Understanding the concept and importance of third-party risk management in cybersecurity is crucial for any business working within today's digital era. However, abstraction may sometimes impede a comprehensive understanding of the discipline. Therefore, exploring 'third-party risk management examples' can offer beneficial insights into threats and safeguards in the cybersecurity landscape.

Companies collaborate with third-party vendors daily, such as cloud service providers, payment processors, data analytics companies, and more. Every interaction with a third-party can potentially expose an organization to risks. If a third-party vendor suffers a security breach, the fallout can extend to the organizations with which it works. This cascading effect is exactly why third-party risk management is essential.

Example 1: The Target Data Breach

One of the most infamous 'third-party risk management examples' surrounds the 2013 Target data breach. An HVAC contractor, a third-party vendor for Target, experienced a phishing attack. The cybercriminals acquired the contractor's network credentials for Target, paving the way for the intrusion. Eventually, cybercriminals managed to install malware on Target's point-of-sale system and stole credit and debit card information of nearly 40 million customers.

This breach demonstrated that irrespective of how secure an organization's own systems may be, vulnerabilities in a third-party's systems can serve as an entry point for attack. This underlines the need for robust, continuous monitoring of third-party vendors' cybersecurity practices.

Example 2: The Capital One Hack

In 2019, Capital One suffered a massive data breach that impacted over 100 million people. The cyber attacker exploited a misconfigured firewall in a web application, hosted by a third-party cloud services provider, to access customer data. The exposed information included 140,000 Social Security numbers, 1 million Canadian Social Insurance numbers, and 80,000 bank account numbers.

We can draw two key lessons. Firstly, even when using reputable cloud service providers, adequate security measures on the customer-side are crucial. Secondly, internal human error, like misconfiguration, can jeopardize cybersecurity.

Example 3: The Solar Winds Orion Platform Attack

The Solar Winds Orion Platform attack in 2020 serves as one of the most notorious 'third-party risk management examples'. This attack wasn't merely a data breach but an orchestrated supply-chain attack. Cybercriminals inserted malicious code into the Orion Platform software updates. When businesses, including several Fortune 500 companies and government agencies, updated their systems, the malware was disbursed into their networks and the cybercriminals could exploit the networks at will.

The lesson here is twofold. Supply-chain attacks expose multiple organizations at once, demonstrating the need for stringent third-party risk management. Further, ensuring secure update procedures is crucial in mitigating such wide-ranging threats.

Implication and Strategies for Third-Party Risk Management

The aforementioned 'third-party risk management examples' serve as lessons for businesses. They illustrate that third-party risk takes many forms, and effective mitigation demands a multi-faceted strategy. The following strategies could prove helpful:

• Vetting All Third-Parties: Comprehensive initial and ongoing vetting of all third-party vendors, to gauge their cybersecurity measures and commitment to best practices is essential.
• Employing Security Technologies: Deployment of state-of-the-art security technologies for real-time threat detection and response can help spot and mitigate risks proactively.
• Incident Response Planning: Having an incident response plan can ensure quick action in case of a breach, thus minimizing potential damage.
• Regular Auditing: Regular audits can detect any security gaps or vulnerabilities within a third-party's systems or processes.
• Contractual Agreements: Including cyber risk clauses in contracts with third-parties could provide an additional layer of security.

In conclusion, the importance of effective third-party risk management in cybersecurity cannot be overstated. As the 'third-party risk management examples' discussed illustrate, failure to address this issue can lead to significant data breaches and losses. With an effective third-party risk management strategy in place, businesses can significantly reduce their cyber risks and safeguard their assets against the expanding and evolving threat landscape.