Supply Chain Cyberattacks On The Rise
Cyber attacks on companies in the supply chain have a particularly devastating effect on the economic infrastructure. Every supplier of goods, whether digital or non-digital, is important. , breaches due to IT vulnerabilities affected approximately 93% of companies in the supply chain. Each attack counts as a one-to-many attack, with the effect far exceeding the original target. ransomware shut down the Colonial Pipeline, the main gas pipeline, for a week.Kaseya, a software company, was infected with ransomware that spread to 1,500 of its small business customers before it was detected.
Ransomware shut down food production plants in three different countries when JBS, a beef and pork supplier, was attacked. In the first quarter of 2021, the frequency of supply chain attacks increased by 42%. The threat is growing and development shows no signs of slowing down. 97% of organizations were affected by the supply chain breach and 93% were victims of successful direct attacks. It is imperative that business owners analyze supply chain risks and develop a plan for business continuity and risk management.
Even when a company’s security is stringent, we all depend on suppliers to provide us with the materials and tools we need to run our business. What happens if one of them falls? First check the risk. Make a list of all suppliers and sellers of goods and services.From paper clips to telephone equipment to the raw materials you need to run your business, everything should be on this list.
Check each vendor to see how they handle cybersecurity. It may be worth hiring an IT professional to assist with this review. Do something? If yes, is that enough?How bad would it be for the company if that supplier went bankrupt? Establish a minimum set of standards for computer security. If a supplier or seller does not meet or exceed these requirements, do not do business with them.