Many organizations and supply chain experts are concerned about cyber security. The risks stemming from supply chain cyber threats are real. In fact, the danger is more frightening and potentially harmful than we realize. Here’s why.

1. Scared About Supply Chain
Cybersecurity? 5 Reasons
You Aren't Scared Enough

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5. Many organizations and
supply chain experts are
concerned about cyber
security. The risks stemming
from supply chain cyber
threats are real. In fact, the
danger is more frightening
and potentially harmful than
we realize. Here’s why.

6. Assessing Cyber Supply Chain
Security Vulnerabilities

7. Experts on cybersecurity and
supply chain management (SCM)
like to draw attention to the fact
that operating systems are only as
strong as their “weakest link.” The
“weakest link” argument is evoked
with good reason when discussing
risk management.

8. 39% of the respondents indicated
they use both electronic and
paper invoicing while 38% noted
electronic and 23% reported they
use paper invoicing.

9. Not to overstate it, but there’s a lot of
truth to the idea that networked
models of security ‘are only as strong
as the weakest link.
- Forbes

10. Not to overstate it, but there’s a lot of
truth to the idea that networked
models of security ‘are only as strong
as the weakest link.
- Forbes

11. And because big business will continue
to outsource and pursue new markets
of customers and supply, the scope of
the problem is exploding.
- Forbes

12. In almost every industry, companies are more dependent
than ever upon suppliers, intermediaries, third-party service
providers and vendors in the supply chain network.

13. The role and risk of vendors in
security lapses in the supply
chain were further highlighted
by the recent data breach at
Verizon, the US’s largest
wireless communications
carrier.

14. Verizon had been employing Israeli-based telephonic software
and data firm, NICE Systems to carry out customer service
analytics.
The incident was discovered in late June 2017. An employee from
NICE Systems had left the data of millions of customers exposed
on an unsecured Amazon server for the previous six months.
Both buyer and vendor face potential disaster in the supply chain
ecosystem. A weighty burden has been placed on buyers to
ensure extreme thresholds of security from all vendor partners. In
turn, vendors are at constant risk of legal liability from customers
should a security problem be traceable to them.

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16. Assessing Cybersecurity
Risks in the Supply Chain

17. Today, common criminals, organized
crime rings, and nation-states leverage
sophisticated techniques to launch
attacks that are highly targeted and
very difficult to detect,
- Forbes

18. Staying ahead of threats
– like the WannaCry or
WannaCrypt
ransomware attack and
the rapidly-moving
“Petya” is challenging.
“WannaCry” has affected
over 230,000 computers
in over 150 countries –
with the most damage
inflicted on the British
National Health Service,
Spanish phone company
Telefónica and German
state railways.

19. Also, while somewhat
mitigated by employee
training, it is not always
possible to ward off insider
events – those resulting
from employee
vulnerabilities. Insider
events can include the
phenomenon of social
engineering. There is also
the casual use of devices
by employees and the
mishandling of information
by workers who are not
adhering to best practices
(PWC, US Cybercrime).

20. Cyber Complexity

21. Cyberspace operates according to
different rules than the physical world. I
don’t mean the social ‘rules’ but rather
the physics and math of cyberspace.
The nodal nature of a light-speed
network means that concepts like
distance, borders, and proximity all
operate differently, which has profound
implications for security.
- Michael Daniel

22. Not so in cyberspace.
Organizations and institutions are
touching upon tricky new frontiers
legally and policy-wise, such as the
proper division of responsibility
between governments and the
private enterprise to protect.
Defense against risks needs
significant investment to keep up
with the threats.

23. Combating Cyber Risks in the
Supply Chain: Greater Need to
Act

24. Many companies are not devoting the necessary amount of
investment to cybsersecurity.
Alex Bau believes it comes down to behavioral economics .There
are certainly daunting cost considerations. Worldwide spending
on cybersecurity is set to exceed $1 trillion between 2017 to
2021 --with many companies not being able to keep pace.
There is also hope. Blockchain solutions, banding together to pool
cybersecurity efforts, smart sensors (Marianne Mannschreck,
“How Smart Sensors and the IoT will Evolve Supply
Chains,”ITProPortal, further training…these are all possible
avenues for a better future, one in which (it is hoped) there will be
less reason for fear.