Subj : Third-party data breaches have become a major security concern
To   : All
From : TechnologyDaily
Date : Sun Dec 29 2024 21:15:05

Third-party data breaches have become a major security concern

Date:
Sun, 29 Dec 2024 21:03:00 +0000

Description:
Organizations in the energy sector are particularly vulnerable.

FULL STORY
======================================================================Security
Scorecard report finds most EU firms experienced a third-party data breach in 
2024 Scandinavian countries fared best, French fared worst Businesses should 
prioritize third-party risk next year, researchers warn 

Third-party data breaches have emerged as one of the biggest threats to 
cybersecurity for organizations in the European Union, new research has 
claimed. 

A SecurityScorecard report took Europes top 100 companies and analyzed 
factors such as network security, malware infections , endpoint security, 
patching cadence, application security, and DNS health. 

It found virtually all European companies (98%) had experienced a third-party 
breach in the last year, meaning that practically every organization has had 
a partner company that was exposed. Although SecurityScorecard did not 
discuss it, its safe to assume that at least some of these organizations 
suffered some operational disruptions due to these breaches, especially since 
just 18% of companies reported direct breaches in the past year. Prioritizing 
risks 

Looking at individual verticals, SecurityScorecard says that transport was 
the most secure sector with no companies with low scores. On the other end of 
the spectrum is the energy industry, with 75% of organizations scored C or 
lower (A being best, and F being worst). Furthermore, a quarter (25%) 
reported experiencing direct breaches. 

Scandinavian, British, and German firms were reported as most secure, while 
France had the highest rate of third- and fourth-party vendor breaches (98% 
and 100% respectively). 

For Ryan Sherstobitoff, SVP of Threat Research and Intelligence at 
SecurityScorecard, prioritizing third-party risk management should be a 
priority for all EU firms, especially with DORA right around the corner. 

The DORA legislation, short for the Digital Operational Resilience Act, is a 
new regulatory framework from the European Union designed to enhance the 
cybersecurity and operational resilience of financial institutions. With it, 
banks, insurance companies, investment firms, and other entities in the 
financial sector should be more resilient to disruptions, cyberattacks, and 
similar incidents. 

The legislation is expected to come into full effect on January 17, 2025. You 
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Link to news story:
https://www.techradar.com/pro/security/third-party-data-breaches-have-become-a
-major-security-concern


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