THANK YOU FOR SUBSCRIBING
Can Supply Network Overcome the Risk of Cyberattack?
The supply chain industry needs to follow few steps and bring change in their policies for the suppliers to overcome from the possibilities of cyberattack.
FREMONT, CA: The technology disruption brings both benefits and risks for the supply network companies. The supply chain is improvising its operations by adopting new technology. Currently, it has become more sophisticated by facing various challenges, and among all the challenges, cybersecurity is the major one.
Supply chain operates at a multi-level system that associates with vendors and producers who are accessible to the companies' IT infrastructure. However, the vendors may lack cybersecurity awareness, and this paves the way for the cybercriminals to enter the systems resulting in the rise of cyberattacks.
Check out: Top Risk and Compliance Companies
Here are some of the steps to overcome cyberattacks in the supply chain:
Secure the inventory data- It is vital for the companies to understand how their third party works and maintain good rapport with them. The companies should analyze and be aware of the data and information that is being shared with their third party as it is mandatory to secure the inventory data to avoid becoming the victim of a security breach.
Analyze the knowledge of the third party on cybersecurity- Organizations should assess the third party's knowledge on cybersecurity. Companies should make strict internal policies on the supply chain for sharing and managing the information and data. And be aware of the actions taken to avoid the possibilities of attacks. In case the third party is unaware of the cybersecurity, then the companies should shift their business with other networks.
Assessment of companies' policies towards cybersecurity- The dealers should also embrace the technology and utilize it against cyberattacks. According to Ponemon's analysis, the companies can reduce the possibilities of threats by assessing their vendor's security policies that may result in a decrease of the breach from 66 percent to 46 percent.
Evaluate products throughout the supply chain- The companies need to assess a product's movement in the supply chain journey. They should also evaluate their third-party ecosystem and find out what products are being used and its connectivity with the external space.
Cautious about the usage of passwords- The devices that connect to the internet have a default password, and companies should often change the password to ensure security from any attack.
Proper guidance to avoid the possibilities of attacks- The organizations should train their members about the risks involved and what helps in overcoming cyberattacks as most of the security issues come up due to human error.