Cybersecurity Risk Management - How to Manage Third-Party RisksIt's not a day without hearing about data breaches that reveal hundreds of thousands or even millions of private details of individuals. These breaches typically stem from third-party partners, such as a vendor that experiences a system outage.Analyzing cyber risk begins with accurate details about your threat landscape. This information helps you prioritize threats that need your immediate focus.State-sponsored AttacksWhen cyberattacks are perpetrated by an entire nation they are likely to cause more serious damage than other attacks. Nation-state attackers typically have significant resources and sophisticated hacking abilities which makes them difficult to detect and to defend against. They are often adept at stealing more sensitive information and disrupt critical business services. Additionally, they could create more lasting damage by targeting the supply chain and harming third-party suppliers.In the end, 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 by a state. And with cyberespionage growing in popularity among threat actors from nations-states, it's more important than ever before for businesses to implement solid cybersecurity practices in place.Cyberattacks against states can take a variety of forms, from taking intellectual property, to ransomware or a Distributed Denial of Service (DDoS) attack. They are performed by cybercriminal groups, government agencies that are aligned or contracted by states, freelancers hired to conduct a nationalist-themed operation or even hackers who target the general public.Stuxnet was a game changer for cyberattacks. It allowed states to use malware against their adversaries. Since then states have been using cyberattacks to achieve their political, economic and military goals.In recent years, there has been a rise in the number and sophistication of attacks sponsored by governments. For example the Russian government-sponsored group Sandworm has been targeting companies and consumers with DDoS attacks and ransomware. This is different from traditional crime syndicates that are motivated by the desire to make money. They are more likely to target both consumers and businesses.In the end, responding to threats from a state-sponsored actor requires extensive coordination with multiple government agencies. This is quite different from "your grandfather's cyberattack," when a company could submit an Internet Crime Complaint Center (IC3) Report to the FBI, but would not routinely need to engage in significant coordination with the FBI as part of its incident response process. In addition to the increased degree of coordination, responding to a nation-state attack also requires coordination with foreign governments which can be demanding and time-consuming.Smart DevicesAs more devices connect to the Internet, cyber attacks are becoming more frequent. This increased attack surface could create security risks for businesses and consumers alike. For instance, hackers could exploit smart devices to steal data, or even compromise networks. This is especially true if these devices aren't adequately protected and secured. enhanced cybersecurity are attracted to smart devices due to the fact that they can be utilized for a variety reasons, including gathering information about individuals or businesses. For example, voice controlled assistants such as Alexa and Google Home can learn a lot about users through the commands they are given. They can also collect data about the layout of users' homes as well as other personal data. In cryptocurrency solutions are frequently used as an interface to other kinds of IoT devices, including smart lights, security cameras and refrigerators.If hackers gain access to these kinds of devices, they could cause a lot of harm to people and businesses. They can employ these devices to carry out a wide range of crimes, such as identity theft, fraud and Denial-of-Service attacks (DoS). Additionally, 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 minimize the harm caused by smart devices. For instance users can alter the default passwords that are used on their devices to prevent attackers from finding them easily and enable two-factor authentication. Regular firmware updates are essential for routers and IoT device. Local storage, instead of the cloud, can reduce the risk of an attacker when transferring and storing data from or to these devices.It is essential to understand the impact of these digital ills on the lives of people, as well as the best methods to minimize their impact. Research should be focused on finding technological solutions that can help mitigate harms caused by IoT. They should also look into other potential harms, such as those associated with cyberstalking and the exacerbated power asymmetries between household members.Human ErrorHuman error is one of the most prevalent factors that contribute to cyberattacks. This could range from downloading malware to allowing a network to attack. By creating and enforcing strict security controls, many of these blunders can be avoided. A malicious attachment might be clicked by an employee who receives a phishing email or a storage configuration error could expose sensitive data.Additionally, a user could disable a security function in their system without realizing that they're doing so. This is a common mistake which makes software vulnerable to attacks from ransomware and malware. According to IBM the majority of security breaches are caused by human error. This is why it's crucial to know the kinds of errors that can result in a cybersecurity attack and take steps to mitigate them.Cyberattacks are carried out for a variety of reasons including financial fraud, hacking activism and to steal personal information, deny service, or disrupt the critical infrastructure and essential services of a government agency or an organization. State-sponsored actors, vendors or hacker groups are often the culprits. empyrean group is complex and constantly changing. This means that organizations must continually review their risk profile and revisit their strategies for protection to ensure that they are up to current with the most recent threats. The good news is advanced technologies can help reduce an organization's overall risk of being targeted by hackers attack and improve its security posture.It's crucial to remember that no technology can protect an organization from every threat. It is therefore crucial to develop a comprehensive cyber-security strategy that considers the different levels of risk in the ecosystem of an organization. It is also important to perform regular risk assessments, rather than using only point-in-time assessments that are often incorrect or omitted. A comprehensive analysis of a company's security risks will allow for more efficient mitigation of these risks and ensure that the company is in compliance with industry standards. enhanced cybersecurity will ultimately help prevent costly data breaches and other security incidents from negatively impacting a business's reputation, operations and finances. A successful cybersecurity strategy includes the following elements:Third-Party VendorsEvery company relies on third-party vendors - that is, businesses outside of the company who offer services, products and/or software. These vendors usually have access to sensitive data such as financials, client data, or network resources. These companies' vulnerability can be used to gain access to the original business system when they're not secured. 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.The risk is growing as cloud computing and remote working become more popular. In fact, a recent study by security analytics firm BlueVoyant found that 97% of the companies they surveyed had been negatively impacted by supply chain weaknesses. A disruption by a vendor, even if it only affects a small portion of the supply chain, could have a ripple effect that threatens to cause disruption to the entire company.Many companies have developed an approach to accept new third-party suppliers and demand that they sign service level agreements that specify the standards they are accountable to in their relationship with the company. A sound risk assessment should also provide documentation on how the vendor's weaknesses are analyzed, followed up on and corrected in a timely fashion.A privileged access management system that requires two-factor verification to gain entry to the system is another way to protect your company against third-party risks. This prevents attackers gaining access to your network easily by stealing credentials of employees.Also, ensure that your third-party vendors use the most recent versions of their software. This will ensure that they haven't introduced any accidental flaws in their source code. Often, these vulnerabilities are not discovered and could be used as a springboard for more prominent attacks.Ultimately, third-party risk is a constant risk to any company. The strategies discussed above can help reduce the risks. However, the best method to reduce your third-party risks is by continuously monitoring. This is the only way to fully understand the security posture of your third party and quickly identify the potential risks.