Nowadays, third-party vendors are responsible for a plethora of data breaches that can occur on a company’s system. According to a recent study, over half of businesses have experienced a data breach due to a third-party vendor. The remote connection between third-party vendor and company gives cybercriminals the opportunity to break into their systems and cause destructive consequences such as destroying or stealing confidential data. In this article, we will analyze some ways to mitigate third-party vendor cyber risks.
What is a third-party vendor risk
A third party vendor risk refers to any risk to an organization due to some external parties such as suppliers, partners, vendors or services providers. Because of their access to businesses’ systems and internal information, they become easy targets for hackers.
It is very crucial for a company’s third-party vendors to invest in cybersecurity. Even if the business is well secured, but its vendors are not, it is at serious risk of cyber-attacks. Third-party vendors have quite often as easy access to business’ systems as their employees. Threat actors attack vendors without being noticed and thus they achieve stealing sensitive data.
System infection because of third-party carelessness is more common than someone might expect. A usual example of this phenomenon is the following: Cybercriminals may monitor third-party vendors’ emails and in case the company sends any critical information, the hackers can steal it.
Let’s find out how to reduce these attacks and keep their systems as secure as possible.
Ways to prevent third-party vendors risks
Third-party vendor monitoring
As we already analyzed in a previous article, monitoring is an extremely useful tool for any organization as it has the ability to monitor all its systems and discover any anomalies that may occur in them. By monitoring your third-party vendor’s systems, it is easier for you to anticipate any data breach or vulnerability in the system’s operation. Thus, monitoring helps your organization to identify any suspicious activities in order to take necessary measures to face them.
Check third-party vendor security
In addition, another step to reducing third-party threats is to assess the security of your vendors. It is vital to know the methods your vendors use in order to stay safe. Before you choose a vendor to start working with, you should find out if they use strong access control measures. Moreover, you need to know in which of your data your vendor has access to in order to ensure their security. It is also quite important to find out if your company agrees with their policies and regulations.
In conclusion, third-party vendor’s risks are really important for the company as they can affect its reputation and proper operation. Every organization should implement the above practices to secure their network and protect their customers and partners.
In Logstail, we are offering the full range of services required to effectively mitigate these types of attacks. Incident response and consulting, penetration testing, and red team operations, are altogether aiming to help our customers mitigate their cyber incidents.
We also offer our customers our brand-new platform! Our cloud-hosted solution with advanced features brings the functionality of centralized monitoring to your hands. Convert your data into actionable insights and maximize the performance of your infrastructure to be alerted of potential problems and take the appropriate actions. Sign-up for a free demo to realize the power of Logstail!