Cybercrime is big business, earning criminals a staggering $600 billion in 2018 alone. For these people, ferreting out opportunities for mayhem and theft is no more difficult than picking up an open wallet on a public park bench.
You may believe that your company is immune to supply third-party chain cyber risks, but you’re not. In the short time it takes you to read this article, hackers will access 4.6 accounts, grabbing millions of pieces of confidential information.
Supply chain cyber risks bring imminent danger to you and your supply chain. Unfortunately, only one-third of companies hacked can recover from the damage done.
Supply chain cyber risks to look out for
You most-likely know your hackers. They’re the vendors you’ve chosen to facilitate the creation, production, or sales of your information technology product. They provide your connectivity service, store your data online or otherwise have contact with your digital dealings.
Any of your digital operations – in any department — could expose you to the dangers and liability of a cyber breach in any part of your product’s life cycle.
Ways to mitigate risk immediately
Vendors are just as cautious as you are about cyber security threats. Large suppliers may hesitate to work with smaller vendors because of the potential cyber threat of hacking. If you’re security is formidable, you should know that even though your practices present, they are still no true threat to the systems the hackers have.
Here’s what you can do now:
- Establish security protocols from the beginning.
- Specify your security requirements in contracts and RFPS.
- Automate processes to eliminate tampering.
- Identify, monitor and audit products and systems.
- Require multi-factor authentication when transferring any data between systems.
- Limit software access only to those who need it – both employees and vendors
Cyber security risk presents more than an IT challenge. It’s not a matter of if, but when your supply chain will be hacked.
Any breach in your supply chain creates a company-wide issue affecting every department. Cyber hacks create comprehensive challenges. The people working with you are the best defense against supply chain cyber-hacking. By training them to respond to the inevitable, you will have taken the first step toward protecting your supply chain.
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