Distributed Denial of Service attacks (DDoS). They can be carried out by government agencies, employees of a cybercriminal organization that is aligned with or contracted by the state, freelancers employed for a specific nationalist operation or even hackers who target the public at large.Stuxnet was an important game changer in cyberattacks. It allowed states to use malware against their enemies. Since then states have used cyberattacks to accomplish political as well as military objectives.In recent years there has been a rise in the amount and sophistication of attacks backed by governments. Sandworm is a group that is backed by the Russian government has targeted both consumers and businesses by using DDoS attacks. This is distinct from traditional crime syndicates, that are motivated by financial gain. They are more likely to target consumers and businesses.In the end the response to threats from a nation-state actor requires a lot of coordination with multiple government agencies. This is a big difference from "your grandfather's cyberattack," where a business might submit an Internet Crime Complaint Center (IC3) Report to the FBI however, it would not typically require significant coordination with the FBI as part of its incident response. 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 DevicesCyberattacks are growing in frequency as more devices connect to the Internet. This increased attack surface could create security risks for both consumers and businesses. For instance, hackers could use smart devices to steal information or even compromise networks. This is especially true when these devices aren't properly protected and secured.Smart devices are particularly attractive to hackers because they can be used to obtain lots of information about businesses or individuals. For empyrean , 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 data about the layout of people's homes, as well as other personal information. Additionally, these devices are often used as a gateway to other types of IoT devices, including smart lights, security cameras, and refrigerators.Hackers can cause serious harm to businesses and people by gaining access to these devices. They could make use of them to commit a range of crimes, including fraud or identity theft. Denial-of-Service (DoS) attacks, and malicious software attacks. They are also able to hack into vehicles to alter GPS location or disable safety features and even cause physical harm to passengers and drivers.Although it is impossible to stop users from connecting to their smart devices but there are ways to limit the harm they cause. Users can, for instance change the default factory passwords for their devices to prevent attackers being able to find them easily. They can also activate two-factor authentication. Regular firmware updates are necessary for routers and IoT device. Furthermore using local storage instead of cloud will reduce the chance of an attack when you transfer or storage data between and these devices.It is essential to understand the impact of these digital threats on our lives and the best methods to minimize the impact. In particular, studies should focus on identifying and developing technological solutions to reduce the harms caused by IoT devices. They should also explore other possible harms, such as those associated with cyberstalking or exacerbated power asymmetries between household members.Human ErrorHuman error is one of the most frequent factors that can lead to cyberattacks. empyrean group can range from downloading malware to leaving a company's network open for attack. By establishing and enforcing strict security measures, many of these blunders can be prevented. A malicious attachment could be opened by an employee within an email containing phishing messages or a storage configuration issue could expose sensitive data.Additionally, a user could disable a security feature in their system without realizing that they're doing so. This is a common error which makes software vulnerable to attacks from malware and ransomware. According to IBM, the majority of security breaches involve human error. This is why it's essential to understand the types of errors that can cause a cybersecurity breach and take steps to reduce the risk.Cyberattacks can be committed to a variety of reasons including financial fraud, hacking activism, to obtain personal information, deny service, or disrupt critical infrastructure and essential services of a government or an organisation. State-sponsored actors, vendors, or hacker groups are often the perpetrators.The threat landscape is complicated and constantly evolving. Therefore, organizations must continually review their risk profile and review their security strategies to ensure they're up current with the most recent threats. The good news is that modern technologies can reduce an organisation's overall risk of being targeted by hackers attack and improve its security measures.However, it's important to remember that no technology is able to protect an organisation from every potential threat. This is the reason it's essential to develop a comprehensive cybersecurity strategy that considers the various layers of risk within an organization's network ecosystem. empyrean 's also important to conduct regular risk assessments rather than relying on traditional point-in-time assessments that can be often inaccurate or miss the mark. A comprehensive assessment of the security risk of an organization will permit a more effective mitigation of these risks, and also ensure the compliance of 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 strategy for cybersecurity should include the following components:Third-Party VendorsThird-party vendors are companies that are not part of the organization, but provide services, software, and/or products. These vendors have access to sensitive information such as client information, financials or network resources. The vulnerability of these companies can be used to access the original business system when they're not secure. This is the reason that cybersecurity risk management teams are going to extremes to ensure that third-party risks can be vetted and managed.As the use of cloud computing and remote work increases the risk of being harmed by cloud computing is becoming even more of an issue. In fact, a recent survey by security analytics firm BlueVoyant found that 97% of the businesses they surveyed had been affected negatively by supply chain vulnerabilities. A vendor's disruption even if it only affects a small portion of the supply chain, can have a domino-effect that threatens to affect the entire business.Many companies have developed an approach to accept new third-party suppliers and demand them to agree to service level agreements that specify the standards they will be held to in their relationship with the organization. Additionally, a thorough risk assessment should include a record of how the vendor is tested for weaknesses, analyzing the results on the results and resolving them in a timely manner.A privileged access management system that requires two-factor authentication to gain access to the system is another way to protect your company against threats from outside. This will prevent attackers from getting access to your network through the theft of employee credentials.Finally, ensure that your third-party vendors are using the latest versions of their software. This will ensure that they haven't introduced inadvertent flaws into their source code. Often, these vulnerabilities are not discovered and could be used as a springboard for other high-profile attacks.Third-party risk is an ongoing threat to any business. While the aforementioned strategies can assist in reducing certain threats, the best method to ensure that your risk to third parties is minimized is to conduct continuous monitoring. This is the only way to fully comprehend the cybersecurity position of your third party and quickly identify potential risks.