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Digital sovereignty is a hot topic that is receiving increasing attention. As dependence on digital systems increases, so do the risks of digital threats. Digital sovereignty includes control over digital infrastructure and data, as well as the ability to steer technological development and set norms and values. In this blog, you can read more about the importance of digital sovereignty, initiatives from the European Commission, and what entrepreneurs can do to increase their digital sovereignty.
The risk of ransomware in the digital supply chain is a serious threat to organizations that rely on digital systems. Improving cybersecurity hygiene is therefore critical. Not only do organizations need to have their own cybersecurity hygiene in order, but they also need to monitor and manage that of their third-party vendors. In this article, we provide practical tips and information on how your organization can reduce the risk of ransomware in the digital business supply chain, and how RiskStudio can help assess third-party cybersecurity hygiene.
If your business relies on digital systems, reducing the risk of ransomware in your digital business chain is critical. Ransomware is one of the most devastating forms of cyber-attack and can result in system encryption and operational downtime for your business. It can also result in the disclosure of sensitive information or the payment of a ransom to gain access to encrypted files. A recent example is the attack on the KNVB (The Royal Dutch Football Association is the Dutch soccer association), in which a criminal group called Lockbit seized contracts of soccer players and coaches, documents about pending disciplinary cases, and detailed information about the league's operations and business affairs, and demanded a ransom. In this article, we provide practical tips and information on how your organization can reduce the risk of ransomware in the digital business supply chain.
Ransomware attacks have increased dramatically in recent years and pose a serious threat to organizations. One of the main factors contributing to the risk of ransomware in the digital business supply chain is limited attention to cybersecurity hygiene, or "baseline security. Cybersecurity hygiene refers to the basic principles and practices that organizations should follow to protect their digital systems and data from cyberattacks. Some examples of foundational security measures include;
- Use strong passwords and change them regularly
- Keep software and operating systems up to date
- Use anti-virus and anti-malware software
- Limit access to sensitive information and systems
- Train employees in cybersecurity awareness
Research shows that organizations with poor cybersecurity hygiene are up to 50 times more likely to fall victim to a ransomware attack than those with good cybersecurity hygiene. Therefore, it is critical for organizations to improve their cybersecurity hygiene to reduce the risk of ransomware.
As such, it is imperative for organizations to be aware of their third-party cybersecurity hygiene. This means that companies should assess their vendors and service providers for their cybersecurity measures. Companies should establish the necessary cybersecurity standards and preferably include them in their contracts with third parties. It is also important to consider the nature of the data being exchanged. If a third party has access to sensitive information or systems, it is important that they meet strict cybersecurity requirements.
It is also important to emphasize that improving cybersecurity hygiene is not just the responsibility of the IT department, but of the entire organization. All employees must be aware of the risks of ransomware and understand and adhere to the basics of cybersecurity hygiene. Security awareness training can help.
For example, training can include recognizing phishing emails and avoiding clicking on suspicious links or attachments, as well as using strong passwords and changing them regularly. Employees can also learn how to recognize suspicious activity and how to report incidents to IT.
In addition, it's important to have an adequate incident response plan in place so that your organization can respond quickly and appropriately to a ransomware attack and limit its impact. This plan should include clear procedures for isolating infected systems and recovering lost data.
Reducing the risk of ransomware attacks requires an integrated approach where organizations not only improve their own cybersecurity hygiene, but also monitor and manage that of their third party partners. RiskStudio's 'Cyber Essentials Rating' can help organizations assess the cybersecurity hygiene of third parties and make informed decisions about doing business with them.
With continuous monitoring and automated reporting, RiskStudio can help organizations quickly identify potential risks and take proactive steps to mitigate them. For example, your organization can regularly monitor and manage third-party cybersecurity hygiene to reduce the risk of ransomware in the digital business chain.
In short, reducing the risk of ransomware attacks requires an integrated approach that improves and monitors both your own organization's cybersecurity hygiene and that of third parties. RiskStudio's Cyber Essentials Rating can help organizations assess third-party cybersecurity hygiene and make informed decisions about business relationships with these parties. By implementing basic security measures and regularly monitoring and managing third parties, your organization can effectively reduce the risk of ransomware attacks in the digital business chain.
Published by RiskStudio