As we round out Cyber Awareness Month, we ask: Have you considered how exposed your organisation may be to a cyber security attack originating from your third-party vendor?
Many businesses extensively integrate third-party services to streamline operations, ranging from cloud computing solutions to subcontracted customer service teams. While these partnerships can offer substantial benefits, they also introduce a layer of complexity to your cyber security landscape.
Inadequate security measures at any point in this chain can expose your entire network to cyber threats. A single vulnerability— be it through compromised software, lax security protocols, or even human error — can open the door to data breaches, operational disruptions, and substantial financial and reputational damage.
Therefore, understanding and mitigating the risks associated with third-party vendors is not just prudent; it is crucial for safeguarding your organisation's integrity and resilience in the face of rising cyber threats.
Protect Against Cyber Threats from Third-Party Vendors
1. Vendor Risk Assessments
Before onboarding new third-party vendors, conduct comprehensive risk assessments. Evaluate their cyber security policies, incident history, and compliance with standards such as the Australian Government Information Security Manual (ISM) and the Essential Eight Maturity Model.
This evaluation helps identify potential security weaknesses before they impact your network.
2. Continuous Monitoring and Auditing
Implement continuous monitoring of the activities of third-party vendors to ensure compliance with security standards and policies. Regular auditing of vendors not only keeps them in check but also provides an ongoing review of their practices to ensure they meet your cyber security requirements.
3. Contractual Security Requirements
Include specific cyber security clauses in contracts with third-party vendors that define clear expectations regarding security practices and data protection. These clauses should also outline the consequences of security breaches, including indemnity clauses and the right to audit.
4. Control and Access Management
Minimise the access levels granted to third-party vendors based on the principle of least privilege. Ensure that vendors have only the access necessary to perform their tasks and nothing more. Regularly update these access privileges in response to changes in vendor roles or security posture.
5. Incident Response and Recovery Plans
Develop and maintain an incident response plan that includes protocols for dealing with security breaches involving third-party vendors. This plan should include steps for isolating affected systems, eradicating threats, and recovering compromised data. Additionally, ensure that third-party vendors are aware of and involved in these plans to facilitate swift and coordinated response efforts.
Cyber Security is an ongoing process
By implementing these strategies, Australian businesses can significantly mitigate the risks posed by third-party vendors and enhance their overall cyber security posture.
How Can Diamond IT Support Your Cyber Security Defences?
Diamond IT can help you ensure your technology, policy and staff education programs align with best practice to protect you from the ever-evolving cyber threat landscape. Our Business Technology Managers (BTMs) are specialists in improving your internal cyber security.
- Managed IT Support with Cyber Security.
- Cyber Security Awareness Training.
- Cyber and Data Breach Consulting and Forensic Analysis.
- Disaster Recovery (DR) Planning.
- Cyber Risk Discovery Assessment.
If you need advice on how you can ensure your cyber security strategy is fit for purpose our team of cyber security experts are ready to help. Contact our team on 1300 307 907 today.
