…… At the beginning of June 2019, the French group Eurofins, specializing in biological analysis services, was hit by a severe cyberattack. The data used by the company was encrypted by hackers who demanded a ransom in exchange for decryption. In total, more than 15 days of waiting for a return to normal and an impact on turnover estimated at 62 million euros. At the end of June, hackers took control of several messaging services with simple passwords on www.impots.gouv.fr. 2000 tax forms were tampered with, adding credits and tax reductions to the returns and replacing bank details in order to recover the money paid. Ultimately, the intrusions were blocked in time and no tax impact was declared.

….. At the beginning of July, the Confluent Nantais Private Hospital resisted a final cyberattack after a series of 4 attempts. Hackers sent fraudulent emails inviting employees to renew their passwords and identifiers, in an attempt to break into the system. During these attacks, the hospital took several security measures to limit the impacts on the work of healthcare professionals and on patients. At the end of July, the Swiss Meier Tobler, specialized in construction, faced a paralysis of its IT infrastructure (SAP system, warehouse management, landline telephone, website and all email addresses). It took almost 2 weeks to restore the system, a loss estimated at around 4.5 million euros.

…. At the beginning of August, the 120 hospital establishments of the private Ramsay group were threatened by a cyberattack lasting approximately 1 week. This virus affected the hospital management system (messaging, computer system and other business applications) disrupting staff, forced to return to paper. However, security procedures quickly implemented enabled continuity of patient care as well as data protection. These hospitals cyberattacks are unfortunately commonplace during the summer periods.  In mid-August, the European Central Bank closed one of its websites which was the subject of an intrusion. Injecting malicious codes and emails bearing the colors of the ECB, the hackers managed to steal the email addresses, names and titles of subscribers to the BIRD newsletter. Their ultimate goal is to obtain bank account identifiers and passwords…

When it comes to protecting sensitive data and infrastructure, third-party risk management is an essential element in today's interconnected digital landscape. Artificial intelligence (AI) is revolutionizing cybersecurity practices, providing innovative solutions to counter emerging threats.

In a world where organizations rely on multiple vendors and partners for various services, the risk posed by third parties cannot be overlooked. Third-party risk management involves assessing, monitoring, and mitigating potential vulnerabilities that external entities can introduce into an organization's security posture.

AI has rapidly evolved to be a game changer in cybersecurity. Machine learning algorithms can analyze large amounts of data to detect patterns and anomalies, enabling proactive threat detection and response. AI-based tools have significantly improved the efficiency and effectiveness of cybersecurity operations.

Despite its importance, third-party risk management faces several challenges that organizations must address to implement comprehensive security measures.

The interconnected nature of modern business ecosystems has led to increasingly complex networks of third-party relationships. Managing security risks associated with multiple vendors, contractors, and service providers can be daunting without the proper tools and strategies in place.

Many organizations struggle to gain complete visibility into third-party activities and effectively monitor their security practices. Limited oversight can leave organizations vulnerable to potential breaches from their extended network of partners.

AI offers a range of capabilities that can strengthen cybersecurity measures specifically tailored to address third-party risks.

As stated by Mr. Khalifa Al Shehhi, CEO of Genesis (genesisplatform.co), “AI-based tools can automate risk assessment processes, identify vulnerabilities and prioritize security actions based on their potential impact. This proactive approach improves the overall resilience of organizations in the face of evolving cyber threats. By leveraging AI for threat intelligence and analysis, organizations can effectively identify emerging threats and predict potential risks from third parties. This proactive stance allows for faster responses to mitigate security incidents before they escalate.

As technology continues to advance, future trends in AI-based cybersecurity solutions hold promising developments for third-party risk management.

AI algorithms will increasingly be used for predictive analytics to anticipate potential security risks from third parties based on historical data and trends. This proactive approach allows organizations to pre-emptively address vulnerabilities before they are exploited.

Integrating AI into incident response mechanisms can streamline the detection, analysis and mitigation of security breaches involving third parties. Real-time threat detection and automated responses can significantly reduce the impact of cyber incidents on organizational assets and data.

AI enables real-time monitoring, enabling immediate detection and response to potential threats, minimizing the impact of cyberattacks on third-party networks.

AI now guides organizations in developing quick and effective strategies to mitigate risks and contain breaches.

Third-party risk management what is it?

As Mr. Khalifa Al Shehhi said, “It's like playing detective with your business partners: you want to make sure they're not secretly working for the cyber bad guys. This involves assessing and monitoring risks associated with third-party vendors and partners to protect sensitive information and your organization's reputation. With AI on your side, you can detect cyber threats faster than a cat chasing a laser pointer. AI-powered tools can analyze huge volumes of data and detect anomalies or suspicious activities, helping you stay one step ahead of cyberattackers.

AI is not just about detecting threats; it can also predict future cyber risks with frightening accuracy. By analyzing historical data and patterns, AI can help organizations anticipate potential security breaches and take proactive steps to strengthen their defenses.

Imagine having a cyber assistant that monitors all your third-party partners 24/7, without needing to take a break for a snack. AI can automate monitoring of third-party ecosystems, flagging any suspicious activity or vulnerabilities that could pose a risk to your organization.

As Mr. Syed Amoz of Falconwise (falconwise.com ) said: “With AI in the driver’s seat, you can respond to third-party risks faster than you can say “cybersecurity emergency!” » AI-powered tools can provide real-time risk assessments, allowing organizations to quickly mitigate potential threats and keep their data secure. One of the main challenges in adopting AI for cybersecurity is balancing data privacy and ethical concerns. Ensuring that AI algorithms operate within legal and ethical boundaries, particularly when processing sensitive customer data, is a significant challenge for organizations deploying AI-based tools for risk management linked to third parties. Integrating AI-based cybersecurity tools into existing security infrastructure can be a complex process. Compatibility issues, data silos, and the need for seamless communication between different security tools can present challenges for organizations looking to leverage AI to improve their third-party risk management capabilities.

Conclusion

The integration of AI into cybersecurity for third-party risk management represents a significant step forward in strengthening organizational defenses against cyber threats. By leveraging AI technologies for continuous monitoring, threat detection and compliance automation, businesses can strengthen their security posture and proactively mitigate risks associated with third-party engagements. As we navigate a complex digital landscape, the adoption of these AI-powered solutions will be crucial to strengthening defenses and staying ahead of evolving cybersecurity challenges in third-party interactions.

Implementing AI-enabled cybersecurity tools for third-party risk management presents a transformational opportunity for organizations to strengthen their security posture and stay ahead of evolving threat. By leveraging AI’s capabilities in threat detection, risk assessment, and compliance monitoring, businesses can proactively protect their data and networks from potential vulnerabilities. As we look to the future, continued advancements in AI technology hold promise for further improving cybersecurity practices and strengthening organizations' resilience to cyber challenges. While AI can significantly enhance security measures and mitigate risks, it cannot completely eliminate all potential threats. Human oversight and strategic decision-making are still essential in managing complex cybersecurity challenges related to third-party relationships.