Why No One Cares About Cybersecurity Risk

Cybersecurity Risk Management - How to Manage Third-Party Risks

Every day, we hear about breaches of data which have exposed the private data of hundreds of thousands, or even millions of people. These incidents are usually caused by third-party partners such as a vendor who suffers an issue with their system.

Information about your threat environment is essential to framing cyber threats. This information allows you to prioritize threats that need immediate focus.





State-sponsored Attacs

If cyberattacks are carried out by an entire nation they are more likely to cause more damage than other attacks. Nation-state attackers typically have significant resources and advanced hacking skills, making them difficult to detect and defend against. This is why they are frequently adept at stealing more sensitive information and disrupt vital business services. They may also cause damage by targeting the supply chain of the company as well as inflicting harm on third suppliers.

The cost of a nation-state attack is estimated at $1.6 million. Nine out of 10 businesses 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 crucial than ever to have solid cybersecurity practices in place.

Cyberattacks against states can take a variety of forms, from stealing intellectual property to ransomware or a Distributed Denial of Service (DDoS) attack. They could be carried out by government agencies, employees of a cybercrime outfit which is affiliated with or contracted by an entity of the state, freelancers who are employed for a particular nationalist project or even just criminal hackers who target the public at large.

The introduction of Stuxnet changed the game of cyberattacks, allowing states to weaponize malware and make use of it against their enemies. Since since then, cyberattacks are used by states to achieve political, military and economic goals.

In recent years, there has been an increase in the number of government-sponsored attacks and the level of sophistication of these attacks. Sandworm is a group that is backed by the Russian government, has targeted both consumers and businesses with DDoS attacks. This is different from traditional crime syndicates which are motivated by the desire to make money. They tend to target both consumers and businesses.

In the end responding to a threat 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 have to engage in significant coordinated response with the FBI. In addition to the increased degree of coordination responding to a nation-state attack also involves coordinating with foreign governments which can be challenging and time-consuming.

Smart Devices

As more devices connect to the Internet, cyber attacks are becoming more frequent. This increased attack surface can pose security risks to both consumers and businesses. For instance, hackers can use smart devices to steal data, or even compromise networks. This is especially true if these devices aren't adequately protected and secured.

Hackers are attracted to these devices due to the fact that they can be employed for a variety of purposes, including gaining information about individuals or businesses. For instance, voice controlled assistants such as Alexa and Google Home can learn a lot about users through the commands they receive. They can also collect data about the layout of people's homes, as well as other personal information. Additionally they are frequently used as a gateway to other types of IoT devices, like smart lights, security cameras, and refrigerators.

If hackers gain access to these kinds of devices, they could cause significant harm to people and businesses. They could use these devices to commit diverse range of crimes including fraud, identity theft and Denial-of-Service attacks (DoS). They can also hack into vehicles to disguise GPS location, disable safety features, and even cause physical harm to drivers and passengers.

There are empyrean to limit the damage caused by smart devices. For example users can alter the default passwords used by factory on their devices to stop attackers from finding them easily and enable two-factor authentication. It is also important to update the firmware on routers and IoT devices regularly. Local storage, instead of cloud storage, can lessen the risk of an attacker when transferring and the storage of data between or on these devices.

It is essential to understand the impact of these digital ills on people's lives, as well as the best methods to limit them. Studies should focus on finding solutions to technology that can mitigate the harms triggered by IoT. They should also investigate other potential harms like cyberstalking and increased power imbalances between household members.

Human Error

Human error is a typical factor that can lead to cyberattacks and data breaches. This could range from downloading malware to allowing a network to attack. Many of these mistakes can be avoided by establishing and enforcing security measures. For instance, an employee might click on a malicious link in a phishing campaign or a storage configuration error could expose sensitive information.

Additionally, a user could disable a security function in their system without noticing that they're doing this. This is a common mistake that leaves software open to attack by malware and ransomware. According to IBM, the majority of security breaches result from human error. This is why it's crucial to be aware of the types of errors that can result in a cybersecurity attack and take steps to mitigate the risk.

Cyberattacks can be committed for a variety of reasons, including hacking, financial fraud or to collect personal data, deny service, or disrupt critical infrastructure and vital services of a government agency or an organisation. They are often committed by state-sponsored actors third-party vendors, or hacker collectives.

The threat landscape is complicated and constantly evolving. Organisations must therefore constantly examine their risk profiles and revisit strategies for protection to keep pace with the most recent threats. The good news is that advanced technologies can help reduce an organization's overall risk of being targeted by hackers attack and improve its security measures.

It's crucial to remember that no technology will protect an organization from every threat. It is therefore essential to devise a comprehensive cyber security strategy that is based on the different levels of risk in the organization's ecosystem. It's also crucial to conduct regular risk assessments rather than relying on conventional point-in time assessments that can be easily erroneous or inaccurate. A comprehensive assessment of a company's security risks will permit more efficient mitigation of those risks and ensure the compliance of industry standards. This can ultimately 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 elements:

Third-Party Vendors

Third-party vendors are companies that are not part of the company but offer services, software, and/or products. These vendors usually have access to sensitive data such as financials, client data, or network resources. These companies' vulnerability can be used to access the business system that they are operating from when they are not secure. It is for this reason that risk management teams for cybersecurity will go to great lengths to ensure that risks from third parties can be identified and controlled.

As the use of remote work and cloud computing increases the risk of a cyberattack is becoming more of an issue. In fact, a recent study by security analytics firm BlueVoyant found that 97% of businesses they surveyed had been affected negatively by supply chain weaknesses. A disruption by a vendor even if it only affects a small part of the supply chain, can cause a ripple effect that threatens to cause disruption to the entire company.

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 dictate the standards by which they will be held in their relationship with the company. In addition, a good risk assessment should include documenting how the vendor is evaluated for weaknesses, following up on the results, and then resolving them promptly.

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. empyrean corporation prevents attackers from easily accessing your network by stealing credentials of employees.

Last but not least, ensure that your third party providers are using the latest version of their software. This ensures that they haven't introduced any security flaws unintentionally in their source code. Often, these vulnerabilities are not discovered and could be used as a way to launch other high-profile attacks.

Third-party risk is a constant threat to any business. The strategies discussed above can be used to reduce the risks. However, the best method to reduce your third-party risks is by continuously monitoring. This is the only way to truly understand the state of your third party's cybersecurity and quickly spot any risks that might occur.