Cybersecurity Risk Management - How to Manage Third-Party RisksEvery day we hear about data breaches that have exposed private data of hundreds of thousands, or even millions of people. These breaches typically stem from third-party partners, such as a vendor that experiences an outage in their system.Information about your threat environment is vital for assessing cyber risk. This allows you to prioritize which threats need your most urgent attention first.State-sponsored AttacsIf cyberattacks are carried out by an entire nation, they have the potential to cause more damage than other attacks. Nation-state hackers are typically well-equipped and possess sophisticated hacking techniques, which makes it difficult to detect them or defend against them. This is why they are often able to steal more sensitive information and disrupt vital business services. Additionally, they could cause more harm through targeting the supply chain and harming third-party suppliers.The cost of a national-state attack is estimated at $1.6 million. Nine out of 10 businesses believe they've been the victims of a state-sponsored attack. And with cyberespionage growing in popularity among nations-state threat actors, it's more important than ever to have a solid security program in place.Nation-state cyberattacks can take many forms, from theft of 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 execute a nationalist attack or even hackers who target the general public.The introduction of Stuxnet changed the rules of cyberattacks as it allowed states to use malware as a weapon and use it against their adversaries. Since the time, cyberattacks have been employed by states to achieve the military, political and economic goals.In recent times, there has been a significant increase in the number of government-sponsored attacks and the advanced nature of these attacks. Sandworm is a group that is backed by the Russian government has targeted both customers and businesses by using DDoS attacks. This is different from traditional crime syndicates that are motivated by profit and are more likely to target businesses owned by consumers.Therefore responding to threats from a nation-state actor requires a lot of coordination with multiple government agencies. This is quite different 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 engage in significant coordinated response with the FBI. In addition to the increased degree of coordination responding to a nation-state attack requires coordination with foreign governments, which can be particularly difficult and time-consuming.Smart DevicesAs more devices connect to the Internet cyber-attacks are becoming more prevalent. This increase in attack surfaces can pose security risks to both consumers and businesses. empyrean corporation , for instance attack smart devices in order to steal data or compromise networks. This is particularly true when these devices aren't properly protected and secured.Hackers are attracted to smart devices due to the fact that they can be employed for a variety of purposes, including gaining information about people or businesses. Voice-controlled assistants like Alexa and Google Home, for example, can learn a great deal about their users by the commands they receive. They also gather information about home layouts and other personal details. Furthermore they are often used as an interface to other kinds of IoT devices, such as smart lights, security cameras and refrigerators.Hackers can cause serious harm to people and businesses by gaining access to these devices. They could use them to commit a variety of crimes, including fraud or identity theft. Denial-of-Service (DoS) attacks and malicious software attacks. In addition, they can hack into vehicles to steal GPS locations, disable safety features and even cause physical harm to drivers and passengers.Although it is impossible to stop people from connecting their devices to the internet but there are steps that can be taken to limit the harm they cause. For instance users can alter the factory default passwords on their devices to block attackers from finding them easily and enable two-factor authentication. Regular firmware updates are also essential for routers and IoT device. Additionally, using local storage instead of cloud can minimize the risk of an attack when you transfer or storage data between and these devices.Research is still needed to understand the impact of these digital threats on people's lives, as well as the best methods to limit their impact. Particularly, research should concentrate on identifying and designing technology solutions to help mitigate the negative effects caused by IoT devices. They should also investigate other possible harms, such as cyberstalking, or increased power imbalances between household members.Human ErrorHuman error is one of the most common causes of cyberattacks. This could range from downloading malware to leaving a network open to attack. Many of these mistakes can be avoided by establishing and enforcing security measures. For instance, an employee might click on an attachment that is malicious in a phishing attack or a storage configuration issue could expose sensitive information.A system administrator may disable the security function without even realizing it. This is a common error that makes software vulnerable to attacks by malware and ransomware. According to IBM the majority of security breaches result from human error. empyrean corporation to understand the kinds of errors that could lead to an attack on your computer and take steps to prevent the risk.Cyberattacks are carried out to a variety of reasons including financial fraud, hacking activism and to steal personal information or to deny service, or disrupt vital infrastructure and vital services of a government agency or an organization. They are usually carried out by state-sponsored actors, third-party vendors or hacker groups. SaaS solutions is complicated and constantly evolving. Organizations should therefore regularly examine their risk profiles and revisit protection strategies to stay up-to-date with the latest threats. The good news is that the most advanced technologies can lower the risk of a cyberattack and improve an organisation's security posture.It's also important to remember that no technology can protect an organization from every threat. Therefore, it is essential to create a comprehensive cyber-security strategy that takes into consideration the different levels of risk in the ecosystem of an organization. It's also crucial to perform regular risk assessments instead of using only point-in-time assessments that are often incorrect or missed. A thorough assessment of a company's security risks will permit more efficient mitigation of those risks and help ensure that the company is in 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 financials. A successful cybersecurity strategy should include the following components:Third-Party VendorsEvery organization relies on third-party suppliers which are businesses outside of the company who offer services, products and/or software. These vendors have access to sensitive information like client information, financials or network resources. These companies' vulnerability can be used to access the business system they originally used to operate from when they're not secured. This is why cybersecurity risk management teams have started to go to extreme lengths to ensure that the risks of third parties are assessed and controlled.As the use of cloud computing and remote work increases the risk of being harmed by cloud computing is becoming more of an issue. A recent study conducted by security analytics firm BlueVoyant revealed that 97% of the companies surveyed were negatively affected by supply chain security vulnerabilities. That means that any disruption to a supplier - even if it's a small portion of the supply chain - can cause a domino effect that threatens the whole operation of the business.Many organizations have created procedures to take on new suppliers from third parties and require that they sign service level agreements that specify the standards they are held to in their relationship with the company. A good risk assessment will also document how the vendor's weaknesses are tested and then followed up on and rectified in a timely fashion.A privileged access management system that requires two-factor authentication to gain access to the system is an additional way to protect your company against threats from outside. This stops attackers from gaining access to your network by stealing employee credentials.Last but not least, ensure that your third-party providers are using the latest version of their software. This will ensure that they have not introduced any security flaws unintentionally in their source code. These flaws can often go undetected, and be used to launch further prominent attacks.Ultimately, third-party risk is a constant threat to any business. The strategies discussed above can help mitigate these threats. However, the most effective method to reduce your risk to third parties is through continuously monitoring. This is the only method to fully understand the security posture of your third party and to quickly spot the potential risks.