Vulnerability assessment in third-party risk management (TPRM)
As organisations increasingly rely on third parties for various services and IT infrastructure, the need for effective third-party risk management (TPRM) has become paramount. Many organisations feel that their security budgets are not keeping up with the increased complexities of third-party risk management. A single data breach or security incident involving a third party can have far-reaching consequences, including financial losses, reputational damage, and legal implications. To mitigate these risks, organisations must proactively identify and address vulnerabilities in their third-party ecosystem. One effective way to achieve this is through a vulnerability assessment.
In this article, we will explore the importance of third-party cyber risk management, the potential vulnerabilities in the supply chain, and how Northdoor’s comprehensive solution can help safeguard your organisation.
What is a vulnerability assessment?
A vulnerability assessment is a crucial component of a robust third-party cyber risk management strategy. It involves identifying, organising, and prioritising weaknesses within a company’s network, computer systems, applications, software, and device policies. By conducting a comprehensive vulnerability assessment, organisations gain valuable insights into potential threats and can develop proactive measures to address vulnerabilities and strengthen their security posture.
Importance of a vulnerability assessment in third-party risk management (TPRM)
While larger organisations often have comprehensive vulnerability management systems in place, many third parties do not. Cybercriminals are aware of this and frequently target third parties as an entry point to launch attacks on larger organisations. Therefore, organisations need to assess the vulnerabilities of their third-party partners to ensure they are not introducing unnecessary risks into their ecosystem.
Furthermore, as organisations increasingly rely on third parties for various services and IT infrastructure, comprehensive vulnerability assessments become even more critical in third-party risk management. These assessments help identify potential risks posed by third parties and enable security teams to apply consistent and thorough approaches to mitigate these threats.
The most common vulnerabilities posed by third parties
When conducting a vulnerability assessment, it is important to be aware of the common vulnerabilities that third parties may introduce to an organisation’s systems and data. While the specific vulnerabilities can vary depending on the nature of the third-party software and services, several common types of vulnerabilities are typically associated with third-party software:
SQL Injection (SQLi): SQLi vulnerabilities occur when attackers manipulate SQL queries through input fields in an application, enabling unauthorized access to databases or execution of malicious commands.
Remote Code Execution (RCE): RCE vulnerabilities allow attackers to execute arbitrary code on a system remotely. Exploiting RCE vulnerabilities in third-party software can lead to unauthorized access, data breaches, and further exploitation of the network.
Cross-Site Request Forgery (CSRF): CSRF vulnerabilities allow attackers to trick authenticated users into performing unintended actions on web applications. Exploiting CSRF vulnerabilities in third-party software can lead to unauthorized changes to account settings or unauthorized transactions.
Cross-Site Scripting (XSS): XSS vulnerabilities enable attackers to inject malicious scripts into web pages viewed by other users. Exploiting XSS vulnerabilities in third-party software can lead to the theft of session cookies, redirection to malicious websites, or defacement of web pages.
Information Disclosure: Information disclosure vulnerabilities can result in the unintended exposure of sensitive information, such as passwords, credentials, or personal data. Exploiting information disclosure vulnerabilities in third-party software can lead to privacy violations and compliance issues.
These are just a few examples of the vulnerabilities commonly associated with third-party software. It is crucial for organisations to stay vigilant, promptly apply patches and updates, and thoroughly vet third-party software vendors to reduce the likelihood of introducing vulnerable software into their environment.
How to conduct a vulnerability assessment?
When conducting a vulnerability assessment, organisations have two options: conducting the assessment in-house or outsourcing it to a third party. The choice depends on the organisation’s resources, expertise, and compliance requirements. While large organisations with complex compliance requirements may prefer to keep the assessment in-house, many organisations find outsourcing to be more efficient and cost-effective.
Regardless of the approach chosen, a vulnerability assessment typically follows a framework that includes the following steps:
Planning:
Identify the networks, systems, and applications that should be assessed. Determine which third parties have access to or share sensitive data with the organisation and include them in the assessment.
Threat Detection:
Use a variety of tools, such as endpoint detection, incident response, SIEM, and firewalls, to detect potential threats. AI-based systems can analyse large amounts of data and detect suspicious behaviour more quickly and accurately.
Analysis:
Analyse the findings from the threat detection phase, prioritise vulnerabilities based on their potential impact and ease of repair, and develop a clear plan of action.
Remediation:
Implement the necessary solutions to address the identified vulnerabilities and strengthen the organisation’s security posture. This may involve patching vulnerabilities, updating and reconfiguring software, and segmenting networks to eliminate risks.
How often should vulnerability assessment be conducted?
A vulnerability assessment is not a one-time activity. It should be conducted regularly to ensure ongoing security. Organisations should conduct vulnerability assessments at least once per quarter, with more frequent assessments for large organisations operating in high-risk environments. Factors that may trigger additional vulnerability assessments include:
- Updates to compliance and regulations
- Identifying new potential threats
- Making changes to existing systems or infrastructure
- Deploying new systems or services
- Onboarding new third parties or suppliers
By conducting vulnerability assessments regularly and in response to specific triggers, organisations can stay ahead of potential risks, identify vulnerabilities, and take appropriate action to protect their systems and data.
How does Northdoor manage third-party risk?
While vulnerability assessments are imperative for third-party risk management, they can be challenging for organisations that lack direct access to a third party’s network or system. Northdoor understands the importance of evaluating third-party risk and offers a standardised process to assess these risks and ensure compliance with relevant regulations and standards.
Northdoor leverages its expertise in cyber security to provide comprehensive solutions for third-party risk management. Our approach includes:
- Cyber security questionnaires: Northdoor’s AI-powered and auto-generated questionnaires streamline the assessment process, ensuring accurate completion. The questionnaires are based on past questionnaires and verified vendor documents, enabling quick and accurate evaluations.
- External attack surface assessments: Northdoor’s attack surface assessments continuously monitor thousands of assets, providing visibility into risks posed by third, fourth, parties along the supply chain. This comprehensive approach helps identify potential vulnerabilities and threats.
By combining cyber security questionnaires and external attack surface assessments, Northdoor offers 360-degree ratings of supplier risk. Organisations can gain a deeper understanding of the impact of third-party security incidents and collaborate with suppliers to remediate any security gaps proactively.
Conclusion
By conducting vulnerability assessments regularly, organisations can enhance their security posture, protect sensitive data, and reduce the likelihood of cyber incidents. With Northdoor’s comprehensive approach to third-party risk management, you can confidently collaborate with suppliers while mitigating potential risks and ensuring compliance with industry regulations.
Remember, protecting your organisation from cyber threats requires ongoing diligence and proactive measures. By implementing a vulnerability assessment programme and partnering with a trusted cyber security provider like Northdoor, you can elevate your third-party cyber risk management and safeguard your business in an ever-evolving digital landscape.
Want to learn more about how you can manage your third-party cyber risk? Contact us for a free demo.