45% of firms disrupted by third-party issues despite cybersecurity investments.

Key Points:

45% of organizations have experienced business interruptions due to third-party factors within the past two years.
Successful third-party cybersecurity risk management relies on resource efficiency, risk management and resilience, and influence over business decision-making.

A recent survey by Gartner has found that despite extensive investment in third-party cybersecurity risk management (TPCRM), 45% of organizations have experienced business interruptions due to third-party factors within the past two years. This highlights an ongoing struggle for cybersecurity teams. Zachary Smith, Sr Principal Research at Gartner, commented that third-party cybersecurity risk management is often excessively process-oriented, resource-intense, and results are few and far between. Cybersecurity teams struggle to build resilience against third-party related disruptions and to influence third-party related business decisions.

The survey involved 376 senior executives who play a role in third-party cybersecurity risk management in their organizations. According to Gartner, successful TPCRM relies on an organization’s capability to deliver three key outcomes: resource efficiency, risk management and resilience, and influence over business decision-making. However, most companies struggle to effectively deliver two of the three outcomes, with only 6% of surveyed organizations being proficient in all three areas.

Gartner identified four actions that security and risk management leaders could implement to increase their effectiveness when managing third-party cybersecurity risk:

Regularly review the effectiveness of communicating third-party risks to the relevant business owner of the third-party relationship.
Track third-party contract decisions to aid in managing risk acceptance by business owners.
Conduct third-party incident response planning, including playbooks and tabletop exercises.
Collaborate with essential third parties to enhance their security risk management practices as needed.

Implementing any of these actions reportedly led to a notable 40-50% increase in TPCRM effectiveness.

In an interconnected business environment, the risk associated with a critical third party has a direct impact on the organization. Therefore, partnerships that foster transparency and collaboration in improving security risk management practices are beneficial.

Post Views: 102

Latest from Blog

US charges North Korean hacker for hospital ransomware attacks

TLDR: The U.S. DoJ indicted a North Korean hacker for ransomware attacks on hospitals The hacker, Rim Jong Hyok, is part of a group called Andariel and is accused of laundering ransom

Deadline approaching for Cyber Security Framework adoption and mandatory reporting Regulator shifts focus to enforcement from education

TLDR: Key points: Important compliance dates approaching for critical infrastructure assets under the Security of Critical Infrastructure Act. Responsible entities must adhere to specific cyber security frameworks and submit mandatory annual reports.

Cyberattack hits Selenium Grid for Crypto Mining – stay safe

Ongoing Cyberattack Targets Exposed Selenium Grid Services TLDR: Cyberattack targeting older versions of Selenium for crypto mining Threat actors using Selenium Grid services for illicit activities Cybersecurity researchers are warning about an

Bridging the cyber talent gap: tips for CISOs

TLDR: – Global cyber threats have increased twofold in recent years, leading to a talent gap of nearly 4 million cyber professionals worldwide. – Existing cyber staff are under strain, with vacancies

Deepfake dangers prompt urgent cybersecurity reevaluations for businesses

TLDR: AI-generated deepfake attacks are on the rise, leading companies to reassess their cybersecurity measures. Companies are developing deepfake response plans and running simulations to increase preparedness. Biometric authentication, once considered secure,

North Korean faces charges for cyberattacks on US targets

TLDR: A North Korean military intelligence operative has been indicted for orchestrating cyberattacks on U.S. hospitals, NASA, and military bases. Rim Jong Hyok, a member of the Andariel Unit, faces charges of

Analysts predict cybersecurity stocks will soar after CrowdStrike’s outage

“`html TLDR: CrowdStrike outage led to potential gains for cybersecurity rivals SentinelOne, Palo Alto Networks, and Microsoft’s cybersecurity business could benefit After a defective CrowdStrike update caused a global tech outage, analysts

Bitsight’s Trust Management Hub: Revolutionizing Security Assessment Process

TLDR: Bitsight has released Trust Management Hub to streamline security assessments. The new solution reduces workload by 25% and improves the assessment cycle by 85%, helping teams close deals faster. Bitsight, a

North Korean hackers pivot to ransomware attacks

TLDR: North Korean hackers from APT45 have shifted from cyber espionage to ransomware attacks APT45 has targeted critical infrastructure and is linked to ransomware families SHATTEREDGLASS and Maui A North Korea-linked threat

Europe’s telecom, electricity sectors evaluated in new EU cybersecurity report

TLDR: EU releases risk assessment report on cybersecurity in telecommunications and electricity sectors Report highlights supply chain risks, shortage of cybersecurity professionals, and threats from cybercriminals and state-sponsored actors Summary: The European

Suggestions

45% of firms disrupted by third-party issues despite cybersecurity investments.

Latest from Blog