Mitigating Third- Party Vendor Security Risks
According to Forbes, the cost of ransomware attacks against organizations has increased by 300% in 2021. Additionally, supply chain and vendor issues have gained attention since SolarWinds, Kaseya, and other providers that have been compromised this year. Cyberpion found that three- fourths of Fortune 500 companies’ IT infrastructure exists outside of their organization. Third- party software and code are just as vulnerable as the organization itself, but bringing in these outside parties opens up the attack surface to a wider area. Traditional third- party risk management solutions have centered attention on direct infrastructure, ignoring the security risks that vendors may pose. However, modern- day attackers are carrying out more sophisticated attacks that may lead to data breaches and loss of customer information.
Mitigation Activities
- Inventory management: Continuous inventory management of software and other assets is a crucial part of third- party risk management. Knowing exactly what your organization is responsible for and what vendor is responsible for can help you actively monitor components.
- Vendor selection process: Your organization should have a robust and consistent vendor selection process. This process should include comparing the vendor with competitors, reviewing the vendor’s attestation reports and security controls, and having the vendor fill out a security questionnaire.
- Continuous monitoring and auditing: Continuously monitor your organization’s network to identify any potential vulnerabilities. This includes regular vulnerability scans and pennetration tests along with reviewing users’ access. Also assessing vendor risks annually as a part of your organization’s annual risk assessment can help mitigate vendor risks.
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Continuous security monitoring of your systems is critical to protecting your company and your customers. Ongoing security tasks such as vulnerability management and penetration testing are vital to protecting your networks and applications.
Contact Adsero Security today to schedule a Security Risk Assessment to identify all your critical assets, vulnerabilities, risks and controls in your company. Use our security risk assessment report to remediate your current risks and determine processes and procedures to reduce or eliminate risks going forward.
