Due to the increase in cybercrime, many businesses are infected by viruses and malware that are distributed to them by vendors and business partners.
There has not been a definite plan of action that addresses this as of yet. However, new third-party risk assessment techniques, products, and services are now available to find security "weak spots" in the supply chain of your business.
Threats by supply chain vendors
BlueVoyant, a cybersecurity provider, reported in 2021 that 98% of organizations surveyed had been impacted by a supply chain security breach. In a global survey of 1,000 chief information officers conducted in 2022, 82% of respondents said their organizations were vulnerable to cyberattacks targeting their supply chains.
There are multiple reasons for these statistics and concerns. The following stand out:
- The enormous size of corporate supply chains can include up to 100,000 suppliers for a single business
- Different cybersecurity standards are required in different countries
- Supplier unpreparedness, lack of knowledge, and lack of resources for sound cybersecurity practices
- Lack of understanding of supplier security in areas like purchasing, which frequently issue requests for proposals from suppliers without mentioning the security requirements for conducting business with the company.
Best practices for supply chain security
While cybersecurity frameworks provide an excellent overview of general supply chain security requirements, they do not provide a detailed plan for implementation.
What organizations require is a guide for a multifaceted approach to supply chain security — but no single playbook can meet the needs of every organization.
Instead, as organizations develop their own security approaches, leaders should follow supply chain security best practices:
Become familiar with your data
It may seem obvious, but it cannot be overstated: you must understand your own data, that is, what type of data your organization stores and how sensitive that data is. Use discovery and classification tools to find databases and files in your organization that contain sensitive data, such as customer data, financial information, health records, etc.
Conduct a risk assessment of supply chain security
Simply comprehending your data is insufficient. You must also understand your supply chain thoroughly in order to identify potential security risks and take preventative measures.
Begin by gathering data on your third-party partners. What security safeguards do they have in place? Consider each partner's level of vulnerability, breadth and depth of data access, and the impact on your organization if their security is compromised.
Next, evaluate the software and hardware products that your company employs. What are their weaknesses?
Also, don't overlook compliance. Examine your organization's current security governance and consider where it may need to pivot.
Create an incident response plan
Attacks will occur, and your system will be compromised, no matter how thoroughly you prepare your organization's supply chain security.
As a result, supply chain security best practices include more than just prevention — they also include preparation.
An incident response plan should be a key component of your supply chain security app. This plan should outline everyone's responsibilities as well as all procedures to be followed in the event of a security incident. Make specific plans for data breaches, system shutdowns, and other security interruptions.
And don't just write these procedures down. Test them, practice them, and make sure they're ready to go.
Conclusion
Because the supply chain is so fragile, maintaining solid supply chain security is a dangerous game. While eliminating all threats is impossible, adhering to best practices in supply chain security will position your organization to anticipate and mitigate their effects.
