In recent years, criminals are constantly coming up with unique ideas on how to breach the security systems of businesses to get their hands on data that they can later exploit mercilessly. As a result, supply chain attacks have grown massively in scale. The problem comes from companies allowing access to a host of third-party suppliers whom criminals can target and thus gain access to the company’s records through these vendors.
Organizations have yet to wake up to this threat properly, due to which they often fall victim to such attacks. There are, however, a few tips that every company can follow which will protect them from supply chain attacks:
1. Assess and understand your supplier network
Most companies use third-party vendors in their supply chain systems. This is not a bad thing. However, when giving so much information about your company’s operations, it is important to be aware of how much data is available to vendors, how they will use that data, and who from those third-party vendors can access the data.
A great deal of communication and trust should be established between suppliers so that all parties can work together to identify any potential risks present in the supply chain and work towards eliminating them.
Before getting into contracts with outside vendors, the firm must be clear on its expectations from them regarding security controls. It is recommended to annually audit all vendors to ensure that they are complying with these standards.
2. Beware of the risks associated with your third-party vendors
To learn how to prevent a supply chain attack, one must look towards finding the motivations for these attacks. If a company possesses valuable assets and private customer information which could prove to be useful for someone on the outside, then appropriate actions must be taken to safeguard these assets. Initiating plans such as threat hunting or sensor deployment can also allow the business to gain an understanding of shortcomings in their systems through which they can work towards fixing such issues.
3. The supply chain should be a part of the response and remediation plan
Even though you have already screened vendors for your supply chains and might be incredibly prepared for a cyberattack, do not feel overconfident just yet. A great number of companies feel they are confident about their cybersecurity. However, this does not mean that there is no risk present.
In case an attack does happen, it is better to be ready so that you can minimize the damage to your supply chain operations. Ensure that there is a proper contingency plan in place to deal with this attack, as you cannot assume that your vendors will handle it for you. Being prepared for the worst-case scenario allows your company to understand what’s happening during an attack, whom to engage with amongst your suppliers, and how to work together so that all parties can minimize the losses in harmony.
If your supply chain requires the use of third-party vendors, then it is crucial to build an ironclad relationship with them so they can aid in the case of an attack. Understand what can go wrong in supply chains despite taking full precautions and be ready with your own contingency plan, and mitigate your losses effectively.