Third party risks: Protecting access for third parties and service providers

What is Third Party Access?

The security at the outer edges of the infrastructure is crucial for companies to protect themselves against risks associated with third parties and service providers. Until now, companies have typically invested time and money in protecting their own systems rather than focusing on the security practices of the providers. This needs to change to protect companies from potential threats.

Many companies work closely with service providers, and in many cases, these providers gain authorized access to customer or employee data or integrate third-party services into the company’s systems. Furthermore, service providers often have their own suppliers, which may pose additional risks to the company.

Why is the security of access by third parties and service providers so important?

As a result of COVID-19, many organizations have implemented teleworking policies and guidelines. This shift has brought significant issues for cybersecurity. One of the main difficulties is verifying and granting access to external providers, as a face-to-face conversation is impossible in this new environment. Therefore, there is an urgent need for multi-factor authentication techniques, strictly monitored access controls, and robust procedures for generating and managing passwords.

The shift of work activities to the internet through e-mails and remote support solutions such as heterogeneous VPN tunnel infrastructures or RDP sessions significantly increases the threats from phishing attacks or malware infections. Additionally, third-party vendors often connect to corporate networks with their personal devices, which may not provide adequate protection against these dangers.

Small service companies that lack the necessary resources to implement adequate security measures present an opportunity for cybercriminals, who can leverage their privileged access to company systems to significantly increase the risks of a compromise.

Data breaches by third parties

The Ponemon Report on the costs of data breaches in 2023 found that the average cost of a data breach in the UK amounted to £3.14 million, with costs increasing by £68,000 due to third-party software vulnerabilities. The actual number may be higher as attacks from third parties are very elusive and can take months or years to detect. The highest fine imposed for a data breach in Germany in 2022 was €76,310,455.

The conducted study found that 44% of companies have experienced a security breach, with 74% of these cases attributed to granting too much privileged access to third parties. This is a concerning trend that needs to be addressed.

VISULOX - The Benefits at a Glance:

1. Security for privileged accesses:

• Protection against internal and external threats: Visulox Remote PAM provides granular control over access rights and protects critical IT systems from misuse by privileged users or external attackers.

• Zero Trust principles: By monitoring and controlling every access, trust is minimized, and the security posture is improved.

2. Efficient management of remote access:

• Access from anywhere, at any time: As remote work becomes increasingly important, Visulox provides a central solution to ensure that only authorized users have access to sensitive systems – regardless of their location.

• Multi-Factor Authentication (MFA): Ensures that accesses are secure even if credentials have been compromised.

3. Compliance and auditing:

• Meeting compliance requirements: Many industries are subject to strict regulations (e.g., GDPR, ISO, SOC) that require monitoring and documentation of privileged accesses. Visulox Remote PAM offers comprehensive audit trails to meet these requirements.

• Traceability and transparency: Every action is recorded and can be used for audits, security reviews, or compliance reports.

4. User-friendliness and control:

• Easy implementation and management: Visulox provides an intuitive user interface that makes it easy for IT administrators to manage user rights, create access policies, and analyze access logs.

• Granular access controls: Administrators can precisely define who has access to what, when, and where – down to individual files or functions.

5. Cost reduction and efficiency improvement:

• Fewer incidents due to misuse of administrator rights: By minimizing security incidents and improving access control, potential costs from data theft or system failures decrease.

• Automated processes: Some recurring security and management tasks can be automated, which benefits IT departments.