What is Third Party Cyber Security

Third-Party Cyber Security: An Overview

Third-party cyber security is the practice of protecting an organization’s data and systems from unauthorized access, use, disclosure, disruption, modification, or destruction by third parties. Third parties can include vendors, suppliers, partners, and other organizations that have access to an organization’s data or systems.

Third-party cyber security is an important part of an organization’s overall information security program. By taking steps to protect against third-party threats, organizations can help to mitigate the risk of data breaches, financial losses, and reputational damage.

The Rise of Third Party Cyberattacks

Third party cyberattacks are on the rise in 2023. As businesses increasingly rely on third party vendors and suppliers, they are becoming a more attractive target for cyberattackers.

In fact, a recent study found that over half of all businesses have been impacted by a cyberattack caused by a third party vendor or supplier.

According to new research from more than half ISMS.online (57%) of UK businesses have been impacted by a cyber security incident caused by a third party vendor or supply chain partner.

The report also found that nearly one in three (30%) businesses cite managing vendor and third party risk as a top information security challenge.

The average fine following a data breach or violation of data protection in the UK is £237,402. This means that businesses that are not taking steps to mitigate the risk of third-party cyberattacks are putting themselves at risk of significant financial losses.

There are a number of reasons why third party cyberattacks are becoming more common.

First, third party vendors and suppliers often have access to sensitive data and systems of their customers.

Second, they may not have the same level of security expertise as businesses, making them more vulnerable to attack.

Third, they may be a less attractive target for law enforcement, making it easier for cyberattackers to operate undetected.

As a result of these factors, businesses need to take steps to mitigate the risk of third party cyberattacks.

How to Mitigate the Risk of Third Party Cyberattacks

Conducting due diligence on third party vendors and suppliers. This includes reviewing their security practices and asking about their incident response plans. Choose vendors and suppliers carefully. When selecting vendors and suppliers, businesses should consider their security practices and reputation.

Get everything in writing. When working with vendors and suppliers, businesses should get everything in writing, including security agreements and incident response plans.

Stay in communication. Businesses should stay in regular communication with their vendors and suppliers to discuss security concerns and best practices.

Be prepared. Businesses should have a plan in place to respond to a cyberattack, regardless of whether it is caused by a third party vendor or supplier.

Implementing security controls at third party vendors and suppliers. This could include requiring them to use strong passwords, implement multi-factor authentication, and encrypt their data.

Monitoring third party vendors and suppliers for security incidents. This could be done by reviewing their security logs or subscribing to security alerts.

Responding to security incidents at third party vendors and suppliers quickly and effectively. This could involve working with the vendor to investigate the incident and mitigate the damage.

What to Do If You Are Impacted by a Third Party Cyberattack

If your business is impacted by a third-party cyberattack, it is important to take action quickly. Here are some steps you should take:

Identify the extent of the breach. This includes determining what data was compromised and who may have been affected.

Notify affected individuals. This is important to help them protect themselves from identity theft and other potential harms.

Report the breach to law enforcement. This can help to investigate the attack and bring the perpetrators to justice.

Take steps to mitigate the damage. This may include implementing new security measures and working with your insurance company to file a claim.

Be transparent with your customers and employees. Let them know what happened and what you are doing to protect them.

Communicate regularly with your customers and employees. Keep them updated on the investigation and any steps you are taking to mitigate the damage.

Be prepared for the long haul. It may take some time to recover from a cyberattack. Be patient and persistent.

Speedster IT can help businesses mitigate the risk of third party cyberattacks

By working with Speedster IT, you can help to protect your business from the risks of third-party cyberattacks. Speedster IT can assess your business’s third-party relationships to identify potential security risks as follows:

Third Party Cyber Security Audit

By working with Speedster IT, you can help to protect your business from the risks of third-party cyberattacks.

We have a team of experienced security professionals who can help you assess, mitigate, and respond to third-party cyberattacks.

Firstly, we will carry out due diligence checks: We will conduct due diligence on your third party vendors and suppliers to ensure that they have adequate security measures in place. This includes reviewing their security policies and procedures, as well as conducting penetration tests to identify vulnerabilities.

Secondly, we will perform security audits: We will audit your third party vendors and suppliers to ensure that they are meeting your security requirements. This includes reviewing their security logs and incident response plans.

Thirdly, we will provide security consulting: We will provide security consulting services to help you implement and improve your third party security program. This includes developing security policies and procedures, as well as training your employees on security best practices.

Expertise: Speedster IT has a team of experienced security professionals who can help you assess, mitigate, and respond to third-party cyberattacks.

Reliability: Speedster IT is a reliable and trustworthy partner who will work with you to protect your business.

Cost-effectiveness: Speedster IT offers a variety of services at a variety of price points to fit your budget.

If you are concerned about the risks of third-party cyberattacks, We encourage you to contact Speedster IT for a consultation. We can help you assess your risk and develop a plan to protect your business.