Geopolitical risks can result in cyber-attacks, disruptions to business continuity, and reputational damage to organizations and third parties. Organizations can strengthen their control over third parties by establishing contracts, monitoring activities, and conducting risk assessments. Senior management takes steps such as strengthening policies and controls over data processing. In this article, we take a closer look at how geopolitical risks can affect third-party management and how organizations can strengthen their control over third parties.
The NIS2 Directive is new European Union legislation aimed at strengthening cybersecurity in various sectors, including operators of essential services and digital service providers. From October 2024, companies covered by the NIS2 Directive will have to meet certain minimum cybersecurity requirements. This means that companies must assess their current level of security and develop a plan to comply with the Directive. It is important to work with relevant stakeholders, regulators and supply chain partners to ensure everyone is aware of the requirements. Read more about the impact of the directives and requirements in this article.
Small and medium-sized enterprises face various cybersecurity risks when they outsource key business functions to third parties. These security risks are increasing due to the increasing size and complexity of their outsourced business functions, increased regulatory and customer scrutiny, and the sophistication of cyber attacks.
Third-party risk management is an important aspect of cybersecurity for any organization. One way to mitigate risks is by using haveibeenpwned.com, a website that lets you check if your email address or password has been compromised in a data breach. By using this tool, you can identify which third-party services pose the highest risk to your organization and take action to protect your data.
With cyber-attacks on the rise, it is not surprising that organizations are concerned about the vulnerability of their systems and the data they manage. One worrying aspect is the lack of qualified personnel to manage their third parties. In addition, companies are often unaware of all the parties in their supply chain and struggle to understand the risks involved.
Data breaches are unfortunately all too common. Sometimes, however, an attack is so brazen that its effects reverberate for a long time. Such was the case with the SolarWinds incident, in which a state surreptitiously injected eavesdropping malware into the Oklahoma software maker's IT performance management solution used by governments and large enterprises. Organizations, from small businesses to large government agencies, were quickly reminded of their vulnerability to cyberattacks via service providers and privileged access software.
In addition to the risk of third-party attacks, many organizations struggle to map their entire supply chain. This often makes it difficult to get a complete picture of the risks in the chain, in addition to the associated liabilities. In addition, many companies struggle to find qualified personnel to manage their third-party vendors. This can lead to challenges in managing the risks and liabilities associated with these parties.
One possible solution to these challenges is RiskStudio. The solution can help companies map their supply chain and get a complete picture of the risks involved. In addition, RiskStudio offers the opportunity to improve the quality of collaboration with third parties. This allows companies to better manage the challenges associated with managing third parties.
Published by RiskStudio