Jan 8, 2024
Tanay Rai
The recent cyberattack on Orrick, Herrington & Sutcliffe, a prominent law firm, highlights the critical risks posed by third-party vulnerabilities. As a leader in Third-Party Risk Management (TPRM), Genesis Platform emphasizes the importance of fortifying defenses to prevent such breaches, which affected over 637,000 individuals.
Understanding the Orrick Breach:
Orrick, a firm specializing in cybersecurity incidents, was ironically hit by a breach exposing sensitive data, including Social Security numbers, passport and driver's license details, and medical treatment information. This breach impacted multiple clients such as EyeMed Vision Care, Delta Dental, MultiPlan, and more, showcasing the widespread effects of third-party risks.
The Genesis Platform Solution:
Genesis uses its Dual Scan Technology to provide a comprehensive security assessment for third-party vendors. This solution combines an external and internal scan to identify vulnerabilities in DNS settings, encryption, and misconfigurations. Our approach ensures that vendors meet stringent security standards to protect client data.
The Importance of Third-Party Risk Assessment:
Risk Identification: Identifying potential vulnerabilities in third-party networks to prevent breaches.
Compliance and Regulation: Ensuring third-party vendors adhere to industry regulations.
Business Continuity: Maintaining operational integrity by managing third-party risks.
Enhancing Cybersecurity Posture:
Vendor Assessment: Conduct thorough assessments of third-party vendors before engagement.
Continuous Monitoring: Regularly audit third-party security measures to ensure compliance.
Incident Response: Develop response plans to minimize the impact of breaches.
Key Statistics:
63% of all data breaches originate from third parties.
Less than 60% of companies assess the security of their third-party vendors.
The average cost of third-party breaches is around $4.29 million.
Conclusion:
The Orrick breach serves as a reminder of the critical importance of TPRM. Genesis Platform offers solutions that protect not just individual organizations but the entire digital ecosystem. Let’s work together to build a safer future.
About Genesis:
Genesis is a cybersecurity platform that combines attack surface management with third-party risk management to safeguard businesses. Through our platform, companies can proactively prevent breaches, discover third-party risks, and reduce attack surfaces.
