Businesses across industries and niches all face the challenge of supply chain attacks. Increased digitalization and globalization can put your company in the line of fire for cyber criminals. This makes efforts to block all vulnerabilities more important than ever before.
Security management faces many challenges. Unfortunately, one of the more prominent involves misconceptions and misunderstandings about supply chain risks in general. Lack of knowledge or foresight can lead to big problems that waste a lot of money, time, and energy to correct. When you fully understand these issues and erase erroneously held beliefs, your ability to protect your organization throughout the entire supply chain grows. This not only lets you secure business assets and interests, but it also keeps customers and clients safe and happy, too.
Top Misconceptions of Supply Chain Risk
Recognizing and understanding these common issues will help you perfect your cybersecurity strategy.
1 – Small Businesses Do Not Need Supply Chain Security
False. Attacks happen to all types of businesses no matter how many employees or assets they have. This misconception and cost-saving efforts may increase risk and entice cybercriminals to smaller targets. Most data breaches and other security issues start with a single supplier or link in the supply chain. From there, the damage can reverberate outward and affect many others. Do not become the weak link in the chain by ignoring security.
2 – Standard Security Options Cover All Supply Chain Risks
False. Simpler, prebuilt systems can offer some protection, but sophisticated attackers go after things beyond IT setups and networks. They can exploit business trust between organizations, suppliers, vendors, and others in order to get ahold of valuable data. These unique threats require customized and holistic security strategies that go beyond the expected. Do not leave anything to chance. Review and update outsourcing contracts, security requirements, and business relationships.
3 – All Third Parties Have Their Own Security Protections
Never assume that the companies you rely on for supply chain function have the same dedication to security that you do. There is no way for you to know this unless you do thorough research and have frank conversations with supplier and vendor representatives. This starts with an exceptional vetting process but does not end after the initial relationship forms. Check that their security strategies remain agile and aggressive in the face of ever-increasing cyber risks. Most importantly, make sure they are complying with all legal requirements.
Any vulnerability or emergent data or network breach can impact your company in a big way. Ask questions. Include documentation requirements in contracts. Do what it takes to understand vendor and supplier security strategies and contingency plans. These efforts may make all the difference between international supply chain success and serious and expensive issues.
Protect Supply Chains with Smart Partnerships
It may take more time and energy than you can spare to implement a strong supply chain cybersecurity plan for your business. This is just one of the reasons why collaborating with a professional IT service provider like FirstCall makes sense. Our extensive experience and training make us immune from these misconceptions and allows us to create a custom risk-reduction strategy perfect for your organization. This includes the implementation of multi-faceted management plans, supply chain party vetting, and tech-focused attack prevention.
Contact us today to get started with your effective cyber supply chain security management improvements.
