Are Today’s Interconnected Businesses Dependent on Blind Trust in Cyber Ecosystems? 

January 7, 2025

Unspoken Faith is No Longer an Option

Nowadays, nearly every business is a digital business; that is, they leverage tech and engage with others digitally to operate the company. We live in digital ecosystems & have blind faith in that working well for everyone.

What does that mean? In today’s hyper-connected world, businesses of all sizes operate within intricate digital ecosystems. These ecosystems comprise a network of interconnected companies that regularly exchange data – from suppliers and customers to partners and service providers.

This data flow is the lifeblood of modern commerce, enabling seamless operations, innovation, and growth. Many are blind to the risks, and new standards are needed.

This interconnectedness presents significant cybersecurity challenges. A single breach within the ecosystem can have cascading effects, impacting multiple organizations and potentially crippling entire supply chains.

The Era of Blind Trust is Over

Traditionally, trust within these ecosystems has often been implicit. Businesses relied on the assumption that their partners would adequately protect their data. The unreliability of software vendors to uphold this trust is often spelled out in click-through licensing agreements we sign without reading. However, this also extends to business partners we work with every day without ever discussing expectations or establishing baseline expectations. This “blind trust” approach is no longer tenable in the face of increasingly sophisticated cyber threats.

Recent high-profile cyberattacks, such as the AT&T customer records breaches, United Healthcare stolen credentials breach, and Infosys & Colonial Pipeline’s ransomware incidents have underscored the critical need for a more proactive and collaborative approach to cybersecurity within these interconnected networks. Nearly every major breach in the 21st century (Equifax, Target, Home Depot, etc) can be linked to a small business vendor in the cyber ecosystem not securing access. 

Moving Beyond Assumptions: The Need for Concrete Action

To mitigate cyber risks within their ecosystems, businesses must move beyond mere assumptions.  Maintaining strong digital ecosystems & not relying on blind faith alone requires implementing concrete measures:

Open and Honest Communication:

• • Cyber Risk Assessments: Each organization within the ecosystem should conduct regular and thorough cybersecurity risk assessments. This involves identifying and evaluating potential threats and vulnerabilities. Larger companies sometimes have extensive supply chains that require cost-effective, scalable ways to periodically assess companies and establish standards. 
  • Sharing Assessment Findings: Sharing the findings and recommendations of these assessments with ecosystem partners is crucial. In fact, some state and federal regulatory bodies now require this documentation for compliance. This transparency allows for a collective understanding of the overall risk landscape and facilitates collaborative mitigation efforts

Establishing Minimum Cybersecurity Standards:

• • • Develop a Shared Framework: Ecosystem partners should collaboratively develop a shared framework outlining minimum cybersecurity standards. This framework should encompass essential controls such as:
      • Strong Password Policies: Enforcing strong, unique passwords for all users.
      • Multi-Factor Authentication (MFA): Implementing MFA for all user accounts to enhance account security.
      • Regular Security Awareness Training: Providing employees with regular training on cybersecurity best practices to reduce the risk of human error.
      • Endpoint Security: Deploying robust endpoint security solutions, such as antivirus and anti-malware software, to protect devices from threats.
      • Regular System Updates: Ensuring all systems and software are updated with the latest security patches to address known vulnerabilities.
      • Data Encryption: Implementing strong encryption protocols to protect data both in transit and at rest.
      • Incident Response Planning: Developing and regularly testing incident response plans to ensure a swift and effective response to cyberattacks.

Leveraging Technology for Enhanced Security:

• • Remote Monitoring and Management (RMM) Tools: RMM tools can be invaluable for proactively monitoring and managing the security posture of devices and systems within the ecosystem. To best define RMM, it’s a powerful tool that can automatically watch for incidents, and grant fast access to your trusted advisors managing your technology stack. 
  • Security Information and Event Management (SIEM) Systems: SIEM systems can collect and analyze security logs from various sources to detect and respond to threats in real-time. These systems are found at large mature companies with in-house cybersecurity staff. They are increasingly offered as a hosted service.

Cybersecurity Insurance as a Risk Mitigation Tool:

• • Encourage Coverage: Encourage, or even require ecosystem partners to obtain adequate cybersecurity insurance coverage. This can help mitigate financial losses in the event of a successful cyberattack.
  • Consider Joint Insurance Policies: Explore the possibility of obtaining joint insurance policies that cover the entire ecosystem, providing broader coverage and potentially more favorable premiums.

Continuous Monitoring and Improvement:

• • Regular Audits and Assessments: Conduct regular audits and assessments to ensure compliance with agreed-upon cybersecurity standards.
  • Continuous Improvement: Continuously review and refine cybersecurity measures based on emerging threats and lessons learned from incidents.

How To Build a Culture of Shared Responsibility

Ultimately, building a truly secure cyber ecosystem requires a shift towards a culture of shared responsibility. All stakeholders must recognize their role in protecting the collective security of the network.

This requires open communication, collaboration, and a commitment to continuous improvement. By working together, businesses can strengthen their defenses against cyber threats and ensure the continued resilience of their interconnected ecosystems. Your cyber ecosystems require more than blind faith. You must look into third party risk management strategies. We can help.

Disclaimer: This blog post should not be construed as legal or financial advice. It is for informational purposes only.

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Tags: MFA, document, vulnerability, RMM, cybersecurity insurance, Cybersecurity Best Practices, Define rmm, cyber risk assessment, ecosystem, supply chain, digital