With the recent news of BA facing a record fine of £183m for last year’s data breach, 1.5 per cent of its revenue, organisations need to consider how to avoid a similar fate.
Third party failure is also widely accepted as the reason for the Ticketmaster data breach that occurred in 2018. So, as we can see, this kind of attack can have major financial consequences when it comes to infiltrating huge organisations. And of course, the damage to the brand and reputation.
BA may be surprised and disappointed by the recent decision, however, the real question is how can we prevent such an attack, and the resulting fine happening again when organisations rely on third party vendors?
A recent Freedom of Information request to the Financial Conduct Authority (FCA) revealed that between January 2018 and December 2018 there were 174 third party failures for businesses in the UK.
The figure has already soared to 79 between January 2019 to May 2019, with some also suggesting that under reporting of issues still makes these figures inaccurate.
One of the points of introducing GDPR was so that businesses act proactively regarding cyber security, creating a way to suppress third party attacks, but unfortunately the frequency of these has not stalled.
There are tremendous benefits to be gained from embracing supply chain methods for your organisation and customers. Today’s competitive business environment demands it. But strong governance is a must when it comes to sourcing and using third parties.
Some of the way’s practitioners have advised defending against third party attacks comes in the form of credit card processing, cloud storage, document management software and single sign-on solutions.
Evaluating the security and privacy policies of all third-party suppliers, means the likelihood of a breach falls dramatically. Once you understand all the vendors and which of them have access to sensitive data, a variety of tools are available to help assess the level of their security.
Uleska has been able to defend against third party failures by orchestrating security tools to check all third party code, even if changes have been made to it. This means that all third party vendors can sell with confidence to major clients knowing that their code is continuously being checked, and the relevant people are being notified about any new, or existing, vulnerabilities.
This method has allowed us to continually secure from third party attacks in an efficient manner, conducive with reducing the number of serious data breaches that can affect some of the world’s top organisations.
Understanding where risks lie within your digital ecosystem, tailoring controls according to those risks, and collaborating with their third parties to remediate and mitigate those risks could be just one of the many ways that your organisation combats third party failures.
For further information on third party attacks and failures you can join us at the next Uleska webinar, which will be covering the topic in more depth. Contact email@example.com for full details of the registration process.