Ransomware is not isolated to tech companies, which is clearer than ever given the attacks this year. In a recent interview with Now This, our CEO Vikas Bhatia, discussed the fundamentals of these attacks and how companies across industries can better prepare by utilizing a third-party risk management plan.
In the simplest terms, we understand that a ransomware attack exploits security gaps in networks or devices in exchange for a ransom payment.
In order to prevent these attacks, risk assessments need to be done for all third parties and vendors to then present those risks and mitigate. A lack of oversight of these assessments is where the breakdown in cybersecurity protection happens.
"What gets missed in this whole process is someone doing a risk assessment in a timely and frequent manner, so that the risks are not only identified, but they're communicated appropriately to the business stakeholders and resources are provided to mitigate the risks."
Threats from ransomware have not necessarily become more sophisticated; instead, they target weaker systems and technology. With attacks like the one on Colonial Pipeline, hackers are going after businesses large and small that are not closely monitored through risk assessments.
Vikas closes with,"But they're really starting to see that cybersecurity is not a small or big business problem, but an every business problem."
JustProtect is a third-party Governance, Risk, & Compliance (GRC) as a solution platform focused on identifying risks of vendors and suppliers through assessments.
Our agile and regulation agnostic platform provides a cloud-based workflow solution that centralizes, automates, and simplifies the 3rd party and vendor risk management process. We focus on the experience for both sender and recipient making it the ideal solution to every industry sector.
Join in our second webinar on how best to prepare for 3rd party risk issues and where the GRC industry is headed.