As cybersecurity regulations continue to tighten their grip on vendor security, a greater weight of responsibility is expected to fall on Third-Party Risk Management Programs. So if you're currently struggling to keep up with your vendor security due diligence, your workflow congestion will only worsen if a scalable and streamline vendor risk management program isn't achieved.
The increased connectivity in modern vehicles adds convenience to drivers and passengers. However, it also sets in motion a proliferation of new cyber threats. Automotive manufacturers and suppliers are working to protect against these threats, identifying and implementing best practices needed to make modern vehicles more resistant to cyber-attacks.
Since the start of the pandemic, the cyber insurance industry has been facing its biggest challenge to date. A ransomware crime spree is demonstrating the speed and scale of cyber risk and how this type of risk is unlike any other insurable risk. The number of ransomware attacks increased by 150%. Total ransoms paid are up 311%. The dramatic rise in frequency and severity resulted in a record high loss ratio of 67% for insurance carriers.
The second a system is connected to a network, it becomes vulnerable to a cyber attack. We’ve seen news of companies experiencing cyber attacks across different industries more often than we can count. But now that the automotive industry has joined the digital bandwagon, cybersecurity threats and attacks are also becoming an issue.
It's easy for cybersecurity teams to think they're doing everything to stay ahead of data breaches and cyberattacks in this post-pandemic era. For instance, you've probably rallied qualified experts to augment your IT ecosystem and supplied them with state-of-the-art threat detection and mitigation technologies that offer real-time insight into your infrastructure security.
The threat landscape is expanding and security professionals are barely keeping up. On a daily basis, CISOs and cybersecurity staff need to contend with new malware variants, data breach attempts, ransomware attacks, zero-day exploits - all while ensuring uninterrupted dedication to vendor risk mitigation efforts. With so many cyber threats testing your cyber resilience at once, where should you focus your cybersecurity efforts?
This blog was written by an independent guest blogger. There are more online stores and services available than ever, and you are able to shop for almost anything online whether it's groceries or insurance. There are many ways to protect yourself while browsing the internet, and one of those ways is to choose reputable businesses with strong security. Although there are standards for online businesses to follow, some have better safety measures in place than others.
The supply chain is under a historic amount of pressure, but the strain on its cybersecurity and risk management may be in even worse condition. As 2021 draws to a close, the global supply chain is in a state comparable to rush-hour traffic in bad weather. Everything seems to be backed up whether due to supply and demand issues, wait times at shipping ports, or any number of other delays.
