Modern business is built on relationships. Therefore, it is not unusual for the largest of enterprises to maintain a long list of relationships with third parties. And with each partner and vendor comes the need to manage third-party risk. Needless to say, there are plenty of risk factors to account for.
Managing third-party risk is part of the agenda at DarkOwl. As a darknet intelligence expert, DarkOwl equips security experts, managed service providers, and organizations to manage third-party risk effectively.
DarkOwl is obviously not the only organization of its kind. Other organizations offer similar services designed to equip enterprises to protect themselves. One of the keys to doing so is thoroughly understanding the many risk factors involved.
The Foundation of Third-Party Risk
Before actual risks can be identified, an enterprise needs to understand the foundation of third-party risk. That foundation is access. If a partner or vendor had absolutely no access to an enterprise’s networks or cloud environments, there would be no risk from that entity. But in the modern world, everyone and everything is connected.
Third parties have at least limited access most of the time. As such, they become entry points. Threat actors look for vulnerabilities up and down the supply chain, knowing that a vendor or partner with lax security standards could represent a way into a more lucrative enterprise.
The Most Common Risk Factors
Decision makers at the enterprise level must always be cognizant of the risks posed by their partners and vendors. Sometimes this is easier said than done. But that’s why organizations like DarkOwl exist. They provide the intelligence that decision makers otherwise lack.
Here are some of the most common risk factors decision makers need to be aware of:
Compromised Company Data
Third parties often have access to an organization’s sensitive data. This can include company data as well as customer information. Regardless, it is all confidential. A vendor or partner not maintaining adequate security controls puts such data at risk. A threat actor will willingly attack a weaker third-party in order to gain access to sensitive enterprise data.
Phishing Attacks
Phishing is a form of social engineering that convinces individuals to willingly give up their credentials. Third parties may be susceptible to phishing if their security standards are not up to par. A successful attack can give a threat actor access to credentials that will allow him to work his way up the supply chain in search of usable information.
Ransomware Attacks
Just like phishing attacks, ransomware attacks can begin at the low end of the supply chain and gradually work their way up. Ransomware continues to be a serious problem facing enterprises around the world. Therefore, preventing it is crucial to proper third-party risk management.
Poor Access Control
Strangely enough, threat actors can lay the foundation of a successful attack through fairly simple means. For example, getting their hands on employee credentials can be a simple enough exercise under the right conditions. But with stolen credentials, threat actors can then go on to launch more sophisticated attacks.
In this regard, poor access control is a fairly common risk factor with third parties. Where enterprises are likely to utilize things like multifactor authentication and zero trust network access, partners and vendors might be satisfied with simple credentials.
Third-party risk is real. It is an issue that enterprises need to deal with on a daily basis. Managing risks involves working with partners and vendors to beef up their security strategies and policies. Adding darknet intelligence goes one step further by helping enterprises be more proactive in identifying and mitigating threats.
