Posted by Marbenz Antonio on March 13, 2023
The supply chain is an attractive target for cybercriminals because it involves various third-party organizations, vendors, and manufacturers that have access to the same data and systems. A successful cyberattack on a single point in the supply chain can trigger a domino effect of destruction, causing significant operational disruption, financial losses, and reputational damage to the organization and its partners. This highlights the potential for long-term negative consequences on the reputation of the affected organization and the trust of its partners and customers.
As per the 2023 IBM Security X-Force Threat Intelligence Index, the manufacturing sector witnessed the most extortion cases among all industries, accounting for 30% of such incidents. Over 25% of the total attacks, including ransomware, business email compromise (BEC), and DDoS, were related to extortion. Given the manufacturing industry’s low threshold for downtime and vulnerability to double-extortion tactics, it becomes an alluring target for cybercriminals.
Over 50% of security breaches are linked to supply chain and third-party suppliers, costing an average of USD 4.46 million. Due to the constantly changing and intricate nature of the supply chain, it is challenging for organizations to keep track of the latest cybersecurity risks and identify possible weaknesses. If a cyberattack does take place, it may be difficult to pinpoint the origin of the breach. This confusion can delay the response time, and in the case of a data breach, every moment is important.
As per the IBM Security X-Force Threat Intelligence Index, there has been a minor decrease in ransomware attacks, but the execution time has decreased by 94% in recent years. What previously took months for attackers can now be accomplished in just a few days. This rapid pace of cyberattacks necessitates a proactive and threat-focused cybersecurity strategy for organizations.
Supply chains are highly susceptible to cyberattacks due to the potentially catastrophic consequences of a security breach. Both the organizations within the supply chain and the cybercriminals are aware of this vulnerability.
To protect against cyberattacks, it is essential to comprehend their occurrence and method of operation. When implementing cyber risk management, it is crucial to consider the different types of cybersecurity incidents that can potentially harm the supply chain. These incidents include phishing attacks, malware infections, data breaches, and ransomware attacks.
In today’s digital environment, securing the supply chain through cyber risk management is critical. Several organizations have an uncoordinated approach to supply chain security, which presents challenges such as identifying and managing risks, assessing third-party software, limited threat intelligence for swift decision-making, and inadequate operational resilience. To enhance their cybersecurity posture, supply chains must adopt a proactive, well-defined, and adaptive approach, utilizing data and AI optimization.
Consider incorporating the following five best practices to develop a cyber risk management plan that safeguards your supply chain:
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