Supply chain attacks are one of the deadliest one for the company and the most profitable for cyber criminals, because it can help them to infiltrate the entire organizations, even if they compromise a single third-party supplier.
The IT infrastructure today has become more complex and has multiple third-party suppliers and vendors on the business network to streamline the delivery of products, systems, and services into the organization. Centralizing all the external partners on a single business network can enable organizations to have efficient processes to meet evolving customer demands. However, security teams need to be aware that introducing these new entities to the business network exposes them to new sophisticated cyber security threats. Once the organization gets all the vendors on a single network, the inability of one vendor to secure their network can compromise the security of the entire supply chain.
CISOs and supply chain leaders need to work cohesively together to minimize the risk of cyber threats on their chain to ensure business continuity.
Following are a few strategies that business decision-makers can consider to reduce the risk of an attack on their supply chain:
Execute risk assessment
Organizations, while partnering with suppliers, need to evaluate the vendors’ cybersecurity posture. It is crucial to understand what measures, policies, and processes they have in place to keep the data secure. Executing a risk assessment is essential because sharing sensitive customer data with third-party suppliers can have negative repercussions on the business. Supply chain leaders can evaluate the vendors’ position based on their criticality in the entire supply cycle. This approach is one of the most effective ways to define governance policies to minimize risks to the entire supply chain.
Set a baseline for cyber security
CISOs should develop transparent relationships with the vendors by setting clear cyber security expectations with them. Organizations can set stringent cyber security guidelines and ensure that all the suppliers in the chain adhere to them to keep the supply chain secure from various threats. One simple solution to this is to ask the vendors to adhere to established cybersecurity standards and certifications. Vendors that comply with these standards have good cyber security measures to keep threats away from infiltrating the business network.
Prioritize third-party risk management
Organizations need to have a sufficient amount of investment to train and equip staff with the right tools to identify and mitigate supply chain threats efficiently. It is crucial to detect and prioritize all the chains to secure, including the physical ones.
Engage all the suppliers in the chain
Supply chain leaders need to engage all the vendors that produce, manufacture, modify or distribute components in the supply chain. Enterprises need to review the vendor’s security policies and audit them regularly to minimize the cyber threats on the supply chain.
Also Read: How CISOs Strengthen Supply Chain Resilience
Leverage Blockchain to minimize risks
One of the most effective ways to secure the supply chain is to implement a mechanism that monitors and validates every modification in the product during the supply chain with uneditable source and time stamp details. Organizations can integrate Blockchain into their tech stack to centralize and govern the entire manufacturing process. Integrating Blockchain will help businesses to improve transparency in their supply chain and secure the IT infrastructure from hidden vulnerabilities.