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June 2024 Vendor Management News

5 min read
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Stay up-to-date on the latest vendor risk management news happening this month. Check out the articles below.

Recently Added Articles as of June 6

Several third-party data breaches impacted organizations and customers, a bank was ordered to create a third-party risk management program, and experts recommend several third-party risk management practices to protect your organization. Check out all of this week’s news below.

How the healthcare industry can prepare for third-party cyberattacks: The healthcare industry is often targeted in cyberattacks, particularly third-party healthcare providers. Protected health information (PHI) is valuable to cybercriminals, and many healthcare organizations use the same third parties, which can disrupt the entire system. Healthcare organizations should seek to minimize overreliance on third parties and address cybersecurity issues. It's recommended healthcare organizations evaluate their business continuity and disaster recovery (BC/DR) plans to evaluate critical vendors. They should also look at their vendor contracts and business associate agreements to ensure everything is up to date and there are provisions for cyberattacks. 

European Central Bank is taking feedback on cloud outsourcing guide: The European Central Bank (ECB) began public consultation on its new guide for outsourcing cloud services. The guide requires banks to consider the risks of overly relying on one cloud services provider, as the market is highly concentrated, and consider the potential business disruptions. Third-party risk management has been a top priority for ECB, and it will continue to be over the next couple of years. ECB will take feedback on the guide until July 15 and then publish a finalized guide.

Cox patches API vulnerability: Cox Communications fixed a vulnerability that allowed attacks to abuse APIs and reset Cox modem settings. The organization took down the exposed APIs and patched the vulnerability. Cox also investigated if the vulnerability was exploited, but found no evidence of it. 

Third-party data breach impacts Ticketmaster user data: Ticketmaster attributed a recent data breach to a third-party cloud database that contained mostly data from the organization. Live Nation, the parent company, said it doesn’t expect the breach to have a large impact on operations. However, user data was compromised and offered for sale on the dark web. Data includes names, addresses, phone numbers, email addresses, and order history.

Pharmaceutical organizations are impacted in third-party data breach: At least 15 pharmaceutical organizations have been impacted in a third-party data breach and about 540,000 people have been notified of the breach. That number will likely continue to grow. Cencora, the breached company, is a pharmaceutical distributor.

Third-party risk management practices to protect the hotel industry: It’s extremely important for the hotel industry to protect guest data, but often APIs and third-party property management systems are neglected. This leaves the hospitality industry open to cyberattacks. Hotels should regularly perform security audits on third parties and continuously monitor for new vulnerabilities. Before beginning third-party relationships, hotels should vet third parties and examine security policies, reputation, and compliance documentation. Assessing third-party incident response plans is also a good practice to ensure everyone is prepared if an incident occurs. 

Colorado finalizes the first U.S. AI law: Colorado has enacted the first artificial intelligence (AI) legislation in the U.S. It's set to take effect in February 2026. The applies to anyone conducting business in Colorado that either deploys or develops high-risk AI systems. High risk is defined as any AI system that makes or is a substantial factor in consequential decisions. AI deployers or third parties will have to complete impact assessments on high-risk AI systems and risk management policies are required. 

Organizations should patch an actively exploited Linux vulnerability: The U.S. Cybersecurity and Infrastructure Security Agency (CISA) is urging organizations to patch a vulnerability impacting the Linux kernel. CISA added the vulnerability to its Known Exploited Vulnerabilities catalog, as there’s evidence of active exploitation. The vulnerability was addressed in January, so it’s crucial for organizations to apply the patches. 

SEC is investigating foreign third-party relationships: The Securities and Exchange Commission (SEC) has started poking into third-party relationships technology organizations have, especially third parties in countries with high corruption risk. It’s important for technology organizations to have the answers prepared if the SEC begins to ask questions. Organizations should be able to show evidence of due diligence and contract management. Contracts should include a right to audit so your organization can continuously monitor risks and ensure compliance with the Foreign Corrupt Practices Act (FCPA). Keeping records and documentation is crucial to providing evidence to the SEC and there should be evidence of training for third parties on anti-corruption. 

Credit union is impacted in third-party data breach: Truliant Federal Credit Union reported a third-party data breach from one of its previous vendors. A cyberattack on the former vendor compromised Truliant files from 2012. It’s unclear how many people were impacted, but the data included names, account numbers, and Social Security numbers. 

Securing the supply chain against cyberattacks: Supply chain cyberattacks have increased and it’s important for organizations to be able to defend against third-party threats. Ultimately, organizations take the responsibility for the data breach, even if it originated with a third party. Often, cyberattacks are social engineering, so it’s important to ensure third parties have training practices in place and track the performance of the third party’s training. Cybersecurity threats need to be consistently monitored, so organizations should ensure third parties have vulnerability management practices in place. 

Healthcare industry is falling behind in cybersecurity protection: Although many industries are facing the increased threat in cybersecurity, experts say the healthcare industry has fallen behind in protecting its systems. This includes unpatched software vulnerabilities and system failures to defend against attacks. The healthcare industry is also becoming more connected, relying on more third parties and vendors, which has increased the attack surface. Experts pointed to the need for a third-party risk management program that is continuously evolving and adapting to new risks. 

Bank ordered to create third-party risk management program: Comerica Bank must create a third-party risk management program, per an enforcement agreement with the Office of the Comptroller of the Currency (OCC). The program must have an internal audit program and internal controls. The board of directors will be responsible for ensuring the agreement is followed. 

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