Cybersecurity Risk Management - How to Manage Third-Party RisksEvery day, we hear about breaches of data that have exposed private data of hundreds of thousands if not millions of people. These breaches typically stem from third-party partners, like the company that experiences a system outage.Analyzing cyber risk begins with precise details about your threat landscape. This information allows you to prioritize threats that require your immediate attention.State-Sponsored AttacsWhen cyberattacks are committed by the nation-state they are more likely to cause more damage than other attacks. Attackers from nations are usually well-resourced and have sophisticated hacking techniques, making it difficult to identify them or to defend against them. They are able to take sensitive information and disrupt services for businesses. Additionally, they could create more lasting damage through targeting the supply chain and compromising third-party suppliers.This means that the average cost of a nation-state attack is an estimated $1.6 million. Nine out of 10 organizations believe they've been the victims of an attack that was backed by a state. Cyberespionage is becoming more popular among threat actors from nation states. Therefore, it's more important than ever before that companies implement strong cybersecurity practices.Cyberattacks by nation-states can come in many types. They include ransomware, to Distributed Denial of Service attacks (DDoS). They are performed by cybercriminal organizations, government agencies that are contracted or aligned by states, freelancers employed to conduct a nationalist-themed operation or even hackers who target the general population.The advent of Stuxnet changed the game of cyberattacks, allowing states to arm themselves with malware and use it against their enemies. Since since then states have used cyberattacks to achieve political goals, economic and military.In recent times, there has been a rise in the sophistication and number of attacks backed by governments. Sandworm, a group sponsored 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 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 significant difference from "your grandfather's cyberattack" when a company could submit an Internet Crime Complaint Center (IC3) Report to the FBI however, it would not necessarily require significant coordination with the FBI as part of its incident response. In addition to the higher level of coordination, responding to a nation-state attack also requires coordination with foreign governments which can be demanding and time-consuming. cryptocurrency solutions are growing in frequency as more devices connect to the Internet. This increased attack surface could create security risks for both companies and consumers. Hackers could, for instance use smart devices to exploit vulnerabilities to steal data or compromise networks. This is particularly true when the devices aren't secured and secured.Hackers are attracted by smart devices because they can be employed for a variety of purposes, such as gaining information about people or businesses. Voice-controlled assistants such as Alexa and Google Home, for example can discover a huge amount about their users through the commands they receive. They can also gather information about home layouts and other personal details. Furthermore they are frequently used as a gateway to other types of IoT devices, like smart lights, security cameras and refrigerators.If hackers can get access to these types of devices, they could cause significant harm to people and businesses. They could employ these devices to commit a variety of crimes, like fraud, identity theft and Denial-of-Service attacks (DoS). They can also hack into vehicles to disguise GPS location or disable safety features and even cause physical injury to drivers and passengers.There are ways to reduce the harm caused by smart devices. Users can, for instance change the default factory passwords of their devices to avoid attackers being able to find them easily. They can also enable two-factor authentication. It is also important to update the firmware on routers and IoT devices regularly. Additionally, using local storage instead of the cloud can reduce the risk of an attack while transferring or storing data to and from these devices.It is still necessary to conduct research to better understand these digital harms and the best ways to reduce them. Research should be focused on identifying technology solutions that can help mitigate harms caused by IoT. They should also look into other potential risks like those that are associated with cyberstalking and the exacerbated power imbalances between household members.Human ErrorHuman error is one of the most prevalent factors that can lead to cyberattacks. It could be anything from downloading malware to leaving a network vulnerable to attack. Many of these mistakes can be avoided by establishing and enforcing security measures. For cryptocurrency solutions , an employee could click on a malicious link in a phishing scam or a storage configuration error could expose sensitive information.Moreover, an employee might disable a security feature on their system without noticing that they're doing this. This is a frequent error that leaves software open to attacks by malware and ransomware. According to IBM, the majority of security incidents result from human error. This is why it's important to be aware of the types of mistakes that could result in a cybersecurity attack and take steps to prevent the risk.Cyberattacks are committed to a variety of reasons, including hacking activism, financial fraud or to collect personal data or to deny service, or disrupt vital infrastructure and vital services of a state or an organisation. State-sponsored actors, vendors, or hacker groups are usually the culprits.The threat landscape is complex and constantly changing. Organizations should therefore regularly examine their risk profiles and revise security strategies to keep up 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 measures.However, it's important to remember that no technology can shield an organization from every possible threat. This is the reason it's essential to devise an effective cybersecurity plan that considers the various layers of risk within an organisation's network ecosystem. It's also important to regularly perform risk assessments instead of relying on point-in-time assessments that could be easily missed or inaccurate. A comprehensive assessment of the security risk of an organization will permit an effective reduction of these risks, and also ensure that the organization is in compliance with industry standards. This will ultimately help prevent costly data breaches and other security incidents from negatively impacting the reputation of a company's operations, and financials. A successful cybersecurity plan should include the following elements:Third-Party VendorsThird-party vendors are companies that are not part of the company but offer services, software, and/or products. These vendors have access to sensitive information like financials, client information or network resources. If they're not secure, their vulnerability becomes an entry point into the business's system. It is for this reason that cybersecurity risk management teams are going to extremes to ensure that risks from third parties are screened and controlled.As the use of cloud computing and remote work increases the risk of a cyberattack is becoming more of an issue. A recent study conducted by security analytics firm BlueVoyant found that 97% of the companies which were surveyed suffered from supply chain weaknesses. That means that any disruption to a vendor, even one with a small part of the business's supply chain - can cause an unintended consequence that could affect the whole operation of the business.Many organizations have created an approach to accept new third-party suppliers and require that they sign service level agreements which dictate the standards they will be bound to in their relationships with the organization. A thorough risk assessment should also include documentation of the ways in which weaknesses of the vendor are assessed, followed up on and corrected promptly.Another way to protect your business against third-party risk is by using the privileged access management software that requires two-factor authentication to gain entry into the system. This prevents attackers gaining access to your network by stealing credentials of employees.The last thing to do is make sure that your third-party service providers are running the most current version of their software. This ensures that they haven't created security flaws that were not intended in their source code. Often, these vulnerabilities go undetected and can be used as a springboard for more prominent attacks.Ultimately, third-party risk is a constant risk to any company. The strategies listed above can help reduce these risks. However, the best way for you to minimize your third-party risks is by constant monitoring. empyrean group is the only way to fully comprehend the cybersecurity threat of your third-party and to quickly spot the potential risks.