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Everything You Need to Know About Certificate-Based Authentication

No ID? No Entry.

Certificate-based authentication is a way for a computer system to verify your identity using a digital certificate instead of a traditional username and password. Think of it like a driver’s license. When you go to a bar or a liquor store, you need to prove that you’re old enough to buy alcohol. The bouncer or cashier checks your ID to make sure it’s really you, and that you’re of legal age. In the same way, when you connect to a secure website or network, your computer presents a digital certificate to prove that you are who you say you are.

This certificate contains a unique code that identifies you and your computer, and it’s signed by a trusted authority like a certificate authority (CA). The CA vouches for your identity, and the website or network can trust that you are who you say you are. So, instead of typing in a username and password, you just present your digital certificate and the system verifies it. It’s a more secure way of authenticating because it’s harder to steal or guess a digital certificate compared to a password.

 

The Secret Handshake

Certificate-based authentication is like having a secret handshake that only you and the system you’re trying to access know. You can think of it as a VIP club, where only the cool kids with the special wristbands can get in. In this case, your digital certificate is your wristband, and the certificate authority is the bouncer at the door.

Now, let’s say you’re trying to sneak into the VIP club without a wristband. You might try to guess the password or use some other sneaky trick to get past the bouncer. But with certificate-based authentication, you can’t cheat your way in. Your digital certificate is unique to you and your computer, and it’s signed by a trusted authority. So, even if someone intercepts your certificate, they won’t be able to use it to gain access to the network.

It’s like having a secret superpower that only you possess. And because it’s harder to steal or guess a digital certificate, certificate-based authentication is like having a bulletproof vest for your network. It’s the most secure way to authenticate because it’s nearly impossible for hackers to break in without your digital certificate. So, if you want to protect your network from the bad guys, certificate-based authentication is the way to go!

 

What’s Stopping You?

Certificate-based authentication can be a bit more complicated to set up and manage than traditional username and password authentication. It requires companies to have their own certificate authority or to purchase certificates from a trusted third-party CA, which can be expensive. And depending on the size of the company, managing all those certificates can be a bit of a headache.

Plus, not all systems and applications support certificate-based authentication, so companies may need to make changes to their infrastructure to enable it. And even if they do make those changes, employees may need to be trained on how to use certificate-based authentication, which can take time and resources.

That being said, many companies are starting to see the benefits of certificate-based authentication, especially for highly sensitive systems and data. It’s a more secure method of authentication that can help prevent cyberattacks and data breaches. So, while it may not be the easiest option, it’s definitely worth considering for companies that take security seriously.

 

Roll it Out Faster

If companies want to speed up the adoption of certificate-based authentication, they need to make it easy and appealing for their employees.

Firstly, they can simplify the process of getting started with certificate-based authentication by providing user-friendly guides and tutorials. They should explain the benefits of certificate-based authentication in a way that’s easy to understand and make it clear how to use it.

Secondly, companies can incentivize employees to use certificate-based authentication by offering rewards such as bonuses, promotions, or recognition for those who make the switch. It’s like getting a gold star for doing well in school, but cooler because it’s for network security!

Thirdly, they can make it a company-wide policy to use certificate-based authentication for all employees. This helps establish a culture of security and demonstrates to employees the importance of protecting sensitive information.

Lastly, companies can invest in training programs and workshops to educate employees on the benefits of certificate-based authentication and how to use it effectively. They can make it fun and interactive, like a game show where employees can win prizes for correctly answering security questions.

By making certificate-based authentication easy, incentivizing its use, establishing it as a policy, and educating employees, companies can accelerate its adoption and improve their network security. It’s all about making security simple and accessible for everyone.

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication products.

Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About Portnox
Portnox provides simple-to-deploy, operate and maintain network access control, security and visibility solutions. Portnox software can be deployed on-premises, as a cloud-delivered service, or in hybrid mode. It is agentless and vendor-agnostic, allowing organizations to maximize their existing network and cybersecurity investments. Hundreds of enterprises around the world rely on Portnox for network visibility, cybersecurity policy enforcement and regulatory compliance. The company has been recognized for its innovations by Info Security Products Guide, Cyber Security Excellence Awards, IoT Innovator Awards, Computing Security Awards, Best of Interop ITX and Cyber Defense Magazine. Portnox has offices in the U.S., Europe and Asia. For information visit http://www.portnox.com, and follow us on Twitter and LinkedIn.。

TikTok Security Concerns in the Workplace

TikTok, the viral social media app centered around short videos and owned by the Chinese company ByteDance, is coming under intense scrutiny. By now, many of us have seen a TikTok video filmed in someone’s workplace—those “day in the life” clips or rants about coworkers, supervisors, or customers. Or you may have seen a video of someone discussing an unrelated subject while sitting at their desk. It’s safe to say that TikTok has found its way into many workplaces, for better or for worse. But the issue goes deeper than catching unsanctioned glimpses into the workplace environment. Many organizations are worried about TikTok itself, the data it gathers, and which hands that data ends up in.

 

Does TikTok Pose a Security Risk to Corporate Networks?

TikTok, like any other social media app, can pose a potential security threat to a corporate network if used by employees. The app may collect personal information and usage data that could be exploited by cybercriminals, and the app’s security protocols could be compromised.

There have been concerns raised about TikTok’s data collection practices, which include tracking user behavior, location, and contacts. Additionally, TikTok’s parent company, ByteDance, is based in China, which has led to concerns about potential government access to user data.

If employees use TikTok on a corporate network, it could potentially compromise the network’s security. Hackers could exploit vulnerabilities in the app to gain access to sensitive corporate data or use the app as a vector to distribute malware to other devices on the network.

To mitigate these risks, companies may choose to restrict or ban the use of TikTok on their corporate networks. They could also implement security protocols and software to monitor and control access to social media apps and other potentially risky applications. Additionally, it’s essential to educate employees about the potential risks associated with using social media apps on company devices and networks.

 

TikTok Security Concerns Are Mounting

Many states have growing TikTok security concerns. These concerns have led 18 Republican-led states to ban the use of the app on government devices. Federal agencies also bar staffers from using TikTok on their government phones and devices, including the Pentagon, the State Department, and the Transportation Security Agency.

Moreover, Europe is taking a similar approach to TikTok risk, with the European Parliament banning the app on staff phones. This move came just one day after the White House gave federal agencies 30 days to remove TikTok from all government devices. Canada has also followed suit, banning TikTok from government devices over security concerns.

But what TikTok security concerns are at play here? More generally, officials believe that the app could collect sensitive data from users, which the Chinese government may then access. In addition, they’re equally worried that the app may pose a threat to network security and endpoint security. For example, could the app be used to access sensitive information on government devices or to infiltrate government networks (an attack vector)?

The concern here stems from a lack of trust in ByteDance and fears over how much access and control Beijing has over the company and, subsequently, the app. ByteDance denies allegations that the Chinese government is involved in its operations, but these denials are largely falling on deaf ears.

 

Assessing the Seriousness of the Risk

There have been some reports of cybersecurity incidents involving TikTok, but it’s not clear if any companies have specifically experienced a cyber attack involving the app.

For example, in 2020, TikTok was found to be accessing users’ clipboards on iOS devices, which raised concerns about the app’s data collection practices. However, there have been no reports of TikTok being used as a vector for a cyber attack specifically targeting a corporate network.

That being said, it’s important to note that the threat landscape is constantly evolving, and new threats can emerge at any time. Companies should remain vigilant and take steps to mitigate potential risks associated with the use of social media apps on their networks, including TikTok.

 

TikTok Security Strategies Are Evolving

Government agencies banning TikTok is noteworthy, but what does it mean for everyone else? Some argue that governments are being a little paranoid, especially in assessing TikTok’s risk to endpoint security and network security. Still, others argue that governments have a duty to take stringent security measures regarding government data and systems.

But what should private companies do? First, it’s important to note that TikTok poses other significant concerns. For example, employees may unintentionally share confidential company information by filming a video with visible employee screens. They may also give the company a bad reputation by sharing negative stories about the workplace on the platform.

The less popular app BeReal is also coming under scrutiny for similar reasons. BeReal takes a less sensationalist approach than TikTok (it has no filters, hashtags, or followers) and is aimed at users showing an unfiltered view of their everyday life. Since this app requires you to be someone’s friend before you view their BeReal, it may create a false sense of security where users feel less inclined to censor confidential information.

Companies will have to determine their own risk tolerance, but it’s telling that organizations most focused on cybersecurity believe that TikTok is a significant security risk. More widely, companies should update their social media policies to define whether TikTok is allowed on company devices and how (and if) its use is sanctioned in the workplace – don’t leave your security up to chance!

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication products.

Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About Portnox
Portnox provides simple-to-deploy, operate and maintain network access control, security and visibility solutions. Portnox software can be deployed on-premises, as a cloud-delivered service, or in hybrid mode. It is agentless and vendor-agnostic, allowing organizations to maximize their existing network and cybersecurity investments. Hundreds of enterprises around the world rely on Portnox for network visibility, cybersecurity policy enforcement and regulatory compliance. The company has been recognized for its innovations by Info Security Products Guide, Cyber Security Excellence Awards, IoT Innovator Awards, Computing Security Awards, Best of Interop ITX and Cyber Defense Magazine. Portnox has offices in the U.S., Europe and Asia. For information visit http://www.portnox.com, and follow us on Twitter and LinkedIn.。

Are Passwords a Threat to Enterprise Security?

Enterprise security attackers are growing in number and sophistication. Organizations are only one password away from it being their worst day. To that point, is it time to ditch all those annoying, hackable passwords and live in a passwordless society?

Passwords have been the primary method of authentication for decades. While they have served their purpose and served it well, there may be better alternatives for protecting your mission-critical data and digital resources. As technology advances, cybercriminals find new ways to steal corporate credentials, making password security less effective.

In fact, according to a recent study, 81% of company data breaches were due to poor passwords. Password reuse is of particular concern as it could lead to credential stuffing attacks where threat actors take advantage of reused credentials by automating login attempts against systems using known emails and password pairs.

The same report revealed that 80% of hacking incidents were caused by stolen or reused login information.

These attacks weren’t on small companies with limited resources and weak cybersecurity protocols. They were on household name enterprises such as Ticketmaster, GoDaddy, Microsoft, SolarWinds, and even the New York City Law Department. In the case of SolarWinds, the hackers could get in with a weak password an intern had been using (“solarwinds123”), which was publicly accessible via a misconfigured GitHub repository.

Not only are passwords less secure, but they are also productivity inhibitors. In another recent report on passwordless security, 45% of respondents indicated that a passwordless approach to security would increase productivity.

In addition to weak passwords and credential reuse, passwords can be a hindrance to enterprise security in several ways:

  1. Passwords can be easily compromised: Bad actors can steal or hack credentials using various methods, such as phishing, brute force attacks, or social engineering.
  2. Password Sharing: Employees may share their passwords with others, which can put enterprise data at risk. Password sharing is especially problematic when employees leave the company or change positions, as they may be disgruntled or their old passwords remain active.
  3. Human Error: Employees may inadvertently reveal passwords through phishing scams or other social engineering tactics, which gives attackers access to enterprise data even if they do not have the correct login credentials.
  4. Lack of Two-Factor Authentication: Passwords alone may not be enough to secure enterprise accounts. Two-factor authentication can add an extra layer of security.
  5. User frustration: Password policies can frustrate users who must remember multiple passwords, adhere to strict complexity rules, and change them frequently.
  6. Cost of password management: Organizations need to invest in password management systems, such as password policies, training, and resets. These systems can be costly and time-consuming.

Given these reasons, enterprises should consider more secure alternatives to password security, such as Zero Trust, biometrics, multi-factor authentication, and certificate-based authentication. As compromised credentials continue to be a common attack vector, it only takes one nefarious login to bring a company to its knees. Of course, enterprises can’t just suddenly pull the plug on passwords altogether, but it is an option worthy of consideration.

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication products.

Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About Portnox
Portnox provides simple-to-deploy, operate and maintain network access control, security and visibility solutions. Portnox software can be deployed on-premises, as a cloud-delivered service, or in hybrid mode. It is agentless and vendor-agnostic, allowing organizations to maximize their existing network and cybersecurity investments. Hundreds of enterprises around the world rely on Portnox for network visibility, cybersecurity policy enforcement and regulatory compliance. The company has been recognized for its innovations by Info Security Products Guide, Cyber Security Excellence Awards, IoT Innovator Awards, Computing Security Awards, Best of Interop ITX and Cyber Defense Magazine. Portnox has offices in the U.S., Europe and Asia. For information visit http://www.portnox.com, and follow us on Twitter and LinkedIn.。

Unpacking Wi-Fi Authentication & the Many Instances in Which Companies Got Caught Slipping

Wi-Fi authentication is the process of verifying the identity of a user or device that wants to connect to a wireless network. Corporate networks, especially those in manufacturing companies, retailers, and healthcare organizations, often require strong authentication mechanisms to ensure the security of their data and systems.

There are several methods of Wi-Fi authentication, including:

  • Pre-Shared Key (PSK) authentication: This method involves the use of a shared password that is distributed to all users who are authorized to connect to the network. This is a simple and easy-to-implement method, but it can be less secure than other methods because the password can be easily shared or intercepted. (NOTE: At Portnox, we strongly urge organizations NOT to use PSKs for network authentication and access due to its inherent vulnerability.)
  • 1X authentication: This method involves the use of a RADIUS (Remote Authentication Dial-In User Service) server that verifies the identity of users or devices attempting to connect to the network. The server uses a certificate-based authentication process, which is much more secure than PSK authentication.

Wi-Fi Authentication Woes Experience by Manufacturers

For many manufacturers, Wi-Fi authentication is critical for ensuring the security of the network and the sensitive data that is transmitted over it. The authentication process must be fast and seamless to avoid disrupting production processes. The use of 802.1X authentication is common in manufacturing companies, as it provides strong security and can easily integrate with existing user management systems.

Manufacturing companies are also vulnerable to cyber-attacks that target their Wi-Fi networks. Here are some examples of notable cyber-attacks against manufacturers that targeted Wi-Fi networks:

  • NotPetya ransomware attack: In June 2017, the NotPetya ransomware attack affected several global manufacturers, including Merck, FedEx, and Maersk. The attack exploited a vulnerability in Ukrainian accounting software and spread rapidly, encrypting data on infected machines, and demanding a ransom in exchange for the decryption key.
  • Dragonfly 2.0 attacks: Between 2015 and 2018, a group of hackers known as Dragonfly 2.0 targeted energy and manufacturing companies in the US, Europe, and Asia. The attacks included the use of spear-phishing emails and the installation of malware on targeted systems, potentially providing a gateway to the companies’ Wi-Fi networks.
  • Havex malware attack: In 2013, a group of hackers known as Energetic Bear targeted several industries, including manufacturing and energy. The attacks included the use of spear-phishing emails and the installation of malware known as Havex on targeted systems. The malware was designed to collect data on the systems, potentially including login credentials for Wi-Fi networks used by the manufacturers.
  • Trisis malware attack: In 2017, a malware attack known as Trisis targeted a Saudi Arabian petrochemical plant. The malware was designed to manipulate the plant’s safety systems, potentially causing a catastrophic industrial accident. The attack reportedly exploited vulnerabilities in the plant’s Wi-Fi network.

Retailers Caught with Their Wi-Fi Pants Down

In the retail industry, Wi-Fi authentication is used for both internal and external purposes. Retailers use Wi-Fi networks to provide internet access to their customers, but also to manage their inventory and point-of-sale systems. Strong authentication is important for protecting sensitive customer information and preventing unauthorized access to sales data.

Retailers are also vulnerable to cyber-attacks that target their Wi-Fi networks. Here are some examples of notable cyber-attacks against retailers that targeted Wi-Fi networks:

  • Target data breach: In 2013, hackers gained access to Target’s network through a vulnerability in the company’s HVAC system, which was connected to Target’s Wi-Fi network. The hackers stole data on 40 million credit and debit cards and 70 million customer records.
  • Home Depot data breach: In 2014, hackers gained access to Home Depot’s network through a vulnerability in the company’s Wi-Fi network. The hackers stole data on 56 million credit and debit cards and 53 million customer email addresses.
  • Wendy’s data breach: In 2016, hackers gained access to Wendy’s network through a vulnerability in the company’s Wi-Fi network. The hackers stole data on 18 million payment cards used at Wendy’s restaurants.
  • Forever 21 data breach: In 2017, hackers gained access to Forever 21’s network through a vulnerability in the company’s Wi-Fi network. The hackers stole data on credit and debit cards used at certain Forever 21 stores.

Wi-Fi Hacks in Healthcare that Just Hurt

Wi-Fi authentication is used widely across the Healthcare industry to ensure the security of patient data and to comply with HIPAA regulations. Healthcare organizations require a high level of security for their networks, as the data transmitted over them can include sensitive medical information.

There have been several notable cyber-attacks against healthcare organizations that targeted Wi-Fi networks. Here are a few examples:

  • WannaCry ransomware attack: In May 2017, the WannaCry ransomware attack affected healthcare organizations in the UK, Spain, and other countries. The attack exploited a vulnerability in Microsoft Windows systems and spread quickly, encrypting data on infected machines, and demanding a ransom in exchange for the decryption key.
  • VPNFilter malware attack: In 2018, the US Department of Justice announced that a group of Russian hackers known as APT28 had infected hundreds of thousands of routers with malware known as VPNFilter. The malware allowed the hackers to steal data and control the routers, potentially providing a gateway to the healthcare organizations’ Wi-Fi networks.
  • ShadowPad backdoor attack: In 2017, researchers discovered that the popular CCleaner software had been compromised, with a backdoor known as ShadowPad installed on users’ systems. The backdoor allowed hackers to gain access to sensitive data, potentially including login credentials for Wi-Fi networks used by healthcare organizations.
  • BlueBorne Bluetooth attack: In 2017, researchers discovered a vulnerability in Bluetooth devices that could allow hackers to take control of devices without user interaction. This could potentially allow hackers to gain access to Wi-Fi networks used by healthcare organizations, which often rely on Bluetooth-enabled devices for patient monitoring and other purposes.

If Only They Used 802.1X for Wi-Fi Authentication

As we mentioned earlier, and as some of these hacks will illustrate, 802.1x authentication is considered the most secure WiFi authentication method because it provides a way for the network to verify the identity of each client device that tries to connect to the network. Here are some reasons why:

  • User authentication:1x authentication requires users to provide their unique credentials, such as username and password, before being granted access to the network. This helps ensure that only authorized users are accessing the network and that their activities can be tracked and monitored.
  • Mutual authentication: In addition to verifying the identity of the client device, 802.1x authentication also verifies the identity of the network. This means that both the client and the network have to authenticate each other before allowing access, which helps prevent man-in-the-middle attacks.
  • Dynamic encryption keys: With 802.1x authentication, each client device is assigned a unique encryption key that is used to secure the communication between the client and the network. These keys are dynamically generated, meaning they change frequently, which makes it difficult for attackers to intercept and decode the network traffic.
  • Granular access control:1x authentication allows network administrators to define access policies based on user roles, device types, and other factors. This enables them to control exactly who has access to which parts of the network, reducing the risk of unauthorized access.

Overall, 802.1x authentication provides strong security for WiFi networks by requiring user authentication, mutual authentication, dynamic encryption keys, and granular access control. While it may be more complex to set up and manage than other authentication methods, the extra security measures it provides can help protect against a range of attacks and keep sensitive data and resources safe.

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication products.

Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About Portnox
Portnox provides simple-to-deploy, operate and maintain network access control, security and visibility solutions. Portnox software can be deployed on-premises, as a cloud-delivered service, or in hybrid mode. It is agentless and vendor-agnostic, allowing organizations to maximize their existing network and cybersecurity investments. Hundreds of enterprises around the world rely on Portnox for network visibility, cybersecurity policy enforcement and regulatory compliance. The company has been recognized for its innovations by Info Security Products Guide, Cyber Security Excellence Awards, IoT Innovator Awards, Computing Security Awards, Best of Interop ITX and Cyber Defense Magazine. Portnox has offices in the U.S., Europe and Asia. For information visit http://www.portnox.com, and follow us on Twitter and LinkedIn.。

Why Enterprises Must Implement a Third-Party Data Risk Management Strategy

What’s the very last thing a business wants to tell its customers? Without a doubt, it’s that their data may have been compromised due to a third-party vendor data breach.

Today’s cyber landscape is more complex, riskier, and costlier than ever. Most cybersecurity experts and professionals know a majority of cyber breaches are the result of human error. However, they all too often (and mistakenly) associate these human-caused digital infringements as inside jobs – an employee innocently clicks on a malicious link sent via email, or the internal IT guy or gal forgot to perform a software patch or update.

Still, believing an organization’s internal staff is primarily responsible for these breaches could be an even more catastrophic mistake. The one place CISOs and cybersecurity managers often fail to look when it comes to a human-error-caused breach is at their outside, third-party vendors.

Did you know that 60% of all data breaches are initiated via third-party vendors?

To add insult to injury, according to a recent study by third-party cyber risk intelligence provider Black Kite, unauthorized network access is the most common root cause of third-party attacks, initiating 40% of the third-party breaches last year.

There’s a disconnect when it comes to third-party data risk

There is a startling disconnect between an organization’s perceived third-party data risks and the security measures it implements to avoid such threats. As a result, organizations are not taking the necessary steps to reduce remote access threats and are exposing their networks to security breaches and liabilities.

A recent Ponemon Institute study revealed that 44% of organizations surveyed have experienced a breach within the last 12 months, with 74% stating it resulted from giving too much privileged access to third-party vendors.

As businesses increasingly rely on outside vendors for increased efficiency and to provide specialized services such as IT infrastructure management, cloud services, cybersecurity, or any function that requires access and handling of sensitive data and mission-critical resources, they must take into account the consequences of failing to implement a third-party risk management strategy.

According to Gartner, cybercriminals increasingly use third parties, such as software vendors, to attack essential targets. Organizations often have no centralized control over these third-parties. The relationships are often complex and unsecure. As a result, there is an increased risk of data breaches, cyber-attacks, and other security incidents.

Deloitte recently identified three key emerging trends that drive increased third-party risk:

1. Increased incidents related to vendors: Suppliers are causing more disruption, and risks are not being managed. Threat examples include information security, privacy, and anti-fraud management.

2. Regulators are focusing on supplier risk: Regulators are increasing the pressure on organizations to better manage their supply chain risk.

3. Pressures from economic volatility: Economic conditions mean tighter margins for suppliers and an increased risk of supplier disruption.

Because of this grim reality, organizations need to shift their mindset when protecting not only their data but also their customer and partner data.

Shifting the mindset to risk quantification

This mindset shift needs to include risk quantification, in that it not only needs to assess the types of risks out there and any potential vulnerabilities, but to also use it as an indicator of how to manage these risks. A third-party risk management strategy is the best way to quantify which risks your third-party vendors might contribute to.

Here are some reasons why enterprises must quantify the risks and implement a third-party data risk management strategy:

1. Protect sensitive data: Enterprises are responsible for protecting sensitive data, such as personally identifiable information (PII) and financial data. A third-party data risk management strategy can help ensure third-party vendors are properly vetted and adhere to the enterprise’s security procedures, policies and standards.

2. Compliance with regulations: Many industries have regulations that govern the handling and protection of data. Enterprises must ensure third-party vendors comply with these regulations, as they can be held responsible for data breaches.

3. Reputation management: A data breach or security incident involving a third-party vendor can significantly impact a business’s reputation. Implementing a third-party data risk management strategy can help mitigate these risks and protect the enterprise’s public perception.

4. Business continuity: A security incident involving an outside vendor can disrupt business operations and result in significant financial losses. A third-party data risk management strategy can help ensure these vendors have the necessary security controls to prevent such incidents.

Best practices in minimizing third-party data risk

The first step in implementing a third-party data risk management strategy is to identify all vendors your organization works with, including their contact information and the services or products they provide.

Here are some best practices to ensure your third-party vendors remain compliant and that your organization’s protect surface is indeed protected:

1. Assess the risk: Once you have identified your vendors, assess the risk associated with each. This assessment should include the type of data they will be handling, the level of access they will need to perform their job, and the security protocols they have in place.

2. Implement a zero trust policy: Zero Trust is quickly evolving as the go-to cybersecurity defense mechanism to reduce cyber threats. As the threat landscape continues to expand and progress, organizations must implement Zero Trust policies that outline the minimum security requirements vendors must meet to be granted access to your systems and data. This policy should be based on the risk assessment and include access controls, data handling procedures, and security training requirements.

3. Ensure all third-party vendors have their own cybersecurity risk & monitoring plan: Perform a risk assessment of each vendor to determine the policies and procedures they have in place to mitigate a threat. This assessment should include evaluating their security controls, data handling practices, incident detection and response protocols, and compliance with regulatory requirements.

4. Verify that your vendors also follow best practices with THEIR vendors: When it comes to enterprise networking, there are many hands in the pot. To best ensure your vendors are compliant, confirm they have policies and procedures in place to maintain confidentiality, access privileges, and provide security training for their vendors who might have access to your network and data.

5. Monitor vendor activity: Continuously monitor third-party vendor activity to ensure they comply with your security requirements and policies. Implement logging, notification, and auditing procedures to track vendor access and activities. If there is any suspicious activity, investigate and take appropriate action immediately.

6. Foster a culture of cybersecurity: A culture of cybersecurity and awareness throughout your organization and among third-party vendors ensures everyone is on the same page and with the same threat prevention mindset. Provide security awareness training to employees and vendors and encourage them to report any security incidents or concerns.

7. Enforce policies, systems, and procedures: Ensure that the security policies and practices are enforced and that vendors are held accountable for any breaches or violations. You can use contracts and service level agreements (SLAs) to establish vendor accountability.

8. Review and update regularly: Regularly review and update your security policies and practices to reflect any changes in your organization’s security posture or any new threats that may arise.

Vendor security management should be a priority for any business that relies on outside parties to handle and manage its vital business data and networks. A third-party data risk management strategy is essential to maintaining customer trust, so you never have to deliver the dreaded news of a breach. However, it requires a comprehensive approach to security that involves identifying risks, establishing policies, monitoring activities, and enforcing compliance. By following these steps, you can protect your organization from third-party data risks and ensure you meet the evolving threat landscape.

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication products.

Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About Portnox
Portnox provides simple-to-deploy, operate and maintain network access control, security and visibility solutions. Portnox software can be deployed on-premises, as a cloud-delivered service, or in hybrid mode. It is agentless and vendor-agnostic, allowing organizations to maximize their existing network and cybersecurity investments. Hundreds of enterprises around the world rely on Portnox for network visibility, cybersecurity policy enforcement and regulatory compliance. The company has been recognized for its innovations by Info Security Products Guide, Cyber Security Excellence Awards, IoT Innovator Awards, Computing Security Awards, Best of Interop ITX and Cyber Defense Magazine. Portnox has offices in the U.S., Europe and Asia. For information visit http://www.portnox.com, and follow us on Twitter and LinkedIn.。