10 Things You Learned In Kindergarden That Will Help You Get Cybersecurity Risk
Cybersecurity Risk Management - How to Manage Third-Party Risks
Every day, we learn about data breaches that have exposed the private data of hundreds of thousands or even millions of people. These breaches are usually caused by third party partners such as a vendor who experiences an issue with their system.
Information about your threat environment is crucial for assessing cyber threats. This information helps you identify threats that require your immediate focus.
State-Sponsored Attacs
Cyberattacks carried out by nation-states could cause more damage than other type of attack. Nation-state hackers are typically well-resourced and have sophisticated hacking techniques, making it difficult to identify them or fight them. They can take sensitive information and disrupt business services. In addition, they can cause more damage over time through targeting the supply chain and damaging third-party suppliers.
The cost of a nation-state terrorism attack is estimated at $1.6 million. Nine out of 10 companies think they've been the victim of a nation-state attack. And with cyberespionage growing in popularity among threat actors from nations-states and cybercriminals, it's more critical than ever before for businesses to have a solid security program in place.
Cyberattacks from nation-states may come in many varieties. They could include ransomware, to Distributed Denial of Service attacks (DDoS). They are performed by cybercriminal organizations, government agencies that are contracted or aligned by states, freelancers employed to execute a nationalist attack or even hackers who target the general public.
The introduction of Stuxnet changed the rules of cyberattacks by allowing states to weaponize malware and make use of it against their enemies. Since since then states have been using cyberattacks to achieve their political as well as military objectives.
In recent times there has been a significant increase in the number of attacks sponsored by governments and the advanced nature of these attacks. Sandworm, a group sponsored by the Russian government, has targeted both consumers and businesses by using DDoS attacks. This is distinct from traditional crime syndicates which are motivated by the desire to make money. They are more likely to target both consumers and businesses.
As a result, responding to threats from an actor of a nation-state requires a lot of 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 would not routinely need to engage in significant coordination with the FBI as part of its incident response. Responding to a nation state attack requires a higher degree of coordination. It also involves coordinating with other governments, which can be difficult and time-consuming.
Smart Devices
As more devices become connected to the Internet Cyber attacks are becoming more prevalent. This increase in attack surfaces can create security risks for businesses and consumers alike. Hackers can, for example attack smart devices to steal information or compromise networks. This is particularly true when these devices aren't adequately protected and secured.
Smart devices are especially appealing to hackers as they can be used to obtain an abundance of information about individuals or businesses. Voice-controlled assistants such as Alexa and Google Home, for example can discover a huge deal about their users by the commands they receive. They can also collect data about the layout of users' homes as well as other personal data. Additionally they are frequently used as an interface to other types of IoT devices, such as smart lights, security cameras, and refrigerators.
If hackers can get access to these types of devices, they can cause serious harm to individuals and businesses. They can make use of them to commit a variety of crimes, such as fraud or identity theft. Denial-of-Service (DoS) attacks and malicious software attacks. They also have the ability to hack into vehicles in order to alter GPS location and disable safety features and even cause physical injuries to drivers and passengers.
There are ways to minimize the harm caused by these devices. Users can, for instance alter the default factory passwords on their devices to avoid attackers finding them easily. They can also activate two-factor verification. Regular firmware updates are also necessary for routers and IoT device. Local storage, instead of the cloud, can reduce the chance of an attacker when transferring and storage of data from or to these devices.
It is still necessary to conduct research to better understand the digital harms and the best ways to minimize them. Particularly, studies should be focused on identifying and designing technology solutions that can help reduce the harms caused by IoT devices. They should also look into other possible harms, such as those associated with cyberstalking and exacerbated power asymmetries between household members.
Human Error
Human error is among the most prevalent factors that contribute to cyberattacks. This can range from downloading malware to leaving a company's network open for attack. Many of these errors can be avoided by establishing and enforcing strict security measures. For instance, an employee could click on an attachment that is malicious in a phishing scam or a storage misconfiguration could expose sensitive information.
Moreover, an employee might disable a security feature in their system without noticing that they're doing it. This is a common error that exposes software to attack by malware and ransomware. According to IBM, the majority of security breaches are caused by human error. This is why it's essential to be aware of the types of mistakes that could cause a cybersecurity breach and take steps to prevent the risk.
Cyberattacks are committed for a wide range of reasons including financial fraud, hacking activism or to collect personal data and to block service or disrupt vital infrastructure and vital services of a state or an organisation. They are usually carried out by state-sponsored actors, third-party vendors or hacker groups.
The threat landscape is constantly changing and complex. Organisations must therefore constantly examine their risk profiles and revisit security strategies to keep up with the most recent threats. The good news is that the most advanced technologies can lower the overall threat of cyberattacks and improve the security of an organization.
It is important to keep in mind that no technology can protect an organization from every possible threat. It is therefore crucial to develop a comprehensive cyber-security strategy that takes into consideration the various layers of risk in the ecosystem of an organization. It's also essential to regularly conduct risk assessments instead of relying on point-in-time assessments that can be often inaccurate or miss the mark. A comprehensive assessment of a company's security risks will allow for more efficient mitigation of those risks and help ensure that the company is in compliance with industry standards. This will help to prevent costly data breaches and other incidents that could adversely impact a business's operations, finances and image. A successful cybersecurity strategy should include the following elements:
Third-Party Vendors
Third-party vendors are companies which are not owned by the organization but provide services, software, and/or products. These vendors have access to sensitive data like financials, client information or network resources. If these businesses aren't secure, their vulnerability becomes an entry point into the business's system. This is why risk management teams have begun to go to extreme lengths to ensure that the risks of third parties are identified and controlled.
This risk is increasing as cloud computing and remote working become more common. 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 impacts a small portion of the supply chain, can cause a ripple effect that can affect the entire business.
Many companies have developed a process to onboard new third-party suppliers and require that they sign service level agreements which dictate the standards they will be held to in their relationship with the organisation. A good risk assessment should include documenting how the vendor is tested for weaknesses, following up on the results, and then resolving the issues in a timely manner.
A privileged access management system that requires two-factor authentication for access to the system is an additional method to safeguard your company against third-party risks. This prevents attackers gaining access to your network through the theft of employee credentials.
Finally, ensure that your third-party vendors are using the most current versions of their software. This will ensure that they haven't introduced any unintentional flaws into their source code. Often, these vulnerabilities go undetected and can be used as a way to launch other high-profile attacks.
Third-party risk is an ongoing threat to any business. The strategies discussed above can be used to reduce the risks. However, the best method to reduce your risk to third parties is through continuously monitoring. This is the only way to truly be aware of the state of your third-party's cybersecurity posture and quickly spot any risks that might be present.