Cybersecurity and Third-Party Risk: Third Party Threat Hunting

The 2020 SolarWinds supply-chain attack illustrates the need to move beyond the checklist and fully protect yourself from third-party cybersecurity risk. Cybersecurity and Third-Party Risk provides proven, active, and predictive risk reduction strategies and tactics to keep you and your organization safe.

\n Format: Paperback / softback
\n Length: 480 pages
\n Publication date: 16 August 2021
\n Publisher: John Wiley & Sons Inc
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Over the past decade, hundreds of well-known organizations across various sectors have faced public breaches caused by vendors. While the media often concentrates on high-profile incidents such as the Target and Equifax breaches in 2013 and 2017, 2020 has witnessed a significant surge in cybersecurity attacks. This surge has resulted in a staggering 800% increase in cyberattack activity, as millions of workers transitioned to remote work due to the global pandemic.

The 2020 SolarWinds supply-chain attack serves as a stark illustration of the lasting impact of this dramatic increase in cyberattacks. Using a technique known as Advanced Persistent Threat (APT), a sophisticated hacker exploited APT to steal information from multiple organizations, ranging from Microsoft to the Department of Homeland Security. Rather than directly attacking targets, the hacker targeted a trusted partner or vendor, thereby exposing third-party risk vulnerabilities for other hackers to exploit. The damage from this single attack alone is expected to persist for years, and there are no indications that cyber breaches will slow down.

Cybersecurity and Third-Party Risk offers proven, active, and predictive risk reduction strategies and tactics designed to safeguard you and your organization. Authored by cybersecurity and IT expert Gregory Rasner, this book guides you on how to transform third-party risk from a mere checklist exercise to a proactive and effective process of risk mitigation.

Understanding the Fundamentals of Third-Party Risk Management

To effectively manage third-party risk, it is crucial to understand the foundational principles of third-party risk management. This includes conducting thorough due diligence on third parties connected to your network. It is essential to ensure that these third parties are reliable, have a strong reputation, and adhere to industry best practices.

Maintaining Current and Reliable Data and Sensitive Information

In today's digital age, data and sensitive information are the lifeblood of any organization. Therefore, it is crucial to maintain these assets up-to-date and secure. Regularly updating your systems, applications, and databases with the latest security patches and updates is essential to prevent vulnerabilities from being exploited. Additionally, implementing robust encryption and access controls can help protect sensitive information from unauthorized access.

Incorporating Third-Party Data Requirements for Offshoring, Fourth-Party Hosting, and Data Security Arrangements

When outsourcing or engaging third-party hosting services, it is important to consider the data requirements of these third parties. Many organizations may need to share sensitive information with these third parties to ensure the smooth operation of their business. Therefore, it is essential to establish clear data security arrangements and protocols to protect this information from unauthorized access, misuse, or disclosure.

Conclusion

In conclusion, the increasing prevalence of cyberattacks and the potential impact of third-party risk vulnerabilities make it essential for organizations to take proactive measures to protect themselves. By understanding the fundamentals of third-party risk management, conducting due diligence, maintaining current and reliable data and sensitive information, and incorporating third-party data requirements for offshoring, fourth-party hosting, and data security arrangements, organizations can mitigate the risks associated with third-party cybersecurity risk and ensure the security of their assets.

\n Weight: 634g\n
Dimension: 155 x 227 x 29 (mm)\n
ISBN-13: 9781119809555\n \n