If you haven’t yet updated your organization’s cybersecurity posture, now is the time to do so. The supply chain is the central backbone of any enterprise, making it a valuable asset considered a high-priority target for malicious actors. Additionally, large supply chain organizations are seen by state-level cyberwarfare organizations as doubling the power of attacks, helping to create chaos on a broader level. From this point on, the risk of cyberattacks on an organization’s supply chain will only increase as cybercriminals become more sophisticated and bold in their attacks.
Any company can be affected by cyber threats
Cyberattacks that bring supply chains to a halt are nothing new, but Maersk and FedEx were famously shut down by the NotPetya attack. The attack hit European corporate holdings and other organizations, causing billions of dollars worth of damage. Many business leaders are predicting even more devastating attacks around the world as a result of the global instability we face as we head into 2023.
According to a recent World Economic Forum report, 93% of cybersecurity professionals and 86% of business leaders believe a highly damaging cyberattack could occur within two years. This is a cause for concern for organizations that run their own supply chains, or those that run other organizations’ supply chains. It can cause long-term business loss and general disruption.
As the supply chain space becomes more digitized and technology dependent, so does the level of risk we face. Each tool your organization uses can be compromised, and your network can face serious malware, spyware, or ransomware problems. When this happens, organizations may face slow delivery speeds, inability to properly ship products or track those shipments, and loss of customer confidence. Fortunately for your business, there are some best practices you can follow to reduce the risks you face.
Strengthen supply chain security
With only 21% of supply chain executives believing their supply chains are highly resilient to cyberthreats, now is the time to start updating your security protocols. To align your security posture, there is one major step you should consider to properly protect your company.
Adopt a cybersecurity framework
The first thing an organization should do is find and adopt cybersecurity standards recommended by governing bodies. A clear example of this is the NIST framework. It not only provides organizations with strong controls, but also reports on the practices and requirements of a strong cybersecurity posture. These frameworks are powerful tools for giving IT professionals a clear understanding of what they need to do and how they need to do it. It also helps a lot that these standards are pretty strong against cyberthreats.