Is supply chain security becoming a national issue?
11th November 2021
Securing complex supply chains presents a significant challenge for most organisations.
Cyberattacks such as the SolarWinds breach highlight the technical and logistical challenge of working with hundreds of vendors to create a secure environment.
Recent events have further highlighted the importance of a secure supply chain while exposing how cybersecurity measures need improvement.
The COVID-19 pandemic saw a marked increase in the number of cyberattacks on the supply chain, with phishing and other social engineering attacks being employed to gain undue entry into an organisation’s supply chain.
These attacks have resulted in significant monetary loss to organisations, and costs are set to escalate, with studies showing that, by 2025, cybercrime will cost $10.5 trillion annually.
The losses demonstrate the devastating impact of cyberattacks along with the challenges of creating a more secure supply chain.
What is the response to the cyberattacks on the supply chain?
Key leaders in the public and private spheres are meeting to discuss ways to improve cybersecurity.
Major tech companies are taking different measures to improve security across the board. Apple is improving supply chain security, Google is expanding zero trust programs, Microsoft is accelerating efforts to integrate cybersecurity, and Amazon is conducting internal security awareness training for free.
Furthermore, governments are also starting to take note of the importance of cybersecurity and are spearheading initiatives to incorporate cybersecurity into operations.
For example, the Biden administration is meeting with 24 leading tech companies, banks, insurers, infrastructure providers, and educational institutions to discuss initiatives that will improve cybersecurity.
Meanwhile, the UAE government is working with the same leaders that met with the Biden administration to launch a programme to improve education and raise awareness about cybersecurity.
Preparing for an evolving cybersecurity landscape
With businesses working with vendors around the world, supply chain attacks rising, the skyrocketing value of data, and businesses incorporating cloud technology into operations—the need for supply chain security is crucial for stable, ongoing operations.
Governments and organisations should also work together to address cyber espionage and better fight ransomware to limit cybercrime monetisation.
Public-private partnerships are crucial for making this happen. These partnerships improve security measures and raise awareness, which is critical for improving global cybersecurity.