As the world has shifted from the physical to the digital, security threats have also changed from physical to cyber. The cyber risks are numerous, and the landscape evolves quickly. Juniper research states that cyber crimes accounted for $2 trillion in losses in 2019, and with hackers developing sneaky new approaches to infiltrate your business, that number is poised to rise.
With vulnerabilities increasing, businesses are investing heavily in cyber security and employee training, particularly regarding online scams and ransomware attacks. However, your business does not exist in a vacuum, and therefore is only as safe as your partners.
You may feel confident in your internal security processes, but can you say the same for every third party you work with? Here are five cyber security facts that may make you think twice about how safe your business really is.
|Company||Accounts Hacked||Date of Hack|
|Yahoo!||3 billion||Aug 2013|
|Under Armor||150 million||Feb 2018|
|Equifax||145.5 million||Jul 2017|
|Ebay||145 million||May 2014|
|Target||110 million||Nov 2013|
|100 million||Jun 2012|
|Sony PlayStation Network||77 million||Apr 2011|
|JP Morgan Chase||83 million||Jul 2014|
|Uber||57 million||Late 2016|
|Home Depot||53 million||Apr 2014|
|50 million||Jul 2017|
Data courtesey of https://www.csoonline.com/article/2130877/the-biggest-data-breaches-of-the-21st-century.html
Cyber crime is a real threat to businesses of every size. And the more third parties your organization interfaces with, the more vulnerable you are. The best defense is remaining educated on these threats coupled with comprehensive monitoring of all aspects of your third parties, including systems, processes and personnel. By having a next generation cyber risk management platform that continually assesses your multidimensional risks, you can quickly fix issues as they arise.