It’s vital for businesses and organizations of all sizes to mind these vulnerabilities. A breach not only means minimized credibility to the public, but also lost revenue. The average cost of a data breach is $3.86 million (IBM.) And, the cost of lost business after a breach for US organizations adds up to $4.2 million (IBM). Here are a few ways to strengthen your supply chain vulnerabilities from 3rd party risk:
A successful supply chain orchestration system can power an entire digital supply chain ecosystem and ensure every part of a business is operating at peak performance levels, no matter how messy an organization’s data might be.
Is your business functioning efficiently? Here are five questions to ask:
- Review internal and external security procedures
Organizations should not only review their own security practices, but those of vendors and partners. All vendors should be thoroughly vetted before integrating them into internal infrastructures and not just the top tier. Make sure that policies are being enforced, that the proper personnel have access to passwords, data is being backed up properly, and that written security procedures require vendors to give timely updates should security incidents occur.
- Prepare for service disruptors
What would happen if production were to cease or delivery schedules were unable to be met? It’s not just the loss of data that is a risk. Attacks meant to disrupt and/or deny service are also on the rise, causing a ricochet to the entire supply chain. Be prepared by having a detailed incident response plan.
- Training, training, training
While technology is crucial, do not underestimate that human error remains the primary source of data breaches. In fact, IBM found almost 95 percent of all data incidents involve human error. Data security best practices are meaningless without execution. Make sure that your staff is properly onboarded with continuously updated training to understand cyber risks.