The Art of Persuasion, Trojans in Recruiter Clothing, More than Pesky Pests, Etsy: The Latest Scammer Target, Cyber Pirates Going Global, and Unwanted Exposure. It's CISO Intelligence for Friday 14th February 2025.

Table of Contents

1. Shiny Coins for Cybersecurity: But First, the Pitch
2. Malware from Fake Recruiters: Master Manipulators in Job Markets
3. OpenSSL Fooled Us Again: Two Sneaky Bugs Busted
4. Hold Onto Your Aprons: The Etsy Invoice Scam That Bakes Without Flour
5. Cyber Feudalism: Unmasking Sandworm’s Subgroup Shenanigans
6. Zacks Attack: For Whom the Breach Tolls

Shiny Coins for Cybersecurity: But First, the Pitch

In the world of cybersecurity budgets, 'drumming up investment' is a contact sport.

What You Need to Know

Executives need to understand the importance and financial benefits of investing in Third-Party Risk Management (TPRM) to protect organizational data. As cyber threats grow, convincing the board to allocate sufficient budget to TPRM can mitigate not only data breaches but also potential financial losses, legal liabilities, and reputational damage. The executive team is expected to assess budget allocation towards cybersecurity initiatives and make informed decisions to approve proposed investments in TPRM.

CISO Focus: Third-Party Risk Management
Sentiment: Positive
Time to Impact: Short (3-18 months)

The Art of Securing Budget for Cybersecurity: Why Investment Matters

In the digital arms race, fortified networks are life's backbone for firms competing in the modern economy. The challenge, however, lies in convincing executive boards to shell out the resources needed to maintain these defenses, particularly about Third-Party Risk Management (TPRM). As cyber threats loom ever larger, businesses find themselves grappling with the dilemma: Invest or regress?

For readers keen on staying ahead in cybersecurity defense, this feature dives into the pivotal role of TPRM in safeguarding organizational data and ensures you can make a compelling case to top management about the critical need for investment in cybersecurity. Armed with insights and a tactical roadmap, this sets the stage for a stronger, more resilient digital future.

The Critical Need for TPRM

With companies relying heavily on external vendors to streamline operations and cut costs, the cybersecurity landscape has expanded far beyond a business's internal network. TPRM plays a pivotal role in identifying, assessing, and mitigating risks that come with outsourcing tasks to third-party suppliers. Investing in TPRM can help prevent data breaches, safeguard company reputation, and secure sensitive information.

The Financial Rationale: A Cost-Saver, Not a Cost-Center

Many executives still perceive cybersecurity as a sunk cost rather than an investment. However, a properly executed TPRM program can be a significant financial asset. According to UpGuard, data breaches can result in an average loss of $3.86 million per incident—a number that clearly overshadows the initial costs associated with implementing TPRM programs.

• Reduced Breach Incidence: TPRM limits entry points for cybercriminals, potentially reducing incidents of data breaches.
• Regulatory Compliance: Preventing non-compliance fines involves staying ahead of industry regulations through continuous vendor evaluations.
• Preserving Company Image: Data breaches can severely damage a company’s reputation, resulting in loss of trust and revenue.

Executive Engagement: Turning Reluctance into Resolve

While the numbers present a compelling argument, the heart of securing budget often lies in framing cybersecurity as a strategic enabler. When positioned correctly, an adequately funded TPRM acts as a safety net, enabling organizations to safely innovate and scale.

• Narrative over Numbers: Move beyond statistics by demonstrating how TPRM aligns with overarching strategic goals.
• Risk Visualization: Provide real-world examples of companies that suffered due to inadequate TPRM measures, underscoring the importance of such investments.
• Clear ROI Roadmap: Lay out a clear plan showing how investments mitigate risks and save costs over time.

Current Cybersecurity Climate: Timing is Everything

In a business climate where experts predict a significant rise in supply chain cybersecurity threats within the next 18-24 months (Gartner), the urgency to address these issues is now. Data-rich industries, in particular, must prioritize TPRM, making it a non-negotiable part of their cyber defense strategy.

Vendor Diligence Questions

1. How does the vendor ensure compliance with industry-standard cybersecurity protocols?
2. What measures does the vendor have in place to regularize and update their risk management procedures?
3. What is the vendor's incident response plan in case of a data breach?

Action Plan

1. Budget Alignment: Work with finance departments to forecast the cost-benefits of TPRM accurately.
2. Risk Workshops: Conduct workshops to train staff and executives on third-party risks and the necessity of TPRM.
3. Vendor Assessment: Regularly evaluate vendors using updated cybersecurity frameworks.
4. Awareness Programs: Launch initiatives that emphasize the integration of cybersecurity into the company's culture.

Source: Securing Budget for TPRM: How to Convince Executives to Invest | UpGuard