Organizations spend a lot of time and money to secure their networks and customers’ data. Most of them procure the latest technology hoping that it will keep hackers at bay, not to mention the struggles of educating and training employees about cybersecurity.

But all of these efforts are of limited use because, according to a latest study, third-party vendors are often the reason behind cyberattacks.

The results of a recent survey, which included respondents from various sectors working in different countries like the United Kingdom, United States, Germany, Netherlands, and Singapore, showed that 93% of participants have been the victim of cybercrime because of third-party vendors. BlueVoyant, a cybersecurity company, conducted the survey, and results showed that 1200 CIOs, CISOs, and CPOs were the sole reason for the supply chain management risk.

The Weakest Link

It’s a common misconception in many firms that third-party solutions are ineffective and inefficient when it comes to a smooth flow of the network system. But the reality is quite the opposite: in the past 12 months, the number of cyberattacks reached a 37% yearly increase.

The global head of Third-Party Cyber Risk Management, Adam Bixler, said in a press interview at BlueVoyant that even though there is a lot of awareness regarding cyberbullying, there are no proper measures that ensure the security of businesses. He also said that third-party cyber risk can only be curtailed through effective strategies, guided by top management. Strangely, 13% of organizations don’t consider third-party cyber risk a prime concern for their businesses. And an unexpected 31% of companies told that they were unfamiliar with third-party cybercrime until the arrival of Covid-19.

Less than Ideal Visibility

Many companies often say that they can handle any kind of breach or security concerns. They seem to be so sure about their technology and employees’ credibility. But, according to the BlueVoyant report, 38% of companies were unaware of any tools or tactics to handle cyberbullies. The percentage this year is higher compared to last year, which was 31%.

A proportion of companies criticized that third-party cyber risk management is quite expensive. And due to the Covid situation, the budget has increased to 91% since 2020.

Adam Bixler said that there is an increase in the budget because firms are recognizing the value of third-party cyber risk. He also mentioned that the investment is not as effective as it should be because the risk management system isn’t covering all the pain points. Lack of monitoring and visibility is still there and there should be a properly structured plan to beat cyberbullies.

Cybercriminals are getting smarter every day, and striking back is the need of an hour.

Conclusion

Third-party vendor cybercrime is something you need to address carefully. The selection of a third party should be carefully done and you need to make a proper investigation while selecting outsources. 

To protect yourself against hackers, you need a risk management system that is within your budget. Don’t just throw your money into something that isn’t efficient and effective – be smart in your security.