The advantages of most human interactions and transactions taking place digitally come with risks in many different industries. The supply chain has evolved from being merely a series of physical activities to including digital components that involve computers, networks, and electronic data that become entangled in the connection between different entities and need to be safeguarded against breaches and interruptions.
Supply chain
A supply chain is a series of procedures and processes that take place between different entities and cover planning, production, distribution, transportation, and other related activities to guarantee the delivery of goods and services to customers. A network of closely linked important players that ensures the seamless transfer of products and services from the producer to the final consumer is known as a supply chain. These organizations include producers, sellers, suppliers, and transport service providers whose operations have an impact on how quickly goods and services reach their intended consumers.
Cybersecurity
Cybersecurity, according to Cisco, is the discipline of defending systems, networks, and programmes from online threats. Building defenses around systems, networks, and data to thwart attacks and unauthorized use is known as cybersecurity.
Why is cybersecurity important in the supply chain?
With notable occurrences like the SolarWinds Hack of 2020, the supply chain has recently been vulnerable to cyberattacks. It is now more important than ever to implement a strong supply chain cybersecurity programme since the risks to the supply chain include disruption of operational activities, loss of reputation and money, data loss, and lawsuits from affected parties.
A supply chain is also more vulnerable to cyberattacks due to a few other variables. Cyber-attacks frequently happen because of security flaws in third parties. Similar circumstances led to the SolarWinds Hack, in which Orion, a third-party component that the firm manages, was attacked, and then used to launch an area surface assault on other connected networks. Ineffective data privacy protection measures put in place are another reason.
Some cybersecurity best practices in the supply chain.
Cyberattacks are anticipated as the supply chain becomes more digitalized. Bad actors will strike wherever they find an opening, according to Gartner’s supply chain cybersecurity research from July 2019. To mitigate and avoid such attacks, NIST recommends some best practices for firms to implement as part of their Cyber Supply Chain Risk Management (C-SCRM).
Determine the significant risks and weaknesses in the specific supply chain 一 Understanding the specific risk to the organization’s supply chain and how to best design solutions suited to its realities go hand in hand. It is vital to do a thorough analysis of the supply chain’s weakest links and all its procedures. cybersecurity encompasses human activity, using software and technology, and third parties.
Make a comprehensive C-SCRM plan the entire supply chain should be considered in this strategy. Attacks on software and hardware, IT security, data storage providers, operational technologies, third-party access, nefarious insider operations, and human error are all potential sources of cyber-attacks. Potential dangers from these attacks must be addressed in the strategy.
Analyze the cybersecurity and risk management practices used by vendors and suppliers 一 A supplier network that is integrated into an organization frequently proves to be the weak spot where a cyber assault enters. Prior to adding a supplier, it is crucial to do a thorough evaluation of their security protocols, which should then be repeated frequently to reduce the likelihood of a breach. It’s a good idea to have security guidelines and specifications that providers must adhere to.
Ensure effective data management and endpoint risk protection. Endpoints are frequently the weakest point in a cyber-attack 一 Risk from touch points like logistics and service providers must be covered by the C-SCRM. Setting up supply chain leaders with distinct responsibilities to keep an eye on various supply chain components is another smart move. The management of data storage, access, and use must be done with a coordinated strategy and monitoring policy on all fronts. To secure data, regular backups should be offered along with solid data security technology.
Have a comprehensive incident response plan that includes suppliers 一 It is critical to get ready for potential threats and attacks based on the risks that were discovered during the assessment. Specific procedures and roles should be outlined in the incident response plan. It is essential to have an automated system that can recognize suspicious activity and react accordingly. When an external breach occurs, the incident response strategy should also address providing help to third-party networks.
How can Cados Technology Limited help?
CTL conducts risk assessment, adopt a comprehensive integrated C-SCRM strategy, evaluate the cybersecurity of its third parties and bring it up to security standards, protect vulnerable endpoints and properly store data, keep track of suppliers’ activities, restrict access to critical assets when necessary, and integrate a C-SCRM programme to help prevent and mitigate the possibility of a cyber-attack.