In an era where businesses are increasingly reliant on third-party vendors for essential services, the significance of a resilient third-party risk management program cannot be overstated. Third-party partnerships can expose organizations to various risks, especially in the domain of cybersecurity. This guide aims to help businesses in building a robust third-party risk management program that is adaptable to the ever-evolving landscape of cyber threats and dynamic business needs.

The landscape of cybersecurity is ever-evolving, and staying one step ahead of cyber threats has become imperative for organizations. Traditionally, many businesses have adopted a reactive approach to cybersecurity, responding to threats and breaches as they occur. However, this approach is no longer sufficient in today’s digital world. Shifting to a proactive stance, powered by threat intelligence, is crucial for enhancing an organization’s security posture.

In the rapidly evolving digital landscape, the approach to cybersecurity has shifted significantly. Proactive cybersecurity has become a necessity rather than a choice, with threat intelligence playing a pivotal role in this paradigm shift. This post explores how threat intelligence forms the cornerstone of a proactive cybersecurity strategy, focusing on its role in predicting and preventing cyber attacks, thereby enhancing an organization’s security posture.

On November 20, the Idaho National Laboratory (INL) confirmed that it had suffered a data breach. The confirmation followed the SiegedSec threat actor group’s circulation of claims that it had “accessed hundreds of thousands of user, employee and citizen data” on social media and hacking forums.

The SecurityScorecard Threat Research, Intelligence, Knowledge, and Engagement (STRIKE) Team has conducted further research into the indicators of compromise (IoCs) that SysAid shared when disclosing a new vulnerability in its on-premise software last month.

In the rapidly evolving digital landscape, the importance of a well-constructed cybersecurity plan cannot be overstated. However, the effectiveness of any cybersecurity strategy significantly depends on how well it integrates threat intelligence. Threat intelligence involves understanding, analyzing, and using knowledge about existing and potential cyber threats to make informed security decisions.

The global marketplace faces an increasingly destructive cyber risk landscape each year, and 2024 is set to confirm this trend. The cost of data breaches alone is expected to reach $5 trillion, a growth of 11 percent from 2023. As technology advances, attackers continue to develop new, more sophisticated methods for infiltrating systems and exploiting vulnerabilities. ‍ Amongst cyber experts, it is now widely acknowledged that the question of an attack is not ‘if’ but ‘when.’

Modern business is synonymous with third-party relationships. Organizations now rely on external providers for critical services and outsource essential responsibilities to improve operational efficiency and cut costs. The benefits of third-party vendors are clear, but so are the risks. The average organization has expanded and digitized its supply chain over the last few years while simultaneously increasing its risk profile and subjecting itself to new levels of risk.

For most businesses, third-party vendors are essential to the business ecosystem. A study by Gartner found that in 2019, 60 percent of organizations worked with more than 1,000 third parties. As those networks continue to grow, so will the cybersecurity threats that third-party vendor relationships pose to your business. These partnerships have unprecedented access to sensitive data and systems across the supply chain network.

As companies use more tools and features, employee security risks grow too. While we all know email is a big target for attackers, it’s important to remember that email is not the only risk vector. Email is just one piece of the puzzle, which is why it is crucial to consider a wide range of employee security behaviours to get a holistic view of your risks. By doing so, you can focus resources more efficiently. Human Risk Management (HRM) is a vital part of cyber security in the workplace.