Hello! Here is a headline in the cybersecurity space: 71% of Chief Information Security Officers (CISOs) reported having experienced a third party security incident this year. That is pretty eye-opening, don't ya think?
• More Connections, More Risk – The more vendors you use, the more opportunities hackers have to attack.
• Vendors Aren't Always Secure – Not every partner has good cyber security practices in place.
• Hidden Weaknesses – Businesses often don't know how secure their partners actually are.
It's like building a well fortified house but leaving the back door unlocked... hackers will find a way.
• Verifying Partners Closely - Check their security practices before working with them.
• Set Explicit Rules in Contracts - Require vendors to adhere to security standards and report security issues in a timely manner.
• Train Your Staff - Make sure that everyone knows the risks and how to manage third-party risk.
Third-party security events are now an everyday part of the cyberspace experience. On the bright side, you can be ready for those events! With observations, due diligence with your partners, and training your staff, you can mitigate that risk and protect your business.
Like we said, your security is only as good as the weakest link. Don't let a partner's error become your problem!
So, What’s Going On Here?
Think of it this way: your company takes very diligent steps to protect their online efforts. Then one of your vendors or any of your partners has a slip up, and your organization is impacted too, event though you were doing the right things all along. This happens all too often, especially with the ongoing growth of organizations using external tools and services.Why Should You Care?
Even if you do not work in a security capacity for a company, this is still relevant. Why? Because even if you don’t hold the keys to security, your personal or business data could be at risk if the companies you deal with are breached. It can remind us that cyber risk isn't just based upon your systems, but also all the organizations you deal with.Why Are Third-Party Issues on the Rise?
A few reasons:• More Connections, More Risk – The more vendors you use, the more opportunities hackers have to attack.
• Vendors Aren't Always Secure – Not every partner has good cyber security practices in place.
• Hidden Weaknesses – Businesses often don't know how secure their partners actually are.
It's like building a well fortified house but leaving the back door unlocked... hackers will find a way.
What Can Organizations Do?
If you are responsible for security, here is what is actually useful:• Verifying Partners Closely - Check their security practices before working with them.
• Set Explicit Rules in Contracts - Require vendors to adhere to security standards and report security issues in a timely manner.
• Train Your Staff - Make sure that everyone knows the risks and how to manage third-party risk.
Third-party security events are now an everyday part of the cyberspace experience. On the bright side, you can be ready for those events! With observations, due diligence with your partners, and training your staff, you can mitigate that risk and protect your business.
Like we said, your security is only as good as the weakest link. Don't let a partner's error become your problem!