In order to stay safe from the threats that businesses are facing, we should learn to get better at cyber resilience. These threats are growing day by day, especially in the supply chain. Buyers are spending more money to have cyber security because they want to make sure that their investments have lasting value.
According to a research report by The Accenture Security Third Annual State of Cyber Resilience, some companies are nailing the security of their supply chain, but some are still not doing it the right way. The research report also tells that cybercriminals are now indirectly targeting the weak links of supply chains, resulting in a major threat of supplier data and security breaches.
So, do you want to know how some companies are nailing the cybersecurity of their supply chain and what tips we need to take from them? Don’t worry; we have done the hard work for you! Here are the top 3 secret tips from these companies:
The Detecting Speed
The most important thing about a supply chain cybersecurity system is the speed at which the company is able to detect, investigate, and resolve a cyber attack. No matter how strong a cybersecurity team is or how many policies it has; they are of no use if the team isn’t able to detect the problem early.
The most successful supply chain companies have a person or a team dedicated to information security and security management systems. Their sole responsibility is to detect the attack as early as possible and recover from it in a matter of 15 days maximum. While on the other hand, still there are 30% of suppliers with a slow and inefficient response time to these incidents.
Focus on Investments
According to the Accenture report, some businesses spent a lot of their investments on cybersecurity systems and measures but didn’t get the desired results and value gains. When this happens, the whole business ecosystem becomes unsustainable.
However, some companies are making targeted investments to get targeted and desired results. They take the help of tools that analyze their entire supply chain and identify the weak points and vulnerabilities from it. This way, they only spend where they need to. And guess what? This is the right way!
Keep Up the Momentum
Adding more tools and policies to your cybersecurity system is a good thing, but a company should never stop focusing on its basics and fundamentals. According to research, almost 70% of data breaches are due to not focusing on the basics, such as protecting customer records.
Not focusing on these fundamental vulnerabilities in supply chains can lead to harmful data breaches and financial loss as well. The most recent example is Uber; it lost almost $150 million because of a data breach incident.
Data breaches in supply chains are real, and every business should level up their cyber resilience game now. Follow the tips mentioned above to minimize all the possible risks and vulnerabilities.