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Top Supply Chain Cybersecurity Risks in 2023

Categories: Cyber Security.

Cybersecurity remains a top concern for supply chain risk management. Supply chain cybersecurity threats impact data integrity, and past attacks have proven just how vulnerable the supply chain is. In three years, supply chain attacks are up 742%, and cybersecurity experts don’t foresee cyber attacks decreasing anytime soon.

Recent efforts to combat cybersecurity threats include the 2021 Executive Order on Improving the Nation’s Cybersecurity. Additionally, the government recently changed certain national requirements for reporting on cyberattacks. Any company in the financial, transportation, or energy sector must notify the government of a cyber attack within three days.

In order to collectively increase our data security, it’s crucial to have nuanced awareness of cybersecurity supply chain risks. Let’s take a look at some.

Most Common Supply Chain Threats

Each supply chain threat has its own challenges and should be addressed in incident response plans. Some of the most common threats include data leaks, breaches, and malware attacks.

The causes and contexts of these risks can vary: some occur internally, while others are externally imposed. And whereas some threats arise due to accidents or negligence, others are the result of malicious attacks.

Third-Party Vendor Risks — Working with third-party vendors has inherent risks; this was the case with 2020’s SolarWinds hack.

Many of your own cybersecurity strategies deal solely with your company since this is where you have the most control, but it’s important to ensure your company has a robust strategy for providing enough risk governance. Cyber risk assessments and onboarding tactics that identify threats, such as phishing, can go a long way toward minimizing risks.

Digital Solutions Risks — As digital transformation becomes more common, new vulnerabilities continue to surface, like ransomware, malware, and intellectual property theft. And despite new cybersecurity tools designed for international use, there are plenty of pressure points that leave key securities unprotected.

For example, one click of a malicious email can lead to substantial data corruption, loss, or even ransomware that demands payment for the data’s return. The email addresses of every employee, or any potential configuration error, represent a potential vulnerability. The World Economic Forum noted that 95% of cyber attacks were linked to human error or human elements, which is important to keep in mind when forming your cybersecurity strategy.

Data Leaks — Anyone, from employers to malicious actors, can leak sensitive company data and personal information, either accidentally or intentionally. But implementing data encryption and proper internal permissions helps mitigate risks associated with leaks.

Internet of Things (IOT) Devices — IOT devices are software-equipped devices — like trackers and scanners — with internet capabilities that can exchange data with other devices. IOT devices often lack encryption and sometimes use outdated software. Without encryption, hackers can enter a connected device’s network and take sensitive data. IOT Devices may also use insecure passwords, which can easily be hacked. To mitigate this threat, these devices’ passwords should be changed frequently.

Strategies to Improve Your Cybersecurity

Despite the many supply chain cybersecurity risks, there are plenty of strategies you can employ to improve your business’s cybersecurity.

Conduct regular cyber assessments — Conducting cyber assessments is a key first step to help you to identify vulnerabilities. This helps inform you where you need to adjust your systems in order to prevent attacks.

Look for areas of improvement — Once you’ve conducted cyber assessments, you can more easily improve your risk mitigation measures and make updates as needed. Looking at your hardware and software, implementing staff training, and using AI (and other tools) can all go a long way to improving your cybersecurity.

Have a set period of time to revisit assessments — Even after you’ve identified areas of improvement, you should keep up to date with risks and threats in the industry. Regularly conducting audits and assessments of your risk-mitigation strategy helps ensure your cybersecurity measures can meet your current needs.

Don’t Put Cybersecurity on the Back Burner

In 2023, building a proverbial fortress is no longer a viable way to keep your information safe. Instead, prevention measures, like the ones outlined above, will go much further toward securing your data. When working with partners, prioritize working with entities that take supply chain cybersecurity seriously — like GlobeCon.

We use advanced technology to streamline services, and only partner with the best vendors in the industry, to care for your shipments.

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