Businesses today are increasingly reliant on third-party vendors to help them run their operations. These third-party sources can come in the form of cloud services solutions, external marketing partners, managed service providers – the list can be endless. But while there are many benefits to working with third-party providers, especially regarding business scalability, these relationships also introduce new security risks.
This article will discuss six of the most common security gaps that can occur when working with third-party vendors and how you can mitigate them.
Why You Need To Assess Third-Party Security Gaps
According to a 2020 Ponemon survey, the typical enterprise has an average of 5,800 third parties that they are actively engaged with, and this trend is spiking considerably year over year. The main reason is that businesses are looking for ways to become more agile and efficient, and third-party vendors can offer both of those benefits.
But with this increase in third-party relationships comes an increase in the risk of a data breach or other security incident. The survey found the average company has a 41% chance of experiencing a data breach in any given year, and that number goes up to 60% when you include third-party vendors.
It can be easy to assume that the security risks posed by third-party vendors are someone else’s responsibility. Still, the truth is that you need to assess and manage these risks just as you would any other part of your organization. By creating partnerships with third parties, you are extending the borders of your security perimeter, and if these partners are not meeting their standards, your organization is at risk.
Most Common Third-Party Security Gaps
Now that we’ve established why it’s essential to assess and manage the security risks posed by third-party vendors, let’s look at six of the most common security gaps that can occur and what initial steps can be taken to reduce your exposure.
1. Unpatched Servers and Software
One of the most common security vulnerabilities that certain third-party vendors can exploit is unpatched servers and software. This is because many companies don’t have the time or resources to patch every server and application in their environment, so they rely on their third-party providers to do this for them.
But if a third-party vendor does not patch their systems promptly or at all, your organization can be left vulnerable to attack. The best way to mitigate this risk is to require your vendors to provide you with documentation of their patch management process and then audit them regularly to ensure they are following through on their commitments.
2. Compromised User Credentials
Another common security vulnerability that third-party vendors can exploit is the theft or compromise of user credentials. This can happen if a vendor’s employee is targeted by a phishing attack, for example, and their login information is stolen. While there are systems to protect against this, like two-factor authentication, many of them can be easily circumvented if a vendor’s employees are not adequately trained on using them.
The best way to protect your organization from this type of attack is to ensure that all user credentials (internal and external) are encrypted, and that access is granted on a need-to-know basis. In addition, providing all of your partners use two-factor authentication or other similar mechanisms is an excellent way to reduce your risk.
3. Unprotected Web Assets
In addition to user credentials, many third-party vendors also store sensitive data in the form of web assets. This can include customer data, financial information, and trade secrets. If these assets are not adequately protected, they can be easily accessed by hackers and used for nefarious purposes.
To mitigate this risk, you need to ensure that all of your vendor’s web assets are adequately protected with firewalls and other security measures. You should also require them to use encryption for any data that is being transmitted or stored.
4. Inadequate Data At Rest and In Motion Protection
When storing company data with a third-party vendor, you need to ensure that it is adequately protected both at rest and in motion. This means that the data should be encrypted while stored and transmitted. While many vendors do this by default, you should still verify that they are doing so and that their encryption measures are adequate.
Protecting data storage and movement is critical for any organization and should be a top priority for any third-party vendor you work with. By reviewing your vendors’ security measures and ensuring that they are up to par, you can help protect your organization from a data breach.
5. Poor Virtualization-Based Security Protocols
As more and more companies move to the cloud, virtualization-based security protocols become increasingly important. This includes things like firewalls, intrusion detection/prevention systems (IDS/IPS), and virtual private networks (VPNs). If a third-party vendor does not have adequate virtualization-based security protocols in place, your organization can be left open to multiple attacks.
When reviewing your vendors, be sure to ask about their virtualization-based security protocols and how they protect your data. They should be able to provide you with a comprehensive security plan that identifies all of the risks associated with operating in a virtualized environment and how they plan to mitigate them.
6. Lack of Transparency
One of the most significant risks associated with working with third-party vendors is the lack of transparency. This means that you may not always know what they are doing with your data and how it is being protected. This issue can be amplified if organizations do not adequately communicate when breaches occur or if their data is compromised.
Seeking transparency from your vendors is critical for any organization. You need to be able to trust them with your data and know that they are doing everything possible to protect it. If they are unwilling to be transparent with you, it is probably best to find a different vendor.
Closing Third-Party Security Gaps
One of the main challenges of working with third-party vendors is the fact that there are so many relationships to manage. This can make it easy to lose track of the security risks associated with each one, as well as their relative compliance when it comes to data security.
Being able to create unified visibility into all of your third-party relationships is essential for any organization. This includes having a centralized dashboard that provides an overview of all the vendors, their security posture, and their compliance status.
When all of your vendor data is in one place, it becomes easier to identify and close any security gaps. This helps organizations be proactive instead of reactive when it comes to data breaches and other security incidents and can help prevent them from happening in the first place.
Ensure Compliance and Protect Your Data
Evaluating security gaps across all third parties is critical to protecting your organization from data breaches and other security incidents. By taking the time to review your vendors’ security posture, you can ensure that they are compliant with your organization’s security standards and help protect your data from various threats.
CyberGRX is the first and only global cyber risk exchange, providing broad third-party risk management coverage for organizations of all sizes. Creating visibility and control into your organization’s cyber risk exposure, CyberGRX offers a real-time view of your third-party risk environment as well as actionable insights to help you move from straight data analysis to actual cyber risk management.
To learn more about how CyberGRX can help you manage your third-party cyber risk, request a demo today.
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3 Questions Healthcare Organizations Should Consider...
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Company experiences three-digit customer and revenue growth in Q1 alone; brings first-of-its-kind features to market..
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Webinar: Cyber Risk Intelligence and the...
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Managing the Security Risks in Third-Party...
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How Remote Work Has Changed On-Site...
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CyberGRX Product Guide
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Social Engineering: How to Not Be...
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Understanding Your Cybersecurity Risks During the...
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War in Ukraine: Monitoring Resiliency in...
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Beyond Risk Management: How Cyber Risk...
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Log4j Vulnerability: A Lesson in Third...
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Log4Shell and Threat Profiles
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Log4Shell and Third-Party Vendors: How Will...
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The Difference Between Third-Party Cyber Risk...
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How To Create a Results-Driven Supplier...
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2021 and Beyond: Financial Viability Trends...
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5 Easy Ways to Increase Your...
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Predictive Risk Profiles Data Sheet
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Expert Interview: Continuous Monitoring of Third-Party...
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ISACA Summit Replay: Cybersecurity is an...
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CyberGRX vs. Competitors: A Comparison Chart
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Inherent Risk vs. Residual Risk in...
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ProcessUnity Team Kicks Off National Day...
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UK PRA Guidelines: New Strategies for...
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Ransomware & Your Third Parties: A...
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Introducing Enhanced Portfolio Management Features
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ESG Reporting Mandates to Know for...
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Ransomware Vendor Ecosystem Visibility Report
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CyberGRX Ransomware Threat Profile & Ecosystem...
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Exchanges, GRC Tools, and Risk Scans:...
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Supplier Risk Management Strategies for Healthcare...
The COVID-19 pandemic served as a wake-up call for supplier risk management programs globally. Formerly reliable..
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Recently, thousands of Kaseya VSA servers were exploited using a malicious update payload. Bypassing access..
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The Next Kaseya Breach is Around...
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Risk Assessment Methodology Data Sheet
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CyberGRX Partners with Recorded Future to...
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The Cyber Info Exchange Episode 7:...
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Cybersecurity Accountability Requires Enterprise-Wide Involvement
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Checklist: TPCRM in the Retail Industry
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Regulations and compliance requirements are constantly changing, and this can make it challenging to efficiently maintain compliance...
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The Cyber Info Exchange Episode 6:...
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The Importance of a Flexible Cybersecurity...
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EBA Guidelines and Supplier Risk Management
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The SolarWinds breach, while incredibly serious, is a flash in the pan brought upon by..
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Reporting on the State of Your...
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Cybersecurity Risk has Changed the Chief...
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How to Address The Top Third-Party...
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What is a Cybersecurity Framework?
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CyberGRX modernizes and streamlines redundant and inefficient processes that come with shared and static..
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Are Third-Party Cloud Applications Putting Your...
In May of 2017, it was discovered that an exposed data repository, an AWS S3..
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Third-Party Risk Management Best Practices
New Guide Offers Expert Advice for Effective and Efficient Vendor-Risk Processes A robust, effective, and..
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Blackstone ROI One-Pager
Contact us today CyberGRX’s platform has helped Blackstone create a more efficient third-party risk management..
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When they determined the number of third-party cyber risk assessments they’d be doing was going..
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Blackstone Case Study
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TPCRM 101 Guidebook
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Gartner Names ProcessUnity a Leader in...
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Why Vendor Risk Management Should Be...
As the severity and cost of data breaches continues to increase, Vendor Risk Management has never been..
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What is Data Privacy and How...
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The Evolution of the Third-Party Due...
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QBE: Improving Oversight of Third Parties...
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Auto Inherent Risk Data Sheet
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Compliance Week Recognizes Abercrombie & Fitch’s...
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7 Security Controls You Need For...
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Revolutionizing Third Party Risk: How to...
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Pandemic Questionnaire Guidance & Vendor Assessment...
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The Cyber Info Exchange Episode 4:...
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ComplySci ROI One-Pager
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How Third-Party Risk Management Can Help...
This post originally appeared on LinkedIn. To view the original article, click here. We understand the..
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How to Spot Your Riskiest Vendors:...
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Third-Party Risk Management: From A to...
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APRA CPS 234: Everything You Need...
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Metrics to Avoid When Discussing Cybersecurity...
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2019 Was A Banner Year for...
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Outside-In Scanning Is Not Cyber Risk...
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ProcessUnity Scores Highest in Gartner 2019...
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CPG Case Study
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ProcessUnity Positioned as a Leader in...
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What the European Banking Authority Guidelines...
Using the European Banking Authority (EBA) guidelines to streamline your supplier risk management program Simply..
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Solix Case Study
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The Latest CCPA Update: Amendments to...
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The vast majority of people get annual physical examinations and automotive tune-ups – why shouldn’t..
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How To Improve Your Third-Party Inherent...
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The Latest Retail Breaches: Third-Party Data...
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CCPA and GDPR Compliance for IT...
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Sarbanes-Oxley Compliance: Five Steps to Cleaning...
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CyberGRX Enriches Third-Party Cyber Risk Management...
CyberGRX Auto Inherent Risk Automates a Time-Consuming, but Critical Step, Bringing Immediate and Valuable Insights..
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Hey Third Parties! Here's How to...
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Tips for Preparing For Your Third-Party...
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How Financial Ratings and Cybersecurity Scores...
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Poll: Over Half of Risk Managers...
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First GDPR, Now CCPA: Manage Your...
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Essential Technical Security Controls to Promote...
One of the most impactful regulations in the U.S. is the Health Insurance Portability and..
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Evaluating Third-Party Risk Management Software? Speed...
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It’s a Wrap: Four Takeaways from...
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Creating a Third-Party Cyber Risk Management...
I’ve spent almost 30 years in the IT security space and half of that engaged..
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Cyber Risk: What is it and...
Cyber risk is a hot topic these days, and rightfully so. By 2025, Gartner estimates that “45%..
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The Cost of Third-Party Cybersecurity Risk...
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Trust, But Validate: Building Confidence in...
Overview Security assessments come in all shapes and sizes. Some have tightly defined scopes and..
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How ComplySci Spends Less Time on...
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How Blackstone Assessed 3x More Vendors...
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5 Reasons to Accept a CyberGRX...
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Third-Party Management Maturity Model White Paper:...
ProcessUnity’s recent white paper, the “Third-Party Risk Management Maturity Model,” helps you understand where your..
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New Gartner Report: Evaluates Capabilities and...
Gartner Research recently published The 2018 Critical Capabilities for IT Vendor Risk Management, and we are extremely excited..
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Technology Case Study
After a technology company doubled the size of their vendor ecosystem, they sought to secure..
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Third-Party Risk: Reduce Vendor Fatigue &...
You’ve likely heard before that “one size does not fit all” when it comes to..
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ComplySci Case Study
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New Report Predicts Significant Market Growth
MarketsandMarkets has published a new report that states that the global Vendor Risk Management market..
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Vendor Onboarding Best Practices: ProcessUnity Webinar...
Vendor Onboarding Best Practices: To contract a vendor is to initiate a relationship: when you..
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Think GDPR (General Data Protection Regulation)...
Do you collect, store or process EU citizen or resident data? Does anyone in your..
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Risk & Compliance – The Build...
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Incorporating Content Services into Your Vendor...
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Regulatory and Management Reporting for Vendor...
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SLAs and Vendor Performance Management
Not all business relationships require a service-level agreement (SLA), but good vendor performance management is..
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Formalizing Vendor Risk Management - Keep...
When starting to build a formal Vendor Risk Management program, it’s important not to overcomplicate..
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Six Tips for Building Effective Vendor...
A well-designed vendor risk assessment questionnaire is vital for a successful Vendor Risk Management program...
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The 2017 State of Third Party...
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eBook: 8 Reports for Effective and...
The foundation for an effective and efficient Vendor Risk Management program is solid reporting. The..
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The Top Policy and Procedure Management...
Corporate policies – from HR guidelines to pricing rules -- set the standards, outline the..
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How to Stay Ahead of Risk...
Managing risk through pre-contract vendor due diligence in a digitally connected world Thanks to increasing..
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Mitigating the CFPB Audit Process
In the mortgage industry, the potential for an audit by the Consumer Financial Protection Bureau..
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If you are running a Vendor Risk Management program, odds are that you either have:..
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The Hidden Costs of Spreadsheets in...
While spreadsheets are a widely-accepted go-to for compliance and risk management activities, findings from Blue..
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The State of Third-Party Risk Management
Today, organizations are bombarded by new regulatory guidance, daily occurrences of cybercrime and data breaches,..
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45-Minute Executive Web Clinic: Offer Management...
You’ve probably heard: The sky is falling in the benefits industry. (Or should we say..
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FFIEC Cybersecurity Assessment Tool: What You...
Cybercrime is a hot topic among GRC practitioners these days. It should be. According to..
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Case Study: Offer Management Revitalizes a...
A large Benefits Provider was facing major customer service and implementation challenges. The company provides..
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Change Your SOX: Next-Gen Sarbanes-Oxley Compliance
It’s been more than a decade since Sarbanes-Oxley became the law of the land—and..
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Introducing ProcessUnity’s Summer 2015 Release
Salesforce and Microsoft Office Integrations, plus a Whole New Look! The ProcessUnity Summer 2015 product..
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Channel Your Inner Regulator to Improve...
If you are like most banks and financial service companies, then chances are you outsource..
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Five Keys to Conducting Effective Vendor...
Risk exposure is indiscriminate. Whether you are a large multinational, a non-profit institution, an agency..
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A Roadmap for Implementing Product and...
“Benefit plan providers are turning to Offer Management initiatives and systems to reduce risk, cost..
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Plan Providers: Use Offer Management to...
In today’s intensely competitive benefit plan market, getting your teams aligned creates a dramatic competitive..
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Does Your Pre-Contract Due Diligence Leave...
Today’s global, digital economy opens up a world of opportunities—and a whole new world of..
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Welcome to the ProcessUnity Blog
On behalf of the ProcessUnity team, I am excited to welcome you to the new..
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ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.