Despite best efforts to accommodate third-party risk management (TPRM) processes that correspond with increased use of third-party vendors, incident outcomes seem to grow as well. The 2023 global average cost of a data breach was USD $4.45M, a 2.3% year over year increase. In the United States, the average cost of a breach is higher at USD $9.48M.

The rise of remote learning has motivated cybercriminals to advance their assault on the education sector. In 2022, cybercriminals deployed more than 2200 attacks against higher education institutions every week, a 44% increase compared to 2021 (Check Point, 2022). Risk professionals attribute this increase to various factors, including the structure of remote learning environments.

Like most high-performing organizations, higher education institutions often utilize third-party vendors to outsource key services, such as data management and research initiatives. This reliance on third-party vendors can lead to various risks, including data privacy vulnerabilities, compliance issues, and operational disruptions. Therefore, universities must implement advanced vendor management processes to mitigate these risks.

Considered the "brain" of industrial automation, programmable logic controllers (PLCs) are an important factor in industrial control systems (ICS), especially for critical infrastructure in the public sector. PLCs are an industrial computer used to control automated devices in a variety of industries, including industrial manufacturing and critical infrastructure. This article offers suggestions for PLC security risks, as well as cybersecurity standards for risk mitigation.

ConnectWise urges organizations using an on-premises installation of the ScreenConnect remote monitoring and management software (formerly known as ConnectWise Control) to update servers to version 23.9.8 immediately due to a critical remote code execution vulnerability. The ScreenConnect remote desktop product is at risk due to a pair of vulnerabilities: CVE-2024-1709 and CVE-2024-1708.

India established a framework for protecting and processing personal data called the Digital Personal Data Protection Bill. After passing both houses of Parliament, this bill evolved into the Digital Personal Data Protection Act (DPDP) in 2023. This act creates a robust and comprehensive framework to protect sensitive information while supporting India's economic growth and digital transformation.

Microsoft's Patch Tuesday updates in February 2024 include critical fixes for two zero-day vulnerabilities: CVE-2024-21413 impacting Microsoft Outlook (called MonikerLink) and CVE-2024-21410 impacting Microsoft Exchange Server. The former allows remote code execution to access and leak privileged information, while the latter permits privilege escalation (potentially using credentials leaked by the former). These security risks expose a victim's machine to potentially malicious arbitrary code execution.

Many organizations use virtual private networks (VPNs) to extend secure access to remote employees. A VPN creates a secure connection between two networks over the public internet, creating a level of online privacy for remote workers. A VPN internet connection will route your web traffic through an encrypted tunnel (even when using public wi-fi), protecting business sensitive data from interception. VPNs require authentication, which can help maintain your network security.

University-industry collaborations and other joint research ventures offer access to resources, expertise, funding, and other benefits for university researchers. However, through the use of unvetted software, password sharing, and other actions these external partnerships can expose the university and its intellectual assets to substantial cybersecurity threats, such as unauthorized access, data breaches, and other cyber attacks.

Today’s cybersecurity landscape is teeming with third-party threats: supply chain risks, regulatory compliance requirements, third-party security flaws, malicious insiders, and more. Whether your organization’s risk appetite craves conservative or aggressive third-party relationships, these risks make third-party risk management (TPRM) necessary.