By James John
Ransoware is arguably the biggest security concern modern organizations face. Being victimized by a successful ransomware attack can cost companies millions. But look beyond the attack itself, and it becomes clear there is something else in play: third parties. To get the upper hand on ransomware attackers, organizations need to do something about their third-party risk.
Third-Party Risk Exposure
In a supply chain scenario, third parties are those vendors and other entities organizations partner with to do what they do. Third parties are given access to an organization’s network and data on an as-needed basis. However, giving access creates security concerns.
Every third party with access to an organization’s network and data presents some level of risk. Generally speaking, the amount of third-party risk exposure an organization is willing to tolerate correlates directly to its cybersecurity posture. This is especially true when it comes to ransomware.
Data from cyber insurance providers demonstrates that ransomware is currently the biggest threat organizations face. The data also shows that ransomware losses are increasing, primarily due to risks associated with third-party providers and vendors.
Focusing More on Third Parties
Increasing losses are no surprise when you consider that the same data shows threat actors increasingly targeting third parties. But why? Because third parties are more vulnerable than the larger organizations they want to target. Put simply, threat actors are aggressively targeting third parties with the ultimate goal of going after organizations higher up the supply chain.
The entire proposition becomes much more serious with every partner a third-party works with. For example, a supplier offering services to dozens of healthcare providers in a major city could be the source of a community-wide shut down if attacked by threat actors. That third party’s risk exposure has put the entire local healthcare network at risk.
What It Means to Organizations
Third-party risk is a genuine problem because organizations do not have tight control over the security practices of their vendors and partner organizations. That means organizations are vulnerable to the same extent as their third-party partners. Therefore, they need to be proactive in looking out for themselves and those third parties.
That is exactly what darknet intelligence provider DarkOwl recommends. DarkOwl offers software and services designed to keep organizations abreast of their cybersecurity risks. Through darknet intelligent practices, they can help organizations monitor the dark web for any and all data that points to a potential third-party security breach.
In essence, it amounts to organizations vigilantly paying attention to any and all potential risks – whether they are direct or indirect. Think of it like a neighborhood watch group that keeps an eye on the entire neighborhood, knowing that keeping their neighbor’s safe means being safer themselves.
Intelligence for Actionable Insights
Darknet intelligence providers are a valuable asset in the fight to reduce third-party risk. They don’t produce information for its own sake. Rather, they produced data that leads to actionable insights. Darknet intelligence providers and software continually scan the dark web for:
- Information on compromised accounts
- Stolen account credentials
- Sensitive company data and trade secrets
- Personally identifying information (PII)
In addition, darknet intelligence providers pay attention to threat actor chatter on dark web forums. They pay attention when threat actors share tips, tricks, and tools. Everything and anything that would indicate a potential attack is analyzed.
While ransomware remains a top concern among cybersecurity experts, equal priority should be given to third-party risk. The data doesn’t lie. Ransomware threats increase in areas of the supply chain where third-party risk is high. By reducing that risk, organizations can better protect themselves against ransomware attacks.
