Updated: Feb 13
As the world becomes increasingly connected, it becomes easier for cybercriminals to target companies and individuals.
A study conducted by Owl Labs found that 16% of companies across the globe are now fully remote. Also, the cryptocurrency attacks have increased by 200% between October 2020 and April 2021.
These world changes, the greater use of public clouds, and highly connected supply chains make organizations even more vulnerable to attack.
When relating it to the supply chain issues it can occur at any point. They can be inherent or introduced by a third party and exploited. When this happens, the damage can extend beyond what was initially intended and cause disruptions for companies and consumers alike.
What are the threats requiring immediate action?
1. Cloud vulnerabilities
Cloud computing offers many benefits, but it can also be subject to vulnerabilities. Cloud computing providers do not always have adequate security measures in place, leaving customers at risk. This means that even if you use a cloud provider with strong security capabilities, there is still a chance that your data could be compromised. Cloud security issues can range from IAM (Identity and Access Management) being underfunded or mismanaged, to having no IAM at all. Either way, you need to make sure that your cloud provider has the right tools in place to keep your data secure.
2. Device vulnerabilities
A device may be vulnerable to attack if it has a weak password or if there is no password at all. This could allow an attacker to access the device itself and then use it as a gateway into the cloud. Connecting a device to multiple networks makes it also more vulnerable to security threats.
3. Poor data management
Data Warehousing Institute estimates that companies lose more than $600 billion a year because of bad, inaccurate, dirty, or missing data. If there is not enough security around the data being stored, it can be accessed and stolen by an attacker. This could lead to information breaches, which can damage your brand's reputation and result in fines from regulators like the FTC (Federal Trade Commission). Being able to overcome obstacles like shortages, bottlenecks, seasonal demand, and more is greatly facilitated by having clean, gathered, and normalized data in one single place. This reduces risk and prevents loss.
4. Third-Party Risk Assessments
The suppliers' and partners' security can directly affect the organization. Whenever payment data is compromised, information about the organizations' customers is also at risk. Additionally, suppliers and organizations are responsible for protecting consumers' data, which is a frequent target for cyberattacks.
How to manage those risks?
It's important that you have an incident response plan in place so that when something goes wrong, you know what steps to take next.
According to Gartner, by 2025, 45% of organizations will have experienced attacks on their software supply chains, a threefold increase from 2021.
To reduce inefficiencies, streamline workflows, and optimize processes, effective supply chain management is essential. Working with multiple vendors and data management systems presents inherent challenges, but most often, data problems have evolved.
Having a security certification just like ISO27001 is crucial nowadays to make sure the data is being well stored and protected.
What is ISO 27000?
The ISO/IEC 27001 standard governs how information security should be managed. The requirements for an Information Security Management System (ISMS) are outlined and o
rganizations can manage their information security with the support of ISO 27001's best-practice approach, which takes into account people, processes, technology and threats.
Easy4Pro, is a supply chain manager which provides a transparent way of managing the logistics process of organizations and has conducted and obtained the ISO 27001 certification in 2021. Providing its customers with secure data management.