A modern supply chain consists of people, systems and technologies that enable the delivery of goods and services to end users. However, this dependency on third-party business partners opens doors to many security risks.
A lot can go wrong throughout the supply chain operation, which is why you should pay close attention to risks associated with third-party partners. Since many of them have varying degrees of access to your organization’s systems and sensitive data, they could potentially be the weak link that jeopardizes your entire security strategy.
According to a survey conducted by Opinion Matters for BlueVoyant in June 2020, a whopping 80 percent of organizations have suffered a third-party related breach.
Supply Chain Challenges and Security Risks
It is common for modern-day companies to outsource core functions to improve efficiency and save costs. To thrive in a competitive business landscape, working with multiple vendors that address your unique needs is vital. However, managing different types of vendors can not only be daunting, but can also expose your organization to several threats. That’s why understanding the challenges and risks that come with third-party vendors or suppliers is critical for the safety and security of your business.
Listed below are some of the challenges and risks that organizations constantly face in a supply chain ecosystem.
One mistake from a third-party business partner could lead to a potential security breach, which could have a devastating impact on both your business and the entire supply chain ecosystem. Having a comprehensive third-party risk management strategy, backed by a robust backup and recovery solution, is vital to better manage and secure your organization’s data when unexpected disaster strikes.
Working with a diverse portfolio of supply chain vendors also translates into increasing third-party access to your organization’s IT infrastructure, applications and data. Therefore, defining roles and controlling user access to sensitive data is key to mitigate security and compliance risks.
Protect Your Business and Data
When it comes to protecting your business and data, you must not ignore the threats posed by your supply chain. Not only should you secure your IT infrastructure and data, you should also ensure your third-party systems, data and applications are appropriately backed up and protected.
Contact us today to find out how you can securely back up and protect your company’s assets against growing cyberthreats.
Article curated and used by permission.
Data Sources:
Blue Voyant Global Insights: Supply Chain Cyber Risk Report