Tackling Top Third-Party Cybersecurity Risks in 2024

In this blog post, we will explore the top third-party cybersecurity risks facing organisations in 2024 and outline strategies to address these risks proactively.

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Strategies for a Secure Future

In an increasingly interconnected digital landscape, third-party cybersecurity risks have emerged as a significant concern for organisations across all industries. As businesses rely on an extensive network of vendors, suppliers, and service providers to support their operations, the need to effectively manage and mitigate third-party cybersecurity risks has never been more critical.

Supply Chain Vulnerabilities

Supply chain vulnerabilities continue to pose a significant cybersecurity risk for organisations in 2024. From supply chain attacks to vendor compromise, adversaries leverage vulnerabilities within the supply chain ecosystem to infiltrate networks, steal sensitive data, and disrupt operations. To mitigate supply chain risks, organisations must conduct thorough vendor risk assessments, implement robust supplier security controls, and foster transparency and collaboration with key partners.

Third-Party Data Breaches

Third-party data breaches represent another critical cybersecurity risk facing organisations. When third-party vendors experience security incidents or data breaches, sensitive information entrusted to them may be compromised, resulting in reputational damage, regulatory fines, and legal liabilities for the organisations they serve. To mitigate the impact of third-party data breaches, organisations should implement data encryption, access controls, and data loss prevention measures to protect sensitive information shared with external partners

Insider Threats from Third Parties

Insider threats originating from third-party entities pose a significant cybersecurity risk in 2024. Malicious insiders or compromised accounts within third-party organisations may exploit their access privileges to exfiltrate data, conduct espionage, or sabotage systems and networks. To address insider threats from third parties, organisations should implement robust identity and access management controls, conduct regular user behaviour monitoring, and enforce least privilege access policies to limit the scope of potential insider threats.

Lack of Security Oversight and Accountability

A lack of security oversight and accountability within third-party relationships remains a prevalent cybersecurity risk for organisations. Inadequate security policies, lax compliance standards, and a lack of contractual clarity regarding cybersecurity responsibilities can leave organisations vulnerable to exploitation by third-party partners. To address this risk, organisations should establish clear contractual agreements outlining security requirements, conduct regular security audits and assessments of third-party vendors, and ensure ongoing communication and collaboration to uphold security standards.

Emerging Technologies and Shadow IT

The proliferation of emerging technologies and the prevalence of shadow IT pose additional cybersecurity risks for organisations in 2024. The adoption of cloud services, IoT devices, and mobile applications by third-party vendors introduces new attack vectors and security challenges. To mitigate these risks, organisations should implement comprehensive security protocols for vetting and monitoring third-party technologies, enforce robust cloud security controls, and implement network segmentation to prevent unauthorised access to sensitive systems and data.

Final Thoughts

As organisations navigate the evolving threat landscape in 2024, a proactive approach to third-party cybersecurity risk management is essential to safeguard sensitive data, protect critical assets, and preserve organisational resilience.

By identifying and addressing supply chain vulnerabilities, mitigating the impact of third-party data breaches, addressing insider threats, establishing security oversight and accountability, and adapting to emerging technologies and shadow IT, organisations can strengthen their cybersecurity posture and foster a culture of security across their extended enterprise ecosystem.

In an era defined by digital transformation and interconnectedness, the ability to effectively manage third-party cybersecurity risks is not just a regulatory requirement; it's a strategic imperative that underscores organisational commitment to resilience, trust, and integrity in the face of evolving cyber threats.

By prioritising third-party cybersecurity risk management as a core component of their overall cybersecurity strategy, organisations can navigate the complexities of the digital landscape with confidence, agility, and foresight, ensuring a secure future for themselves and their stakeholders.

NEXT STEPS

To help understand more about how to secure your supply chain, check out our on demand webinar Supplier Risk: The Weakest Link in the Chain.

In this webinar our ZDL Group industry experts will guide you through the crucial aspects of mitigating risks in your supply chain to help you prioritise cybersecurity in your third-party risk management program.

For more on how VenDoor can help you implement an agile and comprehensive third-party risk management program in 2024, request a demo today.