Supply chain risk is now recognized as a top challenge, with more than half of security breaches attributed to supply chain and third-party suppliers. This can be a costly vulnerability. The global average data breach cost was $4.35 million last year, according to IBM’s Cost of a Data Breach 2022 report.
These risks stem from many factors, such as the shift to a remote workforce, multi-tier supply chains, increasingly complex security architectures and regulations and the move to digital supply chains. As organizations recognize supply chain risk as a significant threat, the time is now to take steps to secure your organization and instill trust in your customers.
Hurdles to Securing the Supply Chain
Despite the need for more secure supply chains, there are four primary hurdles that arise when organizations look to secure their third-party and supply chain networks:
1. Risk identification. Identifying inherent risks in a complex ecosystem of third-party vendors and multi-tier suppliers is exceptionally challenging.
2. Infrastructure and application modernization. Cloud access and security for digital supply chain environments must be tailored to supply chain data, customer orders, manufacturing and cloud technology.
3. Limited threat intelligence for decision-making. Decision-making authority and budget decisions must be aligned with threat protection and strategy to benefit the organization.
4. Lack of operational resilience. Many organizations do not have a centralized program with appropriate staffing to manage the supply chain and identify major vulnerabilities that can cause a major breach.
So, how do you protect your business in the face of these challenges?
In today’s digital world, cyber risk management is essent ..
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