Protecting your business against cyber supply chain attacks is needed risk management. EBS are experts in safeguarding SMEs with cyber security underpinned by the government’s CyberEssentials Plus.
Cybersecurity is more than just keeping your business safe. Cybercriminials can expose any vulnerability and that includes those in your supply chain. Wherever there might be a weak link in that chain there is a risk of sensitive data or access to critical systems being exposed across all parties involved.
Recent reports indicate that supply chain attacks are causing more issues for businesses than malware. Gartner found that 89% of companies have experienced a supplier risk event in the past five years. This is only set to increase but protecting your business with EBS and CyberSmart can help.
A supply chain attack is when a cybercriminal gets into a company’s systems through weak spots in its supply chain network. This could involve things like putting harmful code into the software’s source code or breaking into another company’s data to get important information.
Supply chain attacks are also known by other names like:
Cybercriminals often target suppliers because they’re seen as the weakest link in a company’s online security. This is true for companies of all sizes who are in a chain of activity.
It can be difficult for a cybercriminal to break into a larger organisation or those who invest in cybersecurity. That’s why they target others in the supply chain who might not have the latest cybersecurity software and protection.
By attacking these weaker spots in the supply chain, cybercriminals can work their way into a company’s systems.
Supply chain attacks work well because businesses trust their suppliers. Surprisingly, only a small number of businesses actually check the cyber risks of their suppliers. This gives cybercriminals a way to target bigger rewards by going after less protected parts of the supply chain.
Only 13% of UK businesses assess the cyber risks posed by their immediate suppliers, according to recent government data. And that figure drops to just 7% for the wider supply chain.
There isn’t just one type of supply chain attack. Cybercriminals insert malicious code or compromise websites. By being aware of the potential attacks you can work to protect yourself and your customers.
Today’s businesses understand that their security isn’t just about their own systems anymore; it also involves the suppliers they work with up the supply chain. If one supplier’s security is weak, it can put everyone else at risk.
To deal with this danger, companies of all sizes can team up with their suppliers to make sure everyone understands the risks of cyber threats.
Having strong cybersecurity isn’t just a bonus for suppliers anymore—it’s a must. All companies should work towards suppliers to have a certain level of protection in place.
Cybersecurity certification is not essential for most UK businesses. But the recent rise in cybercrime is a sign for companies to re-evaluate their cybersecurity requirements across their supply chain.
An official cybersecurity certification such as Cyber Essentials and more rigorous accreditations, like ISO 27001 can protect your business and show you the cybersecurity commitment from your supply chain too.
The Best Practices in Cyber Supply Chain Risk Management, created by the National Institute of Standards and Technology (NIST) provides three basic principles that all businesses can follow to secure their supply chains:
When it comes to cybersecurity, the stakes are even higher for if you’re within a supply chain rather than at the top.
Smaller businesses may struggle to cope with the financial and reputational damage of a cyberattack.
This is especially true for suppliers who won’t get a second chance to prove themselves to their clients as more businesses adopt the ‘one strike and you’re out’ rule.
So, what can you do to protect yourself and your clients from supply chain attacks?
The first step is to make sure you have the right cybersecurity controls, processes, and policies in place. This includes providing regular training opportunities for staff to keep them up to date on the latest cyber threats and best practices.
The UK government’s Cyber Essentials scheme provides a simple and cost-effective framework to improve your cybersecurity. It has five key criteria to measure your cybersecurity against:
Taking these steps can greatly decrease your cyber risk, even from supply chain sources, by as much as 98.5%. For the strongest protection, think about using data encryption and multi-factor authentication on all your company’s devices.
Also, make sure to establish clear guidelines for your tools and procedures in a thorough cybersecurity policy. Supply chain attacks often succeed because businesses trust their suppliers too much. Having a company policy helps your staff recognize possible threats and know what steps to take to handle them.
When you have secured your business, you can talk to your supply chain about what they can do. An open discussion can help share resources, experiences and best practice. Equally important, a collaborative approach helps you develop consistent security standards for everyone in the supply chain.
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