In the interconnected world of modern business, managing and mitigating cybersecurity risks posed by third-party vendors and partners has become a critical concern. Breaches can- and do- occur through less secure external entities, posing significant risks to organizations that rely on these vendors. Effectively managing these risks is crucial, as the security of an organization is often only as strong as its weakest link.
When an organization chooses to work with third-party vendors, it effectively acquires the risk and liability associated with those vendors. In this transaction, any vulnerabilities within the vendor's systems become potential weaknesses within the organization's own security framework. Even though vendors are typically vetted and validated at the time of contract, it is virtually impossible to guarantee that they will maintain the same security standards over time. As a result, it is crucial for enterprise IT managers to thoroughly analyze and understand the security implications of each piece of software before it is deployed.
The Challenges of Continuous Monitoring
Enterprise IT teams are often asked to vet, manage and maintain a diverse ecosystem of software solutions across the organization, each with different origins and functions. The rate at which new software is introduced can sometimes outpace the organization's ability to thoroughly analyze and vet each one. This can lead to a growing backlog of untrusted software, increasing the organization's exposure to potential risks. The sheer volume of executable programs on an enterprise network further complicates this issue.
Key Risk Management Strategies
To effectively manage and mitigate these risks, organizations need to implement robust third-party risk management strategies.
- Establish strict vendor vetting processes – Complete the due diligence necessary to support joining forces with the chosen third-party vendor or partner. Evaluate their cybersecurity practices and plans to ensure they align with your organization’s goals.
- Conduct regular security assessments – An important part of cybersecurity vigilance is remaining vigilant. Regular, repeat screenings of your organization’s entire system should now include additional vendor and partner systems too.
- Maintain continuous monitoring of vendor systems - Integrating their product with your system is only the beginning. Don’t just rely on their reporting, especially in heavily regulated industries where the blame for a cyberattack could fall to your company.
- Enforce stringent access controls – Practice good cybersecurity hygiene by implementing multi-factor authentication and following zero-trust privilege access. An often-overlooked way to prevent successful cyberattacks is strict access control that makes every user prove they should have access to the data they’re attempting to access.
- Ensure third-party integrations are subject to the same security policies and procedures as internal systems – Malicious actors love to mine integrations to find security vulnerabilities that they can exploit; this kind of exploitation can be devastating. Just ask any of the Snowflake customers who were hacked when cybercriminals found a flaw in Snowflake’s third-party password management system. Using the same examination and testing process across your entire organization helps reduce potential gaps between proprietary and third-party software that could lead to security vulnerabilities.
The CodeHunter Solution
Managing and mitigating cybersecurity risks posed by third-party vendors and partners is essential for maintaining a strong security posture. But integrating new systems into your own only expands the threat surface your security team is responsible for protecting, further straining their talent and attention. Automation enables security teams to cover more ground, empowering them to reduce incident response times across the many systems under their protection. Automation identifies vulnerabilities and potential threats more quickly and accurately than manual processes, reducing the backlog of untrusted software and minimizing risk exposure. CodeHunter’s automated threat hunting engine can serve as a buffer by scanning your environment for malicious activity before it can do damage to your organization. CodeHunter helps organizations detect, identify, analyze, and mitigate risks associated with the digital artifacts that enter their enterprises through third-party mechanisms like open-source libraries or outsourced development. Using automation to identify and quantify risk significantly reduces mean time to detection, response, and remediation. Learn more about how CodeHunter can seamlessly defend the connection between your system and third-party integrations here
