A new solution, helping businesses defend against targeted attacks that involve third-party vendors has been announced today.
The solution, Bay Dynamics Vendor Risk Assurance, helps businesses “identify, analyse and remediate risky behaviours among third party vendors, including individual employees within those vendor organizations who may open the door to a breach,” the company said in a press release.
The solution is powered by the Bay Dynamics Risk Fabric platform, and includes a prioritized list of top risky vendors, a comprehensive profile of all vendors and their daily behaviours, as well as actionable intelligence for unusual vendor behaviour. It also includes effective incident remediation for vendor users that showcase anomalous user behaviour, as well as automated notification of risky vendor behaviour.
According to the Ponemon Institute “Aftermath of a Data Breach Study,” 53 per cent of organizations felt vulnerable to another breach due to negligent third parties including vendors and outsourcers. Enterprises face challenges managing their vendor risk because of the large quantity of vendor accounts, not knowing who has access to what information and how they gain access.
“Based on the numerous data breaches we have seen in the past couple of years – the majority of them involving exploiting a third party vendor – it’s obvious that the current ‘defence-in-depth’ strategy many businesses rely on today is not working,” said Ryan Stolte, Chief Technology Officer and Co-Founder at Bay Dynamics. “By focusing on the typical behaviours of employees within those third party vendors, our Vendor Risk Assurance solution can immediately identify what’s out of the norm and stop the risky behaviour before it is too late.”