Cybersecurity Risk Management - How to Manage Third-Party RisksEvery day is without a news story about data breaches that leak hundreds of thousands, or millions of private details of individuals. These breaches usually stem from third-party vendors, like the company that experiences an outage in their system. empyrean group about your threat environment is vital in defining cyber-related risks. This information lets you prioritize threats that require your immediate focus.State-Sponsored AttacsCyberattacks from nation-states can cause more damage than any other type of attack. Nation-state hackers are typically well-equipped and possess sophisticated hacking techniques, making it difficult to recognize them or to defend against them. They can take sensitive information and disrupt business services. They may also cause harm by targeting the supply chain of the company as well as the third parties.The cost of a national-state attack is estimated at $1.6 million. Nine out of 10 organizations believe they've been victims of an attack by a state. With cyberespionage gaining popularity among nations-state threat actors and cybercriminals, it's more critical than ever to implement solid cybersecurity practices in place. privacy-centric alternatives from nation-states may come in a variety of varieties. They vary from ransomware to Distributed Denial of Service attacks (DDoS). They can be carried out by government agencies, employees of a cybercriminal organization that is a part of or contracted by a state, freelancers hired to carry out a specific nationalist campaign or even just criminal hackers who target the general public at large.Stuxnet was a game changer for cyberattacks. It allowed states to weaponize malware against their enemies. Since the time, cyberattacks have been employed by states to achieve the military, political and economic goals.In recent times, there has been a rise in the number and sophistication of attacks backed by governments. Sandworm, a group sponsored by the Russian government has targeted both customers and businesses with DDoS attacks. This is different from traditional criminal syndicates, which are motivated by financial gain and tend to target businesses that are owned by consumers.As a result the response to a threat from a nation-state actor requires extensive coordination with multiple government agencies. This is a big difference from "your grandfather's cyberattack," where a business might submit an Internet Crime Complaint Center (IC3) Report to the FBI however, it wouldn't routinely need to engage in significant coordination with the FBI as part of its incident response process. Responding to a nation-state attack requires a higher level of coordination. It also involves coordinating with other governments, which can be lengthy and difficult.Smart DevicesAs more devices become connected to the Internet cyber-attacks are becoming more prevalent. This increased attack surface can cause security issues for consumers and businesses alike. Hackers can, for example attack smart devices in order to steal data or compromise networks. This is especially true if these devices are not properly secured and protected.Hackers are attracted to smart devices due to the fact that they can be employed for a variety of purposes, such as gaining information about individuals or businesses. Voice-controlled assistants like Alexa and Google Home, for example can discover a huge deal 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 also function as gateways to other IoT devices such as smart lighting, security cameras, and refrigerators.Hackers can cause severe harm to businesses and people if they gain access to these devices. They can employ them to commit range of crimes, including fraud, identity theft, Denial-of-Service (DoS) attacks, and malicious software attacks. They can also hack into vehicles in order to spoof GPS location or disable safety features and even cause physical harm to passengers and drivers.There are ways to minimize the harm caused by smart devices. Users can, for instance alter the default factory passwords for their devices to stop attackers from being able to find them easily. They can also enable two-factor authentication. Regular firmware updates are also essential for routers and IoT devices. Additionally, using local storage instead of cloud can reduce the risk of an attack while transferring or storing data to and from these devices.It is essential to conduct research to better understand these digital harms and the best methods to mitigate them. In particular, studies should be focused on the development of technology solutions that can help reduce the negative effects caused by IoT devices. Additionally, they should look at other potential harms, such as those associated with cyberstalking and the exacerbated power imbalances between household members.Human ErrorHuman error is a common factor that causes cyberattacks and data breaches. It could be anything from downloading malware to leaving a network open to attack. By setting up and enforcing stringent security controls Many of these errors can be prevented. For instance, an employee might click on an attachment that is malicious in a phishing scam or a storage misconfiguration could expose sensitive information.A system administrator can turn off an security feature without realizing it. This is a common error which makes software vulnerable to attacks from malware and ransomware. According to IBM the majority of security incidents result from human error. This is why it's crucial to be aware of the types of mistakes that can lead to a cybersecurity breach and take steps to reduce them.Cyberattacks are committed to a variety of reasons including financial fraud, hacking activism and to steal personal information and to block service or disrupt vital infrastructure and essential services of a government agency or an organization. State-sponsored actors, vendors or hacker groups are often the culprits.The threat landscape is complex and constantly evolving. Organizations should therefore regularly review their risk profiles and revisit protection strategies to stay up-to-date with the most recent threats. The good news is that advanced technologies can lower the threat of cyberattacks and enhance the security of an organization. empyrean to remember that no technology can shield an organization from every threat. It is therefore essential to devise a comprehensive cyber security strategy that is based on the various levels of risk in an organisation's ecosystem. It's also crucial to regularly conduct risk assessments instead of relying on traditional point-in-time assessments that could be easily missed 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 can ultimately prevent costly data breaches and other security incidents from negatively impacting the reputation of a company's operations, and financials. empyrean includes the following elements:Third-Party VendorsThird-party vendors are companies that are not part of the organization, but provide services, software, or products. These vendors often have access to sensitive data such as client data, financials, or network resources. Their vulnerability could be used to access the business system that they are operating from when they're not secure. This is the reason that risk management teams for cybersecurity are willing to go to the extremes to ensure that third-party risks are screened and managed.As the use of cloud computing and remote work increases the risk of being harmed by cloud computing is becoming more of a concern. A recent survey by the security analytics firm BlueVoyant revealed that 97% of businesses that were surveyed had negative effects from supply chain vulnerabilities. A disruption to a vendor even if it just affects a small part of the supply chain could have a ripple effect that threatens to cause disruption to the entire company.Many organizations have created procedures to take on new third-party suppliers and demand them to sign service level agreements which dictate the standards they are accountable to in their relationship with the organisation. A sound risk assessment should also include documentation of how the vendor's weaknesses are analyzed, followed up on and rectified promptly.A privileged access management system that requires two-factor verification to gain entry to the system is an additional way to protect your company against risks from third parties. This stops attackers from gaining access to your network easily by stealing employee credentials.Also, ensure that your third-party vendors use the latest versions of their software. This will ensure that they don't have inadvertent flaws into their source code. These vulnerabilities can go unnoticed and used to launch further prominent attacks.Third-party risk is a constant threat to any business. While the strategies mentioned above can assist in reducing certain risks, the best method to ensure that your risk to third parties is minimized is to continuously monitor. This is the only way to fully understand the cybersecurity posture of your third party and quickly identify potential threats.