Ransomware is on the rise, but attackers usually don’t break in —they log in. In global, interconnected supply chains, the risk multiplies. If a third party vendor with privileged access to your network has their login credentials compromised in a data breach, cybercriminals could have an easy path to your data and intellectual property. So how to close the gap of stolen credentials to prevent ransomware and other threats?
We recently held a short webinar on the topic, which is available to watch on demand here. It was co-hosted with our partner BitSight, and led by Ted Nitka, who manages Strategic Partnerships and Initiatives at SpyCloud.
The session covers:
- The role of stolen credentials in ransomware attacks
- Latest research on the supply chain credential issue
- Proactive measures to reduce the risk of attacks
It’s a 30-minute informal discussion, where we dig into the most common ransomware entry points and the latest research on the stolen credentials issue. Did you know that 72% of organizations were affected by ransomware between August 2020 and August 2021? Or that 60% of users who were exposed in 2+ breaches were reusing passwords?
This comes from recent research by SpyCloud and ultimately leads to one conclusion: Prevention takes less time and costs a fraction of the recovery price.
This recent webinar extended the conversation from our most recent webinar, “How to Convince Your Company that TPRM is a Priority.”
The Importance of monitoring the supply chain
Third-party vendors are crucial for businesses to scale and run their operations efficiently. But their access to your data and network increases exposure to risk, which makes vendor risk and third-party risk management (TPRM) critical to increase visibility.
However, some organizations don’t monitor their entire supply chain. When it comes to data and security, relying on reputation is not an option. You can’t manage what you can’t measure. Even if a vendor is well-known, you still need to assess their security practices through risk assessments, security ratings, and continuous monitoring.
Read More: 7 Questions For Your Next Risk Assessment
The covid19 pandemic accelerated digital transformation throughout most industries. The big concern now is that the technologies and third-party vendors used in this transformation could also be the conduit for attackers to gain access to data, if there aren’t enough preventive measures in place.
In fact, supply chain attacks are on the rise. They can cost millions, damage your brand, and have devastating effects, just like the latest attacks to SolarWinds and Colonial Pipeline showed. Shockingly, these attacks had one thing in common: compromised credentials.
How Can ThirdPartyTrust Help?
A comprehensive third party risk management program will help you assess the inherent risk of a vendor and gather their security documentation (questionnaires, certifications, insurances, etc.). It will also monitor their security posture throughout the business relationship.
Among other key indicators, you’ll be able to observe their risk score, security performance, data breach history, or exposure to stolen credentials via breaches or underground marketplaces. After all, organizations are only as secure as the companies they deal with.
To do so, you need a dedicated tool that will make it easy to maintain a secure vendor ecosystem. One that helps you understand and reduce the risk that third party vendors can bring to your organization.
ThirdPartyTrust can help you with any vendor risk management (VRM) initiative, creating an end-to-end workflow for your third party risk management (TPRM). From initial vendor risk assessments to risk mitigation and continuous monitoring, our platform allows you to put a process in place to ensure compliance and lower risk for existing and future third party vendors.
Through strategic integrations with BitSight, Osano, SpyCloud, and more, ThirdPartyTrust brings objective, dynamic ratings that measure a vendor’s cybersecurity performance into the overall TPRM process.
ThirdPartyTrust can save your organization time and resources by streamlining, automating, and centralizing your TPRM program. Increase workflow efficiency by up to 75% by eliminating emails and spreadsheets in your risk assessments, and ‘trust but verify’ your vendors’ security posture utilizing scoring providers to confirm security artifacts match up. Read our customer case studies to learn more!
Let us show you how ThirdPartyTrust can help you build and scale a simplified TPRM program. Talk to an expert today.
Looking for a TPRM tool?
This buyer’s guide can help you find the right tool that will put you on a path to auditable risk management and accelerate your journey to TPRM maturity.
Learn what makes a powerful tool on key aspects like trusted security ratings, operational improvements, integrations, pricing benefits, and industry-specific use cases.
