Cyberattacks in a Global Supply Chain: How Compliance Officers Can Mitigate Risk
Cyberattacks in the supply chain are being industrialized to not only target one company, but many companies across a single industry. Cyberattacks hit two-thirds of firms, according to research by CrowdStrike, and the impact reverberates from financial to operational disruption and the actual loss of customers.
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Cybercriminals are now taking advantage daily of easy access provided by privileged accounts. Attackers target the weakest part of a supply chain, which means that even when an organization has top-notch security protocols in place, there’s no guarantee that these same standards are held by the vendors that already have access to the supply chain. Given this, it’s no surprise that about 80 percent of all cyberattacks happen in the supply chain, according to the SANS Institute, as cited by KPMG in their report, “Digital Supply chain–the hype and the risks.”
The sheer number of supply chain attacks proves that compliance and ethics officers must proceed with caution when it comes to auditing current vendors and vetting new ones. A multilayered approach must be implemented when working toward mitigating risk in the supply chain.
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Copyright 2019 Compliance & Ethics Professional, a publication of the Society for Corporate Compliance and Ethics (SCCE)