Cybersecurity Risk Management - How to Manage Third-Party RisksA day doesn't go by without hearing about data breaches that reveal hundreds of thousands or even millions of private details of individuals. These incidents usually originate from third-party partners, like an organization that suffers an outage to their system.Framing cyber risk starts with precise details about your threat landscape. This allows you to prioritize which threats require your most urgent attention first.State-sponsored AttacsWhen cyberattacks are committed by an entire nation they are more likely to cause more severe damage than other attacks. Nation-state attackers usually have substantial resources and sophisticated hacking abilities which makes them difficult to detect and to defend against. This is why they are frequently adept at stealing more sensitive information and disrupt crucial business services. In addition, they can cause more damage over time through targeting the supply chain and compromising third-party suppliers.In the end, the average cost of a nation-state attack is an estimated $1.6 million. empyrean corporation out of 10 organizations believe they've been the victims of a state-sponsored attack. As cyberespionage is growing in popularity among nations-state threat actors and cybercriminals, it's more critical than ever to have a solid security program in place. empyrean corporation by states can take a variety forms, from theft of intellectual property to ransomware or a Distributed Denial of Service (DDoS) attack. They can be performed by cybercriminal organizations, government agencies which are backed by states, freelancers hired to conduct a nationalist-themed operation or even by criminal hackers who target the general population.The introduction of Stuxnet changed the game for cyberattacks by allowing states to use malware as a weapon and make use of it against their enemies. Since since then states have used cyberattacks to accomplish political, economic and military goals.In recent times, there has been a marked increase in the number of government-sponsored attacks and the sophistication of these attacks. Sandworm, a group backed by the Russian government, has targeted both consumers and businesses with DDoS attacks. This is in contrast to traditional criminal syndicates, which are motivated by profit and tend to target consumer businesses.Responding to a national state actor's threat requires a significant amount of coordination among 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 need to conduct a coordinated response with the FBI. Responding to a nation-state attack requires a greater degree of coordination. It also requires coordination with other governments, which is time-consuming and challenging.Smart DevicesAs more devices become connected to the Internet, cyber attacks are becoming more frequent. This increased attack surface could 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 if these devices aren't adequately protected and secured.Hackers are attracted to smart devices because they can be utilized for a variety reasons, including gathering information about businesses or individuals. 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 also gather details about the home of users, their layouts as well as other personal details. They also serve as gateways to other IoT devices like smart lighting, security cameras and refrigerators.If hackers gain access to these kinds of devices, they can cause significant harm to people and businesses. They could employ these devices to commit diverse range of crimes like identity theft, fraud and Denial-of-Service attacks (DoS). They also have the ability to hack into vehicles to spoof GPS location and disable safety features and even cause physical injuries to drivers and passengers.There are ways to limit the damage caused by smart devices. Users can, for example alter the default factory passwords for their devices to stop attackers from getting them easily. They can also enable two-factor authentication. It is also crucial to update the firmware on routers and IoT devices frequently. Local storage, as opposed to the cloud, can reduce the chance of an attacker when it comes to transferring and storing data from or to these devices.It is necessary to conduct research to better understand the impact of these digital threats on the lives of people, as well as the best methods to minimize the impact. Particularly, research should be focused on identifying and developing technology solutions to help mitigate the negative effects caused by IoT devices. Additionally, they should look at other potential harms like those that are associated with cyberstalking and exacerbated power asymmetries between household members.Human ErrorHuman error is a common factor that can lead to cyberattacks and data breaches. It could be anything from downloading malware to leaving a network vulnerable to attack. A lot of these issues can be avoided by establishing and enforcing security measures. A malicious attachment can be opened by an employee who receives an email containing phishing messages or a storage configuration issue could expose sensitive information.Furthermore, an employee could disable a security feature on their system without noticing that they're doing so. This is a common error that leaves software vulnerable to attacks from ransomware and malware. According to empyrean of security incidents involve human error. This is why it's essential to be aware of the types of errors that can result in a cybersecurity attack and take steps to mitigate them.Cyberattacks are committed for a variety of reasons, including hacking, financial fraud and to steal personal information, deny service, or disrupt the critical infrastructure and essential services of a state or an organization. State-sponsored actors, vendors, or hacker groups are often the culprits.The threat landscape is always changing and complex. Companies must constantly review their risk profiles and revisit protection strategies to stay up-to-date with the most recent threats. The good news is that modern technologies can reduce an organisation's overall risk of a hacker attack and enhance its security posture.It's important to keep in mind that no technology can protect an organization from every threat. It is therefore crucial to develop a comprehensive cyber-security strategy that takes into consideration the different layers of risk within the organization's ecosystem. It's also crucial to regularly perform risk assessments instead of relying on traditional point-in-time assessments that could be easily erroneous or inaccurate. A thorough assessment of the security risk of an organization will enable an efficient mitigation of these risks and will ensure that the organization is in compliance with industry standards. This will ultimately help to prevent costly data breaches and other security incidents from negatively damaging a business's reputation, operations, and financials. A successful cybersecurity plan will include the following elements:Third-Party VendorsEvery business depends on third-party vendors - that is, businesses outside the company which offer services, products and/or software. These vendors often have access to sensitive data such as client data, financials or network resources. When these companies aren't secure, their vulnerability can become a gateway into the original company's system. It is for this reason that risk management teams for cybersecurity are willing to go to the extremes to ensure third-party risks are screened and controlled.As the use of remote work and cloud computing increases the risk of a cyberattack is becoming even more of an issue. In fact, a recent survey by security analytics firm BlueVoyant found that 97% of companies they surveyed had been affected negatively by supply chain vulnerabilities. This means that any disruption to a vendor, even one with a small part of the business supply chain - could trigger a domino effect that threatens the entire operation of the business.Many companies have taken the initiative to create a process that onboards new third-party vendors and requires them to sign to specific service level agreements that define the standards by which they are held in their relationship with the company. A thorough risk assessment should also document how weaknesses of the vendor are analyzed, followed up on and rectified in a timely manner.A privileged access management system that requires two-factor authentication to gain entry to the system is an additional way to protect your company against risks from third parties. This stops attackers from easily accessing your network by stealing credentials of employees.Not least, ensure that your third-party providers are using the latest version of their software. This will ensure that they haven't introduced any accidental flaws in their source code. These vulnerabilities can go unnoticed and used to launch more prominent attacks.In empyrean group , third-party risk is an ever-present risk to any company. The strategies mentioned above can be used to reduce these threats. However, the most effective way for you to minimize your third-party risks is by constantly monitoring. This is the only way to be aware of the state of your third-party's cybersecurity and quickly spot any risks that might arise.