It doesn’t matter how much you invest in your cyber security. Or how locked down your systems are. When working with third parties in a supply chain, your cyber security is only ever as strong as the security of the weakest link in the chain.
Cyber security, with its constant evolution, is complex enough. Add to that what can be an extremely lengthy chain with a number of organisations, each of different sizes and varying policies, and things can get extremely complicated.
Don’t leave your IT data security practices to chance
Electronic communications, whether through apps, emails or file sharing are essential for critical supply chain information. Volume capacity and transportation metrics, protocol, policies and more need to be able to flow freely and securely between each link in the chain for effective management.
This flow of information brings with it cost and time benefits. However, it also brings with it the exponentially increasing risk of cyber attacks and data loss. Staying one step ahead of the threat is essential.
Failure to do so can cost days or even weeks in down time, thousands of pounds and hundreds of man-hours invested in restoring affected systems, and leave critical supply chain and development information open to being leaked into the public domain, or the hands of your competitors.
Then there’s the risk of being infected with ransomware. This could stop all members of your supply chain from accessing critical files until a ransom is paid in bitcoins. And as these threats become more prevalent and cyber criminals become smarter at infiltrating systems undetected, it’s more important than ever to ensure that effective data security is in place throughout the complete supply chain.
Around $325milion has already been made by cyber criminals through relatively new ransomware. Individual ransoms demanded can be from hundreds to tens of thousands of dollars*.
So how can you protect the entire supply chain?
Taking a risk-based approach, conducting regular reviews, assigning ownership, and delivering strong guidance on acceptable and unacceptable risk and reward for more valuable relationships is a good way to ensure progressive security management.
In addition to this, potential new vendors should be screened for data security practices. You can download a step-by-step approach to safeguarding your clients supply chain in our whitepaper, as well as best practice approaches for keeping your clients supply chain secure.