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A modern supply chain consists of people, systems and technologies that enable the delivery of goods and services to end-users. However, this dependency on third-party business partners opens doors to many security risks.
A lot can go wrong throughout the supply chain operation, which is why you should pay close attention to risks associated with third-party partners. Since many of them have varying degrees of access to your organisation’s systems and sensitive data, they could potentially be the weak link that jeopardises your entire security strategy.
Related Article: Recommended Best Practices for a Secure Supply Chain
According to a survey conducted by Opinion Matters for BlueVoyant in June 2020, a whopping 80% of organisations have suffered a third-party related breach.
It is common for modern-day companies to outsource core functions to improve efficiency and save costs. Working with multiple vendors that address your unique needs is vital to thrive in a competitive business landscape. However, managing different types of vendors can not only be daunting but can also expose your organisation to several threats. That’s why understanding the challenges and risks that come with third-party vendors or suppliers is critical for the safety and security of your business.
Listed below are some of the challenges and risks that organisations constantly face in a supply chain ecosystem.
According to the survey commissioned by BlueVoyant, 77% of respondents said they had limited visibility into the functioning of their third-party vendors. Multiple vendors and lack of resources limit organisations from continuously monitoring the entire vendor ecosystem and maintaining control of the supply chain. Without adequate visibility and control into third-party networks, it can be extremely challenging to identify potential risks or respond to threats appropriately.
Today’s organisations are data-driven, and as such, data integrity is crucial for informed decision making, improving operational efficiency and gaining a competitive advantage. Since a supply chain involves a mix of multiple third parties who have access to sensitive information, such as customer details, financial data, trade secrets and more, ensuring the integrity of the sheer volume of data on hand can be a hurdle.
Dig deeper with the article: How to Effectively Manage Supply Chain Risks
One mistake from a third-party business partner could lead to a potential security breach, which could have a devastating impact on both your business and the entire supply chain ecosystem. Having a comprehensive third-party risk management strategy, backed by a robust backup and recovery solution, is vital to better manage and secure your organisation’s data when unexpected disaster strikes.
Over 75% of organisations have been victims of a data breach due to security vulnerabilities in their partners’ networks. While your IT security posture may be solid, bad actors can easily infiltrate your third party’s weak network. It is hard to control the security practices of supply chain partners, which makes it even more difficult to identify potential threats that might be lurking in their unpatched servers or systems. Since a supply chain is deeply interconnected, a weak link can sabotage the entire network.
Working with a diverse portfolio of supply chain vendors also translates into increasing third-party access to your organisation’s IT infrastructure, applications and data. Therefore, defining roles and controlling user access to sensitive data is critical to mitigating security and compliance risks. Learn more about Access Control.
While companies rely heavily on technology to improve efficiency and service delivery, human error is one of the leading causes of data breaches. From browsing infected websites to failing to maintain password hygiene, an untrained and unaware workforce can leave security gaps throughout the supply chain and within your own organisation as well. Although these actions may be unintentional, they open doors for cybercriminals who are constantly looking for opportunities to infiltrate your company’s network.
When it comes to protecting your business and data, you must not ignore the threats posed by your supply chain. Not only should you secure your IT infrastructure and data, but you should also ensure your third-party systems, data and applications are appropriately backed up and protected.
Contact us today to find out how you can securely protect your company’s assets against growing cyberthreats. Leverage the power of technology and enjoy your well-earned peace of mind.
Article curated and used by permission.