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Third Party Risk is Worse Than You Think

November 10, 2020

Third Party Risk is a Huge Blind Spot You Need to Address

Every business owner knows that controlling their own cybersecurity risk is essential to protecting their business. But there’s a portion of your company’s cyber risk that you can’t control – how third party partners and suppliers are storing your company’s information. Third party risk is a major danger to your business, and that’s something you need to be ready for before it becomes a disaster.

More Information = More Risk

Third party data breaches have become an increasingly larger risk for everyone, with correspondingly bigger consequences. If you haven’t been thinking about how cybersecurity at your vendors and service providers or in your supply chain is going to affect your business, here’s some food for thought:

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What Are Your Possible Sources of Danger?

Third Party Risk Scenarios to Consider

There are many scenarios that put you at risk if one of your suppliers or partners has a data breach like:

  • Your administrative assistant orders office supplies from a vendor through an online account. She’s using the same password for that account as she uses for her O365 login at your company. That supplier has a data breach, and her password is compromised – and now your system is compromised too.
  • Your payroll department uses cloud-based software through an accounting services firm to do payroll every week. That company has all of your financial information, sensitive information about your staff, and lots of personally identifying information about your employees as well. Unfortunately, that accounting service provider has a data breach – putting your company’s and your staff’s sensitive information at risk.
  • Your product needs components that you can’t produce in-house. You have a trusted partner that you’ve been working with for years to take care of that, so they’ve got all of the proprietary details of your product’s formula and specifications. But they have a data breach – and now cybercriminals have your product specs too.

Mitigate Third Party Risks Without Breaking the Bank

You need to protect your systems and data from the pitfalls that can come from third party risk. But you can secure your business both effectively and cost-effectively with a few simple but powerful cybersecurity solutions from ID Agent’s digital risk protection platform.

Protect Your Employee Credentials With Dark Web ID

One of the biggest risks that your business faces from a third party data breach is credential compromise. Your employees are almost inevitably reusing and recycling passwords – and if they’re making fresh passwords for every online account they access at work and at home, they’re probably not making good ones. That means that there’s an excellent chance that any staffer that has an account with one of your suppliers, service providers, or partners could be putting your business at risk through credential compromise. 91% of participants in a recent survey understand the risk of password reuse, 59% admitted to doing it anyway.

Dark Web ID makes it easy to mitigate that risk. Your credentials are guarded 24/7/365 using an ideal blend of human and machine analysis powered by real-time, validated intelligence. No matter where or how one of your protected credentials is compromised, when it turns up in a Dark Web data market or dump, you’re alerted to that danger – giving you time to address that security issue before the bad guys do. SEE A VIDEO OF DARK WEB ID IN ACTION>>

Protect Your Systems and Data With Passly

A compromised password is the key to your kingdom, giving cybercriminals an express pass to the core of your business. Whether it’s garnered through phishing or picked up on the Dark Web, one compromised password in the hands of a cybercriminal can open your business up to extremely damaging incidents like ransomware or a data breach. 80% of hacking-related breaches involve stolen, cracked, or compromised credentials.

Passly prevents a compromised password from opening your door. The universally recommended mitigation against credential compromise is multifactor authentication (MFA). Passly adds MFA at your access points with multiple options for token delivery to make sure that only the right people can get in. Plus, secure shared password vaults add extra security to your company’s most critical passwords for servers and systems. SEE A VIDEO OF PASSLY IN ACTION >>

Don’t Put Off Protecting Your Business from Third Party Risk

Adding protection against third party risk for your business is crucial to maintaining a strong security posture. You cannot cover all of your bases without covering this one. A few smart, affordable solutions can go a long way toward mitigating this threat. Contact the experts at ID Agent today for help getting your business protected from third party risk.