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.
Third-party vendors are an essential part of many businesses' operations. However, they can also pose a significant risk to your organization's security. When you entrust sensitive data to a third-party vendor, you're also entrusting it to their security protocols. If their security is weak, it can lead to a data breach that can compromise your data. Therefore, it's crucial to manage the risks associated with third-party vendors.
Have I Been Pwned is a website that allows you to check if your email address or password has been involved in a data breach. By using this tool, you can identify whether any of your third-party vendors have experienced a data breach and whether your data may have been compromised. It's important to note that this tool only checks for known data breaches, so it's essential to use it in conjunction with other security measures.
To use Have I Been Pwned for third-party risk management, you'll need to collect the email addresses and passwords associated with your third-party vendors. You can then enter these email addresses and passwords into Have I Been Pwned to see if they've been involved in a data breach. If any of your vendors' email addresses or passwords have been compromised, you'll need to take immediate action to mitigate the risks.
There are several steps you can take to mitigate the risks associated with compromised third-party vendors. First, you can notify your vendors and ask them to take appropriate security measures to prevent further breaches. Second, you can monitor your vendors' security protocols and require them to provide regular reports on their security measures. Finally, you can consider terminating your relationship with vendors who pose a significant security risk to your organization.
Using Have I Been Pwned could be an essential part of third-party risk management. By identifying which third-party vendors pose the highest risk to your organization, you can take appropriate action to protect your data. Remember to use this tool in conjunction with other security measures and to take immediate action when risks are identified.
Source: Have I Been Pwned (HIBP)
Published by RiskStudio