Threat intelligence provides valuable insight into contextual business risk. You can gain insight into threat actors targeting your industry or information from your organization located on the Dark Web. According to one report, 79% of security professionals find threat data feeds essential to their organization’s cybersecurity posture. Additionally, 63% of respondents noted that they use feeds to ensure a better defense.
The connected nature of business environments has increased the severity and frequency of cyberattacks in the insurance sector. Insurance companies face a greater threat than most industries because they deal with sensitive and valuable data stemming from numerous avenues. This has resulted in several high-profile cyberattacks on insurance providers over the past few years.
Since the Colonial Pipeline incident in May 2021, the word “ransomware” has been circulating in public opinion and even in recent remarks from President Biden and law enforcement, along with warnings about how this type of advanced cyberattack on companies and individuals should be avoided. But what exactly is ransomware? Why are we suddenly talking so much about it now?
The risks that threaten your vendors and contractors threaten your company as well. Every additional party added to your supply chain expands the scope of your risk and creates more opportunities for your compliance program to fail. Some new suppliers may be reluctant to be fully transparent with you about their own risks and security measures. Nevertheless, it’s crucial that you work with your vendors to keep all potential threats at bay.
Technology is always changing, and as it does, businesses are constantly adopting new technologies to streamline their business processes and improve deliveries of goods and services. With those new technologies, however, comes risk. Every new technology opens up a business to digital threats. Sometimes those threats come from the untested nature of leading-edge technology, and sometimes those threats are simply associated with the learning curve of users within an organization.
Key performance indicators (KPIs) are how organizations measure success. Supplier management KPIs assure that value is received for the money spent with suppliers and vendors while keeping one eye on cost savings. When evaluating your organization’s supply chain, you can review several areas, such as: Supplier management across the entire lifecycle can be difficult because of the sheer number of vendors and suppliers a corporate organization typically uses.
Supply chains are an essential part of today’s on-demand economy. However, they also expand your ecosystem, increasing the threat surface that you need to secure. While compliance assessments document vendor controls and enable you to manage third-party risk, responding to and completing them takes time. These delays can make your procurement team feel like you’re trying to disqualify their vendor.
As more companies migrate to the cloud, the way that companies protect data changes as well. In a traditional on-premises network architecture, companies were able to follow the “trust but verify” philosophy. However, protecting cloud data needs to take the “never trust always verify” approach. Understanding what a Zero Trust Architecture is and how to implement one can help enhance security.
This past year saw nearly a 300% increase in reported cybercrimes, according to the FBI’s Internet Crime Complaint Center (IC3). There has been a clear rise in threat volume and sophistication as many cybercriminals shift to techniques that can effectively evade detection and easily go after high-value targets. IoT devices are becoming a focus for threat actors, and threats related to credential harvesting and ransomware are also growing in number.
