As we approach the end of 2023, a growing concern on many people's minds is the security of supply chains. These networks, essential for the global economy, connect producers and consumers across the world. However, being the nerve center of global commerce, it is vulnerable to disruptions like natural disasters, geopolitical changes, and, notably in recent times, cybersecurity threats.
Over the past few years, we have seen a concerning increase of 742% in software supply chain attacks from 2019 to 2022. Looking ahead, Gartner predicts that by 2025, 45% of organizations will have faced attacks on their software supply chains. This underscores the urgent need to prioritize supply chain security as we enter 2024 to ensure the resilience and integrity of critical infrastructures.
If you haven't started thinking about cybersecurity, you must start now. To effectively address these growing threats, a shift in approach is required. Rather than relying solely on traditional cybersecurity methods, a more comprehensive strategy that combines supply chain risk management with advanced cybersecurity practices is critical.
The ideal solution combines human insight with cutting-edge technology. Human intelligence is adept at recognizing complex patterns and making nuanced judgments, which is essential for assessing risks. Technology, in turn, offers speed, accuracy, and scalability for continuous monitoring, automated threat detection, and quick response. By adopting such a combined approach, businesses can proactively identify, assess, and mitigate potential vulnerabilities within their supply chains, creating a more robust defense against evolving threats.
In today's article, we will provide some tips to fortify your supply chain and introduce you to JibChain's innovative solutions, offering valuable insights and tools to navigate the ever-evolving landscape of cybersecurity challenges.
Ways to Mitigate Supply Chain Cyberattacks
As supply chain breaches become more and more common, significantly impacting businesses' operational continuity as well as supplier-partner relationships, it becomes imperative for organizations to take the necessary steps to prevent supply chain cyberattacks:
Conducting a Comprehensive Risk Assessment
Before taking any steps to improve supply chain security, it is crucial to conduct a thorough risk assessment to pinpoint potential vulnerabilities. Common causes of breaches include application vulnerabilities, compromised or weak credentials, insider threats, excessive permissions, malware, and user errors.
It is absolutely essential to undertake an intensive evaluation of your supply chain partners, assessing their security levels. Additionally, understanding the data shared with each party is essential for maximum security and minimizing exposure. Control unnecessary data sharing and minimize permissions and access to cloud servers storing critical information.
Collaborate with Suppliers to Improve Security
It is important to engage with suppliers in your supply chain to maintain a secure supply chain. Organizations should have consistent communication with any third parties to address vulnerabilities in the supply chain. This may include scheduling meetings and visits to review policies, as well as regular training sessions to raise awareness among suppliers.
You should propagate your security standards and requirements to all suppliers so there is alignment throughout the entire supply chain. Define these standards in supplier contracts or service-level agreements to standardize communication and hold suppliers accountable for breaches and security incidents.
Restrict Vendors’ Access to Critical Assets
Third-party vendor access and misuse pose constant threats to supply chain security. To shield critical systems and data from malicious actors, limiting suppliers' privileged access to only what is necessary for routine tasks is a sensible idea. You should consider implementing a zero-trust model in which you assume no inherent trust in applications or users, thereby restricting access to critical assets within the company network. To further minimize the risk of malicious activities, you can adopt a network segmentation approach in which you divide your networks into self-contained subnetworks to protect your sensitive assets or data, even if there’s a compromised subnetwork.
Conduct Vulnerability Testing
Running regular vulnerability scans on your supply chain helps identify security concerns such as poor database configurations or weak password choices. You can also mitigate risks associated with various fragments through proactive vulnerability tests that uncover software and hardware bugs. A notable example is the Supermicro bug, which was not uncovered until Amazon ran a motherboard test.
Encrypt Supply Chain Data
All critical and protected information should be encrypted and stored in secure files that are regularly updated with new encryptions to keep up with the latest technologies.
Establish an Incident Response Plan
Due to the unpredictable nature of risks in the supply chain, it is critical to proactively develop defenses anticipating potential incidents compromising your systems. In the event of a security breach, a robust incident response protocol should be in place, outlining roles, procedures, and conditions for incident response. Equally important is a communication strategy for promptly informing customers and partners about the breach so they are aware and can make the necessary steps.
How JibChain Combines Human Intelligence & Cutting-Edge Technology to Protect Your Supply Chains
JibChain stands at the forefront of innovation, introducing tailored strategies to boost resilience and navigate risks, particularly in third-party supply chain risk management (SCRM). Our flagship tool, RiskAlly, stands out as a comprehensive platform engineered to pinpoint vulnerabilities and evaluate potential risks embedded within your organization's supply chain.
Yet, RiskAlly goes beyond mere risk identification – it empowers you to actively manage and mitigate these risks. Designed by seasoned experts in supply chain operations and security, this platform delivers detailed assessments, providing actionable insights. Whether confronted with supplier volatility, regulatory compliance issues, or cybersecurity threats, RiskAlly stands ready to lend its support.
At JibChain, our dedication extends to assisting clients across private and public sectors, equipping them to confront the ever-changing risk landscape with confidence. Armed with the right tools and expertise, we enable businesses to transform supply chain risks into avenues for growth.
What distinguishes JibChain is our strategic and forward-thinking stance on cyber threats, including ransomware attacks and nation-state espionage. We actively listen, analyze, and anticipate, engaging organizations of all sizes to comprehend their distinct challenges fully. By combining invaluable human intelligence with state-of-the-art technology, we aim to provide a practical advantage for your organization and keep your supply chain safe.
Visit the JibChain website today to uncover how our innovative solutions can protect your supply chain from cyber threats and help you build a future-proof, resilient, and competitive business.
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As we approach the end of 2023, many are growing concerned about the security of supply chains, especially in terms of cybersecurity. To effectively address these growing threats, a shift in approach is required. Rather than relying solely on traditional cybersecurity methods, a more comprehensive strategy that combines supply chain risk management with advanced cybersecurity practices is critical.
In today’s article we will take a look at some of these challenges and how you can overcome them using JibChain's solutions.