Trade and business are more interconnected on a global level than at any previous time in history, and while this creates endless opportunities for people and organizations of all backgrounds to collaborate and work together, it also introduces the risk of theft, fraud, and cyberattacks. Supply chains can be a particular point of vulnerability for many industries and individual businesses, and threats to the supply chain can lead to financial losses, operational disruptions, damaged reputations, and much more. In this climate, supply chain security is only growing in importance.
According to Verizon's "2024 Data Breach Investigations Report," breaches that originated at a specific vulnerability point increased by 180% in 2023 compared to the previous year, and 15% of those breaches involved a third party or supplier, such as software supply chains, hosting partner infrastructures, or data custodians. Both large and small organizations have fallen victim to attacks like these, and to protect your own business from the same kinds of threats, protecting yourself against supply chain cyber threats is absolutely critical. Here’s what you need to know!
Why is Supply Chain Security So Important?
No business owner needs to be told how vital their supply chain is– without it, they’d never be able to deliver their products and services to their clients, and would suffer operational, financial, and brand repercussions. However, supply chains also transport huge amounts of data and the details of transactions, and any interruptions or threats on the supply chain don’t only put an organization’s ability to function at risk, but its confidentiality and safety as well. Any level of a supply chain can be susceptible to ransomware attacks, data breaches, and other malevolent actions, but proper security measures can help to keep these vulnerabilities well protected.
What Tools Can Improve Supply Chain Cybersecurity?
As supply chains grow in size and complexity, providing them with adequate security becomes more demanding. Still, the right tools and approaches can greatly decrease the risk of cyberattacks or other threats that could disrupt a supply chain and lead to other consequences. These are just a few of the techniques that you might rely on to secure your own supply chain.
- Third-Party Vendor Assessments: Across a full supply chain, one organization can end up interacting with multiple different third-party vendors, and each of these points of contact can introduce their own vulnerabilities and risks. Assessing the risks and security of these vendors can help you manage and mitigate the risks to your own organization.
- Network Segmentation: Segmenting your network is a vital part of cybersecurity. Instead of focusing on preventing threats and attacks in the first place, it focuses on limiting how much damage a bad actor can do once they’re inside your system by preventing them from spreading to the entire network. With supply chains introducing innumerable possible points of entry for a hacker, it’s important to pair this technique with other defenses for maximum security!
- Continuous Monitoring: Catching suspicious activity anywhere in your organization’s digital environment is crucial to thwarting potential attacks and protecting your operations and data. Continuous monitoring is one of the best ways to ensure this, acting as constant eyes on your network to provide 24/7 protection.
How Can I Secure My Supply Chain?
Securing your supply chain can seem like an impossible task, but with the right help, tackling it can be within reach! Here at Progressive Computer Systems, we can give you the support you need to vet and audit third party vendors, keep hackers out of your system, and mitigate the damage they can do inside of it. Today’s businesses need to adopt a proactive and multifaceted approach to supply chain security in order to maintain continuity, protect their operations, and stay competitive, and working with us can help you to do just that! You can contact our team today if you have any questions about how Progressive Computer Systems can help you.
