The Overlooked Cybersecurity Threat: Why Third-Party Risk Management Matters 

Phishing scams and social engineering attacks continue to dominate the cybersecurity headlines.

However, focusing solely on these types of incidents has left some organizations exposed to other risks lurking under the radar. 

One example is the classic insider threat. Once a hot topic, many businesses now account for the risk from disgruntled employees. Yet they can still pose significant dangers, especially if they are able to manipulate your IT infrastructure upon exit. 

Then there are third-party vulnerabilities.  

Even though they don’t always get the attention they deserve, these vulnerabilities are critical due to the interconnected nature of modern business ecosystems. In this climate, third party vendors, suppliers and partners often have access to sensitive data and systems, making them an ideal potential entry point for cyber-attacks. 

Blind Spots 

Modern organizations increasingly depend on a complex network of vendors, suppliers and partners, often giving them access to their own critical infrastructure.  

But these networks come with risks. 

Third parties with access to sensitive data (customer information, intellectual property, financial data, etc.) can become prime targets for attackers, leading to data exfiltration or unauthorized access. Or malicious actors may compromise a third-party vendor to infiltrate the client's network as they did in the infamous SolarWinds attack. This opens all sorts of software supply chain risks including compromised updates or malicious code injections 

Meanwhile, weak cyber security measures by third parties, such as outdated software, lack of encryption or adequate access controls can expose a business to unnecessary risk. And of course, third party employees with access to systems or data may intentionally or unintentionally cause harm by leaking credentials or misusing privileges. 

Interestingly, most successful companies conduct rigorous financial and legal due diligence whenever they select a new partner, but these same companies often fail to perform basic cybersecurity risk assessments on these same third parties. 

And once these new partners get access to critical systems and data, they become perfect entry points for attackers.  

This story played out several years ago, when two multi-million-dollar corporations merged with their operations without a proper security assessment. As expected, the weaker partner was quickly attacked, allowing the entire conglomerate to be breached—an outcome that likely could have been mitigated with a simple pre-merger penetration test. 

Speed Kills  

Why would a large successful company open themselves up to such unnecessary risk? The answer is simple; they’re moving too fast to recognize the threats as they whiz by the window. 

Unfortunately, prioritizing speed over security is one of the most common leadership pitfalls we see in this industry. Executives routinely push for hyper-rapid integration and deployment, disregarding critical cybersecurity recommendations.  

The result? Increased exposure to cyberattacks, and expensive remediation efforts.  

But there’s a better way to do things. 

Pause for Safety 

The best way to manage third-party vulnerabilities is to get proactive about identifying, assessing, monitoring and mitigating the risks associated with third parties throughout their life cycle. 

This is the essence of a good Third-Party Risk Management program. 

Here’s the catch—it’s not always cheap … or easy. In fact, many small and mid-sized businesses lack the resources to stand up comprehensive TPRM programs.  

Fortunately, companies like Inversion 6 now offer cybersecurity services that provide affordable vendor risk assessment. Leveraging advanced tools like SecurityScorecard and UpGuard, we help our clients evaluate their security posture through questionnaires, audits and certifications. Then we help them remediate their most glaring vulnerabilities, prioritizing vendors based on their level of access and overall criticality to the business. 

When combined with our managed security services and our security operations center (SOC), our TPRM services complete a trifecta of proactive cybersecurity protection; all under one roof.  

Of course, each of these services can be obtained separately from us, or from other partners. However, we find TPRM services tend to be most effective and efficient when they are seamlessly integrated into a company’s broader cybersecurity framework. 

For Inversion6, this integration is often organized through our fractional CISOs, who serve as a single, trusted point of coordination for all their client’s cybersecurity needs. 

This allows us to leverage a full range of tools and data under one cohesive strategy, eliminating communication gaps, streamlining decision-making and strengthening our client’s overall security posture. 

Don’t Overlook a Real Risk 

At Inversion6, we embrace this comprehensive approach to cybersecurity. Increasingly, this means challenging businesses to rethink their posture when it comes to third-party risk management. 

In today’s partner-centric business landscape, strong TPRM is no longer optional, it’s an essential part of safeguarding your data, infrastructure and reputation.  

If your organization is not already prioritizing vendor security assessments, now is the time to start.  

Learn more about our Third-Party Risk Management Services.