Challenges Facing Supply Chains Cybersecurity Management Towards Lower Risks and Preventing Threats from Customers

A good number of businesses make efforts to mitigate cyber security incidences. It’s a threat package spreading across key stakeholders in the supply chain networks — from managers, employees, your customers, and any business affiliates within your circle of interactions.

Why supply chains?

A report by SecurityMagazine highlights that up to 98 % of businesses have been hit negatively via threats targeting supply chain networks.

The same report further points out that close to 40% can only rely on third-party platforms to help them reduce the risks. It’s so for obvious reasons — low resources to roll out full departments catering to cyber threats.

Most importantly, the same study points out three critical components to help management fully address cyber threats:

• First is the reality that a business requires internal awareness of the prevailing situations. It’s important to get beyond awareness to stay active in the know of the latest and emerging trends.
• The second pillar is working with professional and regulatory bodies. Here, managers are able to tap into the best practices from specialists in risk management- with a focus on cyber loopholes within supply chain networks.
• Thirdly and most critical is collaborating with suppliers to make them aware, find the need, and act on the action points to mitigate the risks in an active fashion.

Rationale for Managers to Consider Risk Management- Focusing on Supply Chains

Managers require an awareness of the why. Why cyber attacks on supply chains? Sangfor Technologies have a wide explanation of the -Why?

In a nutshell, cybercrimes targeting supply chain networks are an illegal way to create businesses. It is unethical to hold small companies and entire economies at ransom. And surprisingly, the actors include rogue governments. Of course, the other actors are cybercriminals.

Disruptions in supply chains created devastating ripple effects. Suppliers may incur financial losses arising from lost revenue opportunities and late deliveries. Economies attain lower-than-ideal GDPs.

However, the worst burden shifts to consumers. With the supply chain crisis, consumers are at receiving ends — receiving either nothing or low quality at hiked prices.

So there is a glaring need for up-to-date technologies to counter the negative impacts. Yet, the crafty hackers are ever inventing newer loopholes. So, risk managers and technologies will keep facing stiffer requirements to stay ahead of the perpetrators.

One ultimate pillar requires the management of risks to create awareness among every employee in the team. That is a sure way to build active resilience against external attackers.

Insights for Management to Secure Supply Chains from Cyber-Compromises

As a decision-maker, your awareness needs to extend to third parties. The point is you are not safe if your affiliates are not. So this calls for far beyond the horizons of your business.

And the key reason why weaknesses on any part of your clients are vulnerabilities arises from the fact — modern supply chains are heavily interconnected. Plus, actors need to know the states of cyber security across supply chains on a constant basis.

What is changing in the landscape?

It should interest managers. In the same line, Verizon cites a significant trend in the rise in the number of attacks within a relatively short period. This alarm came from Data Breach Investigation Report.

Consequently, the report identifies key weaknesses arising from either vendors or third-party actors. And so a need to reach out beyond the four walls of a business. In other words — stakeholders’ support is needed in this cause.

3 Key points to Help You Address Cyber threats targeting Supply Chains

Are you aware of the surveillance avenues you can explore to minimize cyber risks across supply chains?

Here are key points to take note of:

• A single terminal can compromise an entire organization
• Hackers can gain a foothold via only a single password they compromise
• Third parties are an area of compromise that cybercrimes actors explore

One key outlying point regards the elements surrounding a compromise. In each, there’s a human element. So this underscores the need to ensure every manager and employee is aware of the magnitude of risks lurking around supply chain compromises.

Do you have a Cyber-risk Management Team?

You need one cutting across management and other departmental employees. And in case there are constraints hindering your progress towards achieving a team -there’s a way around it. So, businesses with little or no resources should not be left behind.

Why?

There are third-party solutions to help them close the gap and lower the risks with respect to threats around supply chains.

The point is, never underestimate the impacts. Compromise of supply chains via vendors will lead to two main scenarios. One, it may take down your entire business. Secondly, it will have huge negative impacts on a business. Agreably, in both cases, the management’s preventive efforts win better than curative efforts.

From a very unique point of vulnerability, there’s no business without vendors and clients. So supply chain threats can approach from any point of interaction. Your vendors may expose you — talk of your lawyers, IT service providers, accountants, and virtually any employee.

From the magnitude of the above, it bestows managers the humble role of taking preventive measures in a proactive approach. That’s a better assurance to stay ahead of cybercrime actors in supply chains.

How is the documentation of Cyber-attack information? Is it up to date?

Documenting information on cyber-attack incidences helps create awareness about the real happenings around your business. Make this regular, with reasonable timespans to catch up on everything.

The reality is documentation is challenging. However, it’s a high level of discipline for the team. It helps build robust muscle around the risks happening within the sector. It helps create real scenarios, and should a compromise hit you or a partner, you are better placed to jump into action.

Do You Have The Resources To Manage The Cyber-Attack Mitigation Mechanisms And Interventions?

The bottom line is, never accept to sit back. At all costs, ensure you have put aside some resources to cater to cyber-attack preparedness. Go the extra step to put in place the software and requisite employee awareness.

So the key here is pumping in reasonable resources and going the extra mile to ensure employees are aware and able to take reasonable steps in case of a breach.

The Challenge to Managers and Your Existing Strategies

Managers struggle to integrate risk management and the main goals of their business. And there’s the loophole with Cyber- risks sniffing at supply chains.

And it only takes a credible strategy and allocating budgets toward fixing the missing link. It affords you the focus to put your energies on business as your security remains in the hands of a credible team.

Third-party cyber security tools in the space require three key features:

1. One is a ranking of suppliers in cyber security spaces. Let your management team have a list of suppliers they can rely on for matters relating to cyber-security. It’s best if they can single out the best performers in the supply chain niche.
2. Second is an assessment of third-party risk assessments, plus how remote work impacts the scenario. This serves to amplify the need to upscale security variables of staff working remotely. Ideally, taking a bold step as management to minimize the risks and not remain blinded by the pros of remote workers.
3. Third is an annual status update on the risk status of third-party actors and their supply chain linkages. This serves as a constant refresher — helping teams across management and staff to stay in tune with what is happening within cybersecurity circles.

Bottom Line

Business challenges keep transforming. And managers require the right information and up-to-date tools to manage the imposing risks.

Especially supply chains are a key target for cybercriminals. Supply chains are the lifeline of your business. If they cannot get your systems directly, they’re advancing toward you through employees and customers.

By virtue of your interactions, supply chains and the persons or companies involved share highly sensitive data. And sensitive data is the main target of the actors in the cybercrime spaces.

Consequently, any breaches in supply chains place your business at risk. The breach gives cybercriminals and competitors an opportunity to compromise your business. The compromise ends up in a loss of trust, customers, revenue, or your entire business.

In case your business has no full-time online security department, ensure you stay safe. Work with the TPSM (third-party protection management) as a strategic approach to lower the potential risks. Plus, extend the knowledge to employees, vendors, and customers. Cover your space. Ensure your clients and employees are aware of the dangers lurking around.