The Cyber Defense eMagazine February Edition for 2024

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Vendors Beware of the Cybersecurity Audit By Caroline McCaffery, Co-founder and CEO of ClearOPS 1. Introduction to Vendor Management Why does every license agreement and data protection addendum, suddenly, include a right for the buyer to perform a security audit on the vendor? Because in recent years, the number of vendors causing a security incident to their customer has increased. This, in turn, led to a number of regulations imposing new vendor management requirements. Alarmingly, a substantial 54% of businesses fail to adequately diligence their third-party vendors. And yet 98% of businesses have at least one vendor that has suffered a security breach. Source: https://www.resmo.com/blog/third-party-data-breach-statistics The financial implications of breaches are significant with the average cost of a data breach rising to $4.35 million globally, and even higher in the United States. The cost is so high that 60% of SMBs shut down within six months of a data breach. (Security Intelligence, 2021) Cyber Defense eMagazine – February 2024 Edition 24 Copyright © 2024, Cyber Defense Magazine. All rights reserved worldwide.
So, monitoring and managing vendor security is no longer a nice to have. It is a need to have. And the regulators have taken notice. Most privacy laws include a cybersecurity audit or vendor due diligence requirement. For example, the General Data Protection Regulation (GDPR), the EU data privacy law, mandates due diligence on processors to ensure they comply with data protection and security measures. Review Articles 28, 24, 29 and 46 for their obligations regarding the roles of controllers and processors. Similarly, Article 9 of the California Privacy Protection Act (CPPA) requires cybersecurity audits of service providers and the service provider’s corresponding cooperation. Similarly, the NY Shield Act obliges businesses to have “reasonable safeguards” that includes vendor due diligence. This evolving regulatory environment, coupled with the substantial risks and costs associated with vendor-related data breaches, underscores the need for a more sophisticated and robust approach to vendor management. Addressing these challenges is critical to safeguarding organizational and customer data in an increasingly interconnected ecosystem. Generative A.I. has a role to play in advancing an organization’s ability to comply with these regulations and improve the vendor management audit process. 2. Current Vendor Management Practices Currently, vendor management is a procurement function that faces a headwind of silos and biased perception. When a buyer is in the market for a new vendor, the business owner conducts the search, ultimately choosing the vendor prior to the input from any other business unit. This selection in a silo process costs the organization which in turn puts pressure on procurement, legal, privacy and security teams to “approve” the vendor. While these teams likely are able to withstand such pressure; it is at a cost, which is the cost of their relationship with a colleague. In addition, each of these teams has their own agenda, priorities and expertise. Typically, the procurement team is incentivized to negotiate the best price, regardless of whether that may require foregoing some of the vendor’s offered security enhancements. Legal and privacy are responsible for vendor compliance with policies and laws, which requires review of contract terms and redlining of unfavorable terms. The security team is similarly tasked with vendor compliance with policies and security regulations, which they satisfy through questionnaires or third-party audit reports. Therefore, not only must they be prepared with paperwork for the vendor and knowledge of privacy and cybersecurity, but they also have to be ready, at any given moment, to drop what they are doing and review the information that the vendor sends back to them. All the while, the business unit buyer sees these colleagues as blockers to reaching the desired outcome. Finally, once the vendor is selected, the ongoing monitoring is even worse. Whose job is it to send the annual review? Who conducts that annual review and keeps track of it? How are they going to prove to the regulators that they have complied with the law? Cyber Defense eMagazine – February 2024 Edition 25 Copyright © 2024, Cyber Defense Magazine. All rights reserved worldwide.
Page 1 and 2: How One Industry Exemplifies the Im
Page 3 and 4: Data Breach Search Engines --------
Page 5 and 6: @MILIEFSKY From the Publisher… De
Page 7 and 8: Welcome to CDM’s February 2024 Is
Page 9 and 10: Cyber Defense eMagazine - February
Page 15 and 16: 2001 2024 Cyber Defense eMagazine -
Page 19 and 20: How One Industry Exemplifies the Im
Page 21 and 22: That is where things stand in my in
Page 23: current on the mission and values o
Page 27 and 28: About the Author Caroline McCaffery
Page 29 and 30: How so? Businesses can make things
Page 31 and 32: Using Cmmc 2.0 To Transform Your Cy
Page 33 and 34: equire the implementation of additi
Page 35 and 36: for the Department of Energy’s Cy
Page 37 and 38: • IT no longer controls where and
Page 39 and 40: For example, the Cloudbrink service
Page 41 and 42: 5 Cybersecurity Resolutions for The
Page 43 and 44: The Importance of Cyber Hygiene for
Page 45 and 46: The key steps to improve your cyber
Page 47 and 48: Connecting Tech to Black America By
Page 49 and 50: Establish partnerships with HBCUs E
Page 51 and 52: Perhaps the most obvious example of
Page 53 and 54: Crafting AI’s Future: Decoding th
Page 55 and 56: The implementation of regulations c
Page 57 and 58: AI Is Revolutionizing Phishing for
Page 59 and 60: That’s why security awareness tra
Page 61 and 62: culmination of this race will revea
Page 63 and 64: Traditionally, DBSEs would only inf
Page 65 and 66: Enhancing Cybersecurity Defenses: T
Page 67 and 68: Social engineering testing In the e
Page 69 and 70: GitGuardian Researchers Find Thousa
Page 71 and 72: *Emergent trends While everything f
Page 73 and 74: There are multiple tools that will
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Good Security Is About Iteration, N
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to incorporate architectural and de
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Hacking and Cybersecurity Trends to
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detect attacks as they are occurrin
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Legacy solutions hinder an organiza
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About the Author Thomas Müller-Mar
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Having worked closely with financia
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device is emitting its signal the t
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Navigating the API Security Landsca
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that entities (users, services, or
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examine financial transactions, net
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Offensive Awakening: The 2024 Shift
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Not only are legislators pushing fo
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Let’s dive into how security lead
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Overcoming Common Data Security Cha
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The Risks of Over-Privilege Alongsi
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Quishing Campaign Exploits Microsof
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After inserting their email address
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more expensive and time consuming.
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Cotton Sandstorm or Static Kitten h
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Spike in Layoffs Pose Serious Cyber
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About the Author Adam Gavish is the
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The Crucial Role of Data Categoriza
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The Next Generation of Endpoint Sec
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Next-Generation Endpoint Security:
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As I reflect back on the past few m
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Why Is Hardware More Secure than So
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can achieve throughput levels of up
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ecome more secure. By the end of 20
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Zero Trust Matures, Insider Threat
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of the risk of insider threats and
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Zero Trust: Navigating the Labyrint
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• Enhanced Security: Zero trust b
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Cyber Defense eMagazine - February
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CyberDefense.TV now has 200 hotseat
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Books by our Publisher: Amazon.com:
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i https://www.whitehouse.gov/briefi
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