The interconnected nature of global supply chains has brought about an increased risk of data breaches and security incidents involving third-party vendors and partners. These third-party suppliers, especially those with digital connections to organizations, pose a significant threat by expanding the attack surface and exposing organizations to software supply chain risks, vulnerabilities, and potential insider threats.
According to the Cyentia Institute, a staggering 98% of organizations have experienced at least one cybersecurity breach involving a third-party vendor within the past two years. This statistic underscores the pressing need for organizations to enhance their third-party risk management (TPRM) programs to address these risks effectively.
In response to this growing threat landscape, organizations have ramped up their investments in TPRM programs. The 2023 Global Third-Party Risk Management Survey conducted by EY revealed that 90% of respondents are actively investing in improving the effectiveness of their TPRM programs. A recent report by Dark Reading titled “Managing Third-Party Risk Through Situational Awareness” highlights how organizations can leverage threat intelligence to bolster their third-party risk management efforts.
Rick Holland, VP CISO at security services provider ReliaQuest, emphasizes the formidable challenge that third-party risk management presents to Chief Information Security Officers (CISOs). Regulatory demands, the proliferation of remote work, and data privacy concerns are cited as key drivers behind the increased investments in TPRM programs. A significant portion of these investments is dedicated to implementing threat intelligence programs, which play a crucial role in providing organizations with a comprehensive understanding of the threat landscape.
Threat intelligence, sourced from various outlets such as open-source intelligence, commercial threat intelligence providers, industry-specific information sharing and analysis centers, and internal security data, serves as a valuable tool in identifying potential risks associated with third parties. Threat intelligence analysts continually update and enhance this intelligence to detect indications that third parties may be vulnerable to attacks, currently under attack, or have recently experienced security incidents. Common indicators include discussions on online forums and marketplaces, data leaks, compromised credentials circulating on the web, and other suspicious activities.
Organizations are encouraged to explore the benefits of incorporating threat intelligence into their risk management strategies. By leveraging threat intelligence to gain insights into the threat landscape, organizations can make well-informed decisions to mitigate risks associated with third-party relationships. The report emphasizes the importance of collecting and utilizing threat intelligence to strengthen security measures and minimize the potential impact of security incidents involving third-party vendors and partners.
In conclusion, the evolving cybersecurity landscape underscores the critical need for organizations to prioritize third-party risk management and leverage threat intelligence to proactively address emerging threats. By adopting a proactive and intelligence-driven approach to managing third-party risks, organizations can fortify their security posture and safeguard sensitive data from potential breaches and security incidents.