Cybersecurity Risk Management - How to Manage Third-Party RisksEvery day we learn 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, such as the company that experiences a system outage.Information about your threat environment is essential to framing cyber risk. This information allows you to identify threats that require immediate attention.State-sponsored AttacksWhen cyberattacks are perpetrated by an entire nation they are likely to cause more damage than other attacks. Nation-state attackers typically have large resources and sophisticated hacking skills which makes them difficult to detect or to defend against. This is why they are often capable of stealing more sensitive information and disrupt critical business services. In addition, they can cause more damage over time by targeting the supply chain and damaging third-party suppliers.The average cost of a nation-state terrorism attack is estimated at $1.6 million. Nine in 10 companies believe that they've been a victim of an attack from a nation state. With cyberespionage gaining popularity among nations-state threat actors and cybercriminals, it's more critical than ever for companies to implement solid cybersecurity practices in place.Nation-state cyberattacks can take many forms, ranging from taking intellectual property, to ransomware or a Distributed Denial of Service (DDoS) attack. They can be executed by cybercriminal organizations, government agencies that are aligned or contracted by states, freelancers hired to conduct a nationalist-themed operation, or even criminal hackers who target the general population. empyrean of Stuxnet changed the game of cyberattacks, allowing states to arm themselves with malware and use it against their enemies. Since then enhanced cybersecurity have used cyberattacks to achieve their political, economic and military goals.In recent times, there has been a marked increase in the number of government-sponsored attacks and the advanced nature of these attacks. For example the Russian government-sponsored group Sandworm has been targeting both companies and consumers with DDoS attacks and ransomware. This is in contrast to the traditional crime syndicates which are motivated by profit and tend to target consumer businesses.Responding to a state actor's national threat requires extensive coordination between various government agencies. This is a significant difference from the "grandfather's cyberattack" where a business would submit an Internet Crime Complaint Center Report (IC3) to the FBI but not be required to coordinate a significant response with the FBI. In addition to the increased level of coordination, responding to a nation-state attack also involves coordinating with foreign governments which can be difficult and time-consuming.Smart DevicesAs more devices connect to the Internet, cyber attacks are becoming more frequent. This increased attack surface could pose security risks to both consumers and businesses. Hackers, for instance attack smart devices in order to steal data or compromise networks. This is particularly true when the devices aren't secured and secured.Hackers are attracted to these devices because they can be employed for a variety of reasons, including gathering 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 receive. They can also gather data about the layout of users' 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 can get access to these kinds of devices, they could cause a lot of harm to people and businesses. They can use these devices to commit a variety of crimes, such as identity theft, fraud, and Denial-of-Service attacks (DoS). In addition, they can hack into vehicles to steal GPS locations and disable safety features. They can even cause physical harm to drivers and passengers.There are ways to reduce the harm caused by these devices. empyrean group can, for instance, change the factory default passwords for their devices to prevent attackers being able to find them easily. They can also turn on two-factor verification. Regular firmware updates are also necessary for routers and IoT devices. Also using local storage instead of the cloud can minimize the risk of a cyberattack when transferring or the storage of data to and from these devices.It is necessary to conduct studies to better understand the digital damage and the best ways to reduce them. Research should be focused on finding solutions to technology that can mitigate the harms caused by IoT. They should also look into other potential harms related to with cyberstalking and exacerbated power imbalances between household members.Human ErrorHuman error is among the most frequent factors that can lead to cyberattacks. This can be anything from downloading malware to leaving a network vulnerable to attack. Many of these errors can be avoided by setting up and enforcing strict security measures. A malicious attachment might be clicked by an employee in an email containing phishing messages or a storage configuration issue could expose sensitive data.Additionally, a user could disable a security function in their system without even realizing they're doing this. This is a common mistake which makes software vulnerable to attacks from malware and ransomware. IBM asserts that human error is the most significant cause of security breaches. It's crucial to understand the kinds of errors that can lead to a cyber-attack and take the necessary steps to minimize the risk.Cyberattacks can be triggered for many reasons, including hacking, financial fraud or to steal personal information or disrupt the vital infrastructure or vital services of the government or an organization. They are typically carried out by state-sponsored actors, third-party vendors or hacker groups.The threat landscape is a complex and ever-changing. This means that organizations must continually review their risk profile and reassess their protection strategies to ensure they're up to date with the latest threats. The good news is that the most advanced technologies can reduce the risk of a cyberattack, and improve the security of an organization.But, it's crucial to keep in mind that no technology can protect an organization from every possible threat. This is why it's crucial to create an effective cybersecurity plan that takes into account the different layers of risk within an organisation's network ecosystem. It's also important to conduct regular risk assessments instead of relying on point-in-time assessments that are easily missed or inaccurate. A comprehensive analysis of a company's security risks will permit more efficient mitigation of those risks and ensure the compliance of industry standards. This can ultimately prevent costly data breaches and other security incidents from negatively damaging a business's reputation, operations, and financials. A successful cybersecurity plan includes the following elements:Third-Party VendorsThird-party vendors are companies which are not owned by the organization but provide services, software, or products. These vendors typically have access to sensitive information such as financials, client data or network resources. If they're not secured, their vulnerability is an entry point into the business's system. This is why risk management teams have started to go to extreme lengths to ensure that the risks of third parties are identified and controlled.As the use of remote work and cloud computing increases the risk of being harmed by cloud computing is becoming even more of a problem. A recent survey by the security analytics firm BlueVoyant revealed that 97% of the companies which were surveyed suffered from supply chain vulnerabilities. That means that any disruption to a vendor - even if it's a small portion of the supply chain - can cause an effect that could threaten the entire operation of the business.Many companies have taken to creating a process that onboards new third-party vendors and requires them to agree to specific service level agreements that dictate the standards to which they are held in their relationship with the organization. A thorough risk assessment should also provide documentation on how the vendor's weaknesses are tested and then followed up on and rectified promptly.A privileged access management system that requires two-factor verification for access to the system is another method to safeguard your business against risks from third parties. This prevents attackers gaining access to your network by stealing credentials of employees.Also, ensure that your third-party vendors are using the most recent versions of their software. This will ensure that they haven't introduced any inadvertent flaws into their source code. These flaws can often go unnoticed and used to launch additional high-profile attacks.Third-party risk is an ongoing risk to any company. The strategies mentioned above can help mitigate the risks. However, the most effective way for you to minimize the risks posed by third parties is to continuously monitoring. This is the only way to truly understand the state of your third-party's cybersecurity and to quickly recognize any risks that might be present.