Once upon a time there was a king who kept his castle very secure. I mean it was top of the line, solid security. There were some pretty epic battles around the castle, but NO ONE could get through the security. Then one day the king’s brother-in-law asked if he and a couple of friends could crash at the palace.....within 24 hours the gates fell.
BOOM!
Did you know that 40% of cyber threats occur through supply chain according to the Annual Cyber Security Industry report?
That means you may have a very secure castle, but it just takes one of your vendors making a mistake to open you up to an attack. So, you may be doing everything right, but your biggest vulnerability is still out of your control.
What can you do? Well, let’s take a minute to talk about how to protect your organization.
The Ripple Effect in Cybersecurity
Okay, so maybe you don’t have a brother-in-law crashing at your castle (or maybe you do, in which case you have our deepest sympathy). But when you have vendors and other professional relationships, you’ve got a built-in vulnerability. Any of your suppliers or partners could be opening the doors to external threats, and when one business in a supply chain is compromised, it can create a domino effect, leading to breaches in other connected businesses. All you have to do is look at the media to see this ripple effect spreading out and devastating companies.
To stop this from happening, knowledge is your best defense. For example, recently a major retailer was hacked via its HVAC contractor, leading to the exposure of millions of customers' data. If the retailer had vetted and monitored its third-party vendors, no matter how peripheral their services may seem, this problem could have been avoided.
Be Proactive: Supply Chain Security Analysis
Supply chain cybersecurity involves securing and managing the risks associated with external entities that have access to your systems and data. This includes suppliers, vendors, service providers, and any other third parties that are part of your operational ecosystem. The challenge here is that you have less control over these external entities compared to your internal processes. Hence, a proactive approach is necessary.
A supply chain analysis is a comprehensive evaluation of every point in your supply chain to identify potential vulnerabilities. It involves:
- Identifying Suppliers and Partners: List all entities with access to your systems or sensitive data.
- Assessing Risks: Evaluate their security measures, incident history, compliance with regulations, and potential risk factors.
- Implementing Controls: Develop strategies to mitigate identified risks, such as setting security requirements for suppliers or establishing incident response protocols.
- Contracts and Compliance: Ensure that contracts include clauses that mandate compliance with specific security standards.
Navigating Complex Territory
Right now, you may be thinking that this is a complex issue, and you’re not wrong. If you don’t know what to look for, embarking on a supply chain security analysis can be challenging.
The complexity of modern supply chains means that vulnerabilities can be hidden or overlooked without a keen, knowledgeable eye. To navigate this complexity, it’s advisable to seek professional assistance. Engaging experts who offer supply chain assessments can be a game-changer. These specialists bring a wealth of experience and a comprehensive checklist of potential risk factors, ensuring that no stone is left unturned in your security evaluation.
They can identify not only the obvious risks but also the subtle, often-missed aspects that could pose significant threats. This expert-guided approach ensures a more accurate, efficient, and effective analysis, setting a solid foundation for robust supply chain security.
This doesn’t have to be confusing or complicated, but if you truly want to be secure, it needs to be done. You know about the potential dangers, so take the simple action of getting a third-party assessment. There’s no reason to expose your castle to vulnerabilities.
