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How to Minimize the Devastating Effects of Third-Party Cybersecurity Breaches

Learn how to minimize the impact of third-party breaches on your organization with these best practices. Protect your sensitive data from cyber threats by establishing strong vendor risk management and implementing key security measures. Stay ahead of potential vulnerabilities and safeguard your critical assets.

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4 months ago

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Imagine the world as a giant web, with each organization connected to one another through the flow of data. This flow is essential as it drives decision-making, collaboration, customer engagement, and operations optimization. In fact, by 2024, it’s estimated that the global volume of data created, consumed, and stored will reach 147 zettabytes – a number that’s almost too large to comprehend.

But there’s a catch: the more connected we are, the more connected we are in terms of risk. A data breach in one part of the network can have ripple effects throughout the entire system. So, even if your organization has top-notch cybersecurity, a breach elsewhere could still impact your data’s security, privacy, and integrity.

Feeling a bit helpless? Don’t worry – there are practical ways to reduce your risk from third-party breaches. Let’s dive in!

How a third-party breach can affect you

In a third-party breach scenario, the initial breach happens within the network or system of a third-party entity that your organization has a business relationship with. Hackers then use this breach as a springboard to gain unauthorized access to sensitive data or systems of other organizations in the supply chain.

Take this example: a financial institution partners with a software provider to manage customer data. If the software provider’s network is compromised by hackers, the customer data of the financial institution could be exposed too.

Third-party breaches can lead to:

  • Exposure of sensitive data, such as customer information, intellectual property, financial records, or trade secrets.

  • Financial losses from investigating and remediating the breach, notifying affected parties, fines by regulatory authorities, and potential legal settlements.

  • Operational disruptions, resulting in downtime, loss of productivity, and the need for additional resources to address the breach and restore systems.

  • Reputational damage, leading to a loss of customer confidence and potential business opportunities.

  • If the breached third-party vendor is a critical part of the organization’s supply chain, other businesses’ ability to deliver products or services to customers could be impacted.

  • Exposure of vulnerabilities in other organizations’ own systems and infrastructure, as hackers may use the compromised third-party as a stepping stone to gain access to further targets.

An infamous example: The SolarWinds hack

SolarWinds, a software company providing IT management and monitoring solutions, experienced a notorious third-party breach. Hackers gained unauthorized access to SolarWinds’ systems and inserted malicious code into their software updates, which were then distributed to customers, including numerous government agencies and organizations worldwide.

Consequently, the hackers infiltrated the networks of many of these customers, compromising their systems and gaining access to sensitive data. The SolarWinds hack demonstrated the risks associated with third-party vendors and the potential for supply chain attacks, where attackers target a trusted vendor to gain access to multiple organizations across its global supply chain.

Passwords: The key to third-party breaches

Passwords play a significant role in third-party breaches. One major issue is password reuse. Many people reuse passwords across multiple accounts, including personal and professional ones. When a third-party vendor experiences a data breach and user credentials (including passwords) are compromised, hackers can use those credentials to gain unauthorized access to other accounts where the same password is used.

Hackers often use automated tools to test compromised credentials from one breach against multiple online services, a technique known as credential stuffing. This relies on the fact that many people reuse passwords across different accounts.

If a user’s credentials from a breached third-party vendor are successfully used to gain access to other accounts, it can lead to unauthorized access, data theft, and potential financial loss.

To help combat this issue, consider using a tool like Specops Password Policy, which continuously monitors your Active Directory for passwords that have been compromised elsewhere.

Manage your attack surface and protect your organization

External Attack Surface Management (EASM) can help your organization prevent and mitigate the impact of third-party breaches. EASM solutions can scan and identify all internet-facing assets connected to your organization, including those associated with third-party vendors.

Having this visibility allows organizations to understand the true extent of their attack surface and identify potential vulnerabilities or weak points introduced by third-party vendors. Some benefits of using EASM include:

  • Risk assessment: EASM platforms can assess the cybersecurity posture of your organization’s attack surface, including third-party assets. By evaluating factors such as misconfigurations, vulnerabilities, exposed databases, and weak encryption, EASM helps identify potential risks before they’re exploited by attackers.

  • Continuous monitoring: Real-time monitoring of your organization’s attack surface, including third-party assets, allows IT teams to detect changes or new vulnerabilities introduced by third-party vendors. By quickly identifying and addressing these risks, organizations can prevent or minimize the impact of third-party breaches.

  • Vendor risk management: EASM platforms can integrate with vendor risk management programs, allowing organizations to assess and monitor the cybersecurity posture of third-party vendors. This enables organizations to make informed decisions about which vendors to onboard and implement appropriate security controls.

  • Incident response: In the event of a third-party breach, EASM solutions can provide valuable insights and data to support incident response efforts, minimizing damage and reducing the time to remediation.

Ready to better understand your own attack surface, including third-party risks? Request a free attack surface analysis from Outpost24 – we’ll map your current situation and help you stay ahead of potential breaches.

Sponsored and written by Outpost24.

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Malware

Avis Reveals Massive Data Breach: Customer Information Compromised in Car Rental Empire

Car rental company Avis recently disclosed a data breach affecting customer data. The breach exposed sensitive information such as names, addresses, and phone numbers. Protect your personal information by staying vigilant and monitoring your accounts for any suspicious activity.

Published

1 day ago

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September 6, 2024

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Image: Midjourney

Did you hear the news? American car rental giant Avis recently informed customers that cybercriminals breached one of its business applications last month and stole some of their personal information.

According to data breach notification letters sent to impacted customers and filed with California’s Office of the Attorney General, Avis took action to stop the unauthorized access and launched an investigation with the help of external cybersecurity experts after learning of the breach on August 5th.

What did the investigation uncover?

The investigation revealed that the attacker had access to Avis’s business application from August 3rd to 6th. The company managed to evict the malicious actor from its systems and blocked its access on August 6th. On August 14th, it also discovered that the attacker stole some customers’ personal information, including their names and other undisclosed sensitive data.

Since the breach, Avis says it has worked with outside experts to strengthen security measures for the affected application and implemented additional safeguards across its systems.

What has Avis done to protect its customers?

Avis has been actively reviewing security monitoring and controls to bolster security defenses and warned customers of identity theft and fraud risks following the data breach. The company advised those whose personal information was stolen to remain vigilant against threats of identity theft or fraud. They suggested customers do this by regularly reviewing and monitoring their account statements and credit history for any signs of unauthorized transactions or activity and contacting credit reporting agencies if they suspect any unauthorized activity.

Moreover, Avis offered those affected a free one-year membership to Equifax’s credit monitoring service, which provides assistance with identity theft detection and resolution.

About Avis and its global presence

Avis is a subsidiary of Avis Budget Group, a leading global mobility solutions provider that also owns Zipcar, the world’s leading car-sharing network. Its Avis and Budget car rental brands operate over 10,000 rental locations in 180 countries across North America, Europe, and Australasia. Avis Budget Group has reported more than $3.0 billion in revenues for the second quarter of 2024.

We reached out to Avis for more information about the attack’s nature, the number of affected customers, and the other personal information stolen in the breach, but the company has not responded yet.

Stay informed and protected

Cybersecurity is more important than ever, and we at IT Services are dedicated to helping you stay informed and protected. We encourage you to keep coming back to learn more about the latest cybersecurity news and trends. Together, we can make the digital world a safer place for everyone. If you have any questions or concerns, don’t hesitate to contact us!

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Malware

Massive Data Breach Exposed: Business Powerhouse CBIZ Reveals Customer Information Compromised

CBIZ, a leading provider of business services, has disclosed a data breach affecting customer information. The breach occurred when an unauthorized third party accessed an employee’s email account, potentially compromising clients’ names, addresses, and Social Security numbers. CBIZ is offering free credit monitoring services to affected clients and has implemented additional security measures.

Published

5 days ago

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September 2, 2024

By

Imagine waking up one day to find out that your personal information has been stolen by hackers. Your name, contact details, social security number, date of birth, and even your health information are now in the hands of cybercriminals. This nightmare scenario recently became a reality for thousands of people when a major U.S. company fell victim to a data breach.

CBIZ: A Cybersecurity Wake-up Call

CBIZ Benefits & Insurance Services (CBIZ), one of the largest professional services companies in the United States, recently disclosed a significant data breach involving unauthorized access to client information stored in specific databases. This management consulting company, which provides financial and benefits and insurance services to various organizations and individual customers, reported that a threat actor exploited a vulnerability in one of its web pages and stole customer data between June 2 and June 21.

Upon discovering the intrusion on June 24, CBIZ launched an investigation with the help of cybersecurity professionals. They found that an unauthorized party was able to exploit a vulnerability associated with one of its web pages and acquire information from certain databases during the three-week period. To put things in perspective, CBIZ operates 120 offices across the country, employs 6,700 people, and recorded a revenue of $1.59 billion in 2023.

What Was Stolen?

Hackers managed to steal information belonging to nearly 36,000 individuals. The compromised data includes:

  • Name

  • Contact details

  • Social Security number

  • Date of birth/death

  • Retiree health information

  • Welfare plan information

Protecting Yourself and Your Data

CBIZ began sending personalized notifications to impacted clients on August 28, informing them of the breach. While the company has no evidence that the stolen data has been misused, they are offering guidance on how to enroll in a two-year credit monitoring and identity theft protection service to reduce potential risk. Additionally, impacted clients are advised to consider placing a credit/security freeze and adding a fraud alert to their credit report.

This incident serves as a stark reminder of the importance of cybersecurity and the need to protect our personal information. Cyberattacks are becoming more frequent and sophisticated, and businesses of all sizes must take the necessary precautions to safeguard their customers’ data. As individuals, we must also stay informed and vigilant to protect ourselves from the consequences of data breaches.

Don’t Be a Victim: Stay Informed and Take Action

Here at IT Services, our mission is to help you stay ahead of cyber threats. We provide the latest news, updates, and resources on cybersecurity to help you protect your digital footprint. Whether you’re a business owner or an individual user, knowledge is power when it comes to defending against cyberattacks. So don’t wait for a wake-up call like CBIZ – take action now to secure your digital life.

Stay informed and keep coming back to learn more. And remember, if you have any concerns or questions about cybersecurity, we’re here to help. Don’t hesitate to contact us for expert advice and support.

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Malware

DICK’S Sporting Goods Halts Email & Locks Employee Accounts Following Intense Cyberattack

US retailer Dick’s Sporting Goods suffered a cyberattack, prompting the company to shut down employee email accounts and reset passwords. Discover how the attack unfolded and what measures the company is taking to prevent future incidents.

Published

1 week ago

on

August 30, 2024

By

Last Wednesday, DICK’S Sporting Goods, the largest chain of sporting goods retail stores in the United States, discovered a cyberattack that exposed confidential information. With $12.98 billion in revenue in 2023 and over 857 stores across the country, this breach impacts a significant number of people.

Responding to the Cyberattack

In a filing with the U.S. Securities and Exchange Commission (SEC), DICK’S has hired outside cybersecurity experts to help contain the security breach and assess the impact. The company stated, “On August 21, 2024, the Company discovered unauthorized third-party access to its information systems, including portions of its systems containing certain confidential information.”

As soon as the incident was detected, DICK’S activated its cybersecurity response plan and engaged external cybersecurity experts to investigate, isolate, and contain the threat.

Keeping Information Under Wraps

According to an anonymous source, the company has been tight-lipped about the breach and has instructed employees not to discuss it publicly or put any information in writing. The same source revealed that email systems had been shut down, likely to isolate the attack, and all employees were locked out of their accounts. IT staff is now manually validating employees’ identities on camera before granting access to internal systems.

In an internal memo, DICK’S informed employees that most of them no longer have access to their systems due to a “planned activity” and that team leaders will contact them via personal email or text for further instructions.

Business Operations Unaffected

Phone lines at local stores are currently down due to the incident, but the company has reported no disruption to their business operations to date. In their SEC filing, DICK’S stated, “The Company has also notified federal law enforcement. The Company has no knowledge that this incident has disrupted business operations. The Company’s investigation of the incident remains ongoing.”

Although the company believes the incident is not material at this point, the investigation is still in progress, and the full impact remains to be seen.

What You Can Do

Cybersecurity is a critical concern for businesses and individuals alike. We at IT Services are committed to keeping you informed and protected. Stay tuned for updates on this situation, and don’t hesitate to reach out to us for advice and assistance in safeguarding your personal and professional information. Let’s work together to stay one step ahead of cyber threats.

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