Cybersecurity Risk Management - How to Manage Third-Party RisksEvery day, we learn about data breaches that have exposed the private information of hundreds of thousands or even millions of people. These data breaches are typically caused by third-party partners such as a vendor who suffers a system failure.Framing cyber risk starts with accurate details about your threat landscape. This lets you prioritize the threats that require your attention the most urgently.State-sponsored AttacsCyberattacks carried out by nation-states could cause more damage than any other type of attack. Nation-state attackers typically have large resources and sophisticated hacking abilities which makes them difficult to detect and fight. They are often adept at stealing more sensitive information and disrupt crucial business services. Additionally, they could cause more harm through targeting the 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. With cyberespionage gaining the eyes of nations-state threat actors and cybercriminals, it's more critical than ever before for businesses to have a solid security program in place.Cyberattacks by nation-states can come in many types. They can range from ransomware to Distributed Denial of Service attacks (DDoS). They can be performed by cybercriminal groups, government agencies that are aligned or contracted by states, freelancers employed to carry out a nationalist operation or even hackers who target the general public.Stuxnet was an important game changer in cyberattacks. It allowed states to use malware against their adversaries. Since since then states have used cyberattacks to accomplish political, economic and military goals.In recent times, there has seen an increase in the number and sophistication of attacks backed by government. For example, the Russian government-sponsored group Sandworm has been targeting businesses and consumers with DDoS attacks and ransomware. This is different from traditional crime syndicates which are motivated by financial gain and tend to target businesses that are owned by consumers.Therefore, responding to threats from an actor of a nation-state requires a significant coordination with several government agencies. This is quite different from the "grandfather's cyberattack" when a company would submit an Internet Crime Complaint Center Report (IC3) to the FBI but not be required to engage in significant coordinated response with the FBI. Responding to a nation-state attack requires a higher level of coordination. It also requires coordination with other governments, which can be lengthy and difficult. top-tier cybersecurity are increasing in frequency as more devices connect to the Internet. This increase in attack surfaces can create security risks for both companies and consumers. 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.Hackers are attracted to smart devices due to the fact that they can be used for a variety of reasons, including gathering information about individuals or businesses. Voice-controlled assistants, such as Alexa and Google Home, for example, can learn a great deal about their users by the commands they receive. They can also collect information about home layouts and other personal information. These devices also function as gateways to other IoT devices such as smart lighting, security cameras and refrigerators.Hackers can cause serious harm to people and businesses if they gain access to these devices. They can employ them to commit variety of crimes, including fraud, identity theft, Denial-of-Service (DoS) attacks, and malicious software attacks. Additionally, they could hack into vehicles to alter GPS locations and disable safety features. They can even cause physical harm to drivers and passengers.There are ways to limit the harm caused by these devices. top-tier cybersecurity can, for example change the default factory passwords for their devices to stop attackers from finding them easily. They can also activate two-factor authentication. Regular firmware updates are necessary for routers and IoT device. Local storage, rather than cloud storage, can lower the risk of an attacker when transferring and storage of data from or to these devices.It is essential to conduct studies to better understand these digital harms and the best methods to reduce them. Studies should focus on identifying technology solutions to help reduce the harms caused by IoT. They should also investigate other possible harms, such as cyberstalking, or exacerbated power imbalances between household members.Human ErrorHuman error is a common factor that contributes to cyberattacks and data breaches. This could range from downloading malware to leaving an organisation's network open for attack. empyrean corporation of these issues can be avoided by establishing and enforcing strict security measures. For instance, an employee could click on an attachment that is malicious in a phishing scam or a storage misconfiguration could expose sensitive information.Furthermore, an employee could disable a security feature in their system without noticing that they're doing so. This is a common error that leaves software open to attack by malware or ransomware. According to IBM, the majority of security breaches result from human error. This is why it's essential to understand the types of mistakes that could cause a cybersecurity breach and take steps to prevent them.Cyberattacks can be committed for many reasons, including hacking activism, financial fraud or to steal personal information, disrupt critical infrastructure or essential services of any organization or government. State-sponsored actors, vendors, or hacker groups are often the perpetrators.The threat landscape is constantly evolving and complex. This means that organizations have to continuously review their risk profiles and review their security strategies to ensure that they are up to current with the latest threats. The good news is that the most advanced technologies can lower the risk of a cyberattack and enhance the security of an organization.However, it's important to keep in mind that no technology is able to protect an organization from every threat. It is therefore crucial to create a comprehensive cyber-security strategy that takes into consideration the various layers of risk within the ecosystem of an organization. It's also crucial to conduct regular risk assessments, rather than using only point-in-time assessments that are often inaccurate or missed. A comprehensive assessment of a company's security risks will enable more effective mitigation of those risks and will help ensure compliance with industry standards. This will ultimately help prevent costly data breaches and other security incidents from negatively impacting a business's reputation, operations and finances. A successful strategy for cybersecurity includes the following components:Third-Party VendorsThird-party vendors are businesses that are not part of the organization, but provide services, software, and/or products. These vendors typically have access to sensitive data such as client data, financials or network resources. If these businesses aren't secure, their vulnerability becomes a gateway into the original company's system. This is why cybersecurity risk management teams have started to go to the extremes to ensure that risks from third parties are vetted and managed.This risk is increasing as cloud computing and remote working become more common. In fact, a recent survey by security analytics firm BlueVoyant found that 97% of companies they surveyed were adversely affected by supply chain weaknesses. A disruption by a vendor even if it just impacts a small portion of the supply chain, can have a domino-effect that could disrupt the entire business.Many organizations have resorted the initiative to create a process that accepts new third-party vendors and requires them to sign to specific service level agreements which define the standards to which they will be held in their relationship with the company. A good risk assessment will also document how weaknesses of the vendor are analyzed and then followed up on and rectified promptly.A privileged access management system that requires two-factor authentication for access to the system is another method to safeguard your business against third-party risks. This prevents attackers gaining access to your network through the theft of employee credentials. top-tier cybersecurity but not least, ensure that your third party providers are running the most current version of their software. This will ensure that they haven't introduced any accidental flaws in their source code. These flaws can often go unnoticed and used to launch further publicized attacks.Ultimately, third-party risk is a constant risk to any company. The strategies mentioned above can be used to reduce these 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 know the condition of your third-party's cybersecurity posture and quickly spot any potential risks that could arise.