Due diligence is one of the most important steps before starting a partnership with a third-party business, as it reveals any hidden risks or vulnerabilities that could harm your network. In this blog, we will define third-party due diligence, explore the benefits of conducting cybersecurity due diligence, and describe how to get started.
Forrester recently predicted that in 2022, 60% of security incidents would involve third parties. Yikes! With such a large percentage of incidents taking place outside the confines of their organizations, corporate leaders need to know what to do to protect their business. So, here is a list of items to address to succeed at supply chain risk (SCR) management.
The latest Internet Security Report, produced by the WatchGuard Threat Lab team, compiles analysis detailing malware evolution and trends based on data collected from 35,180 Firebox devices worldwide. Its key findings are as follows: This rate of incidents that the report has outlined for Q3 2021 does not seem to have decreased in severity in recent months. For these reasons, organizations should adopt several measures in order to be better prepared for upcoming threats.
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.
Third-party risk management (TPRM) has grown in prominence as organizations increase their reliance on external parties, from cloud providers to credit card processors. As more enterprises invest in this critical business function, certain best practices are becoming key to a successful TPRM program.
You can't do business without your vendors. They support critical elements of your organization, from cloud storage services to payment processing to physical items like office supplies or physical components. Your vendors make your organization run more efficiently – but sometimes at a risk to your financial, reputational and operational resiliency.
By 2025, there will be more than 100 zettabytes of data stored in the cloud – that’s a lot of data! With more applications needing to process a significant amount of data in real-time, there is a shift in demand for distributed cloud and edge computing. Fortunately, the distributed cloud brings many impressive benefits to organizations – generating immense cost savings, greater scalability, and reaching resource-intensive business demands.
As organizations look to take their 2022 security concerns head-on, they need to create resilient cybersecurity programs that help them make smarter, faster, informed decisions. In our recent webinar, I had the pleasure of chatting with security professionals Mike Wilkes from SecurityScorecard, Scott Fuller from Access Health, and John Beal from St. Charles Health. They discuss the challenges they face and how their security plans for 2022 to mitigate risk across their entire ecosystem.
The 2022 new year is here! That means it’s time to bid farewell to the winter of 2021. At the same time, looking at security trends can give us insight into the future. Last year was a record-breaking year for data breaches. According to the Identity Theft Resource Center (ITRC), the number of publicly reported 2021 breaches in the first three quarters of this year exceeded the total number of incidents in the entirety of 2020.
Cybersecurity professionals are facing an unprecedented amount of scrutiny. Not only are they responsible for securing and protecting their organizations, but they also need to prove that their ideas and strategies for doing so have a meaningful impact. This can be hard when the threat landscape is constantly changing and new tactics to fight cyberattacks shift regularly.
