A supply chain can vary significantly from one another. A company that manufactures electronic devices has a different supply chain than one that manufactures sports goods. So, the definition of what is supply chain security can not be explained under one set of rules and recommendations.
In general, supply chain security involves protecting a supply chain against any physical threats or risks. It also considers the regulations set by local and international governments for the integrity of supply chains.
We noticed that many companies showed little to no interest in cybersecurity in the past. Companies did all in their might to protect their supply chains from physical threats, such as sabotage, theft, and terrorism. Factories would be visited by independent auditors, regulators, and corporations who do background checks on employees. Cargo would be documented, secured, and examined before and after shipping to prevent fraud or theft.
Physical attacks are still avoided by tracing shipments and rechecking regulatory documents. Vendors are also told to obtain shipments specified by quality criteria, and a company may employ multiple vendors to ensure a nondisturbed supply of commodities.
What Are We Neglecting?
While we don’t discourage anyone from paying much heed to physical supply chain security, we do not encourage them to focus on physical security alone. The recent supply chain attacks in covid-19 are an excellent example of the need for excellent cyberdefense in today’s world. Just as the cyber pandemic began spreading in 2020, the global supply chain started feeling the strain, which will continue into 2022. Millions of people started to use internet shopping as their primary, if not sole, method of acquiring items, resulting in a surge in transportation demand.
The computer components supply chain is an excellent example of this. The computer chip deficit is one of the worst situations in the present supply chain problem due to work-at-home situations, internet games and entertainment, and public demand.
The market forces for specific components were never higher for both manufacturers and buyers. Computer lovers are now enrolling in year-long waiting lists for graphics chips, while automakers report losses in millions owing to chip scarcity.
5 Ways How You Can Ensure Better Cybersecurity
It’s critical to understand where your new suppliers stand on cybersecurity before entering into supplier partnerships. What kind of safeguards do you and they have in place? What procedures and policies are in place to maintain data security? You want to know that sensitive client information will be kept safe in any data you share with your suppliers. You should secure all your partners, but those who play a critical role in your supply chain will be at higher risk and require greater caution.
Train Your Staff:
The most common cause of cyber attacks is still human error. As a result, it’s one of the most critical issues to address. While you should constantly strive to create a cyber security-aware culture inside your organization, this practice should also be supported throughout the supply chain. A good method to do so is sharing resources with vendors to educate their personnel about cyber threats.
Take Necessary Security Steps:
A supplier policy can effectively encourage an open relationship with your suppliers and set clear expectations between you. You can devote parts to cybersecurity and data protection in such a document, laying out what level of security your vendors should be able to demonstrate. Asking your suppliers to align themselves with an existing set of cybersecurity standards and certifications is one of the simplest ways to do this.
Small firms must evaluate the security of their suppliers and maintain a high level of cybersecurity to persuade more significant partners that they are not a security concern. Many firms, particularly in the public sector, are now demanding their suppliers meet specific security criteria before gaining contracts with them.
Transfer Data Safely:
Data must be transferred through secure channels and kept secure at all times in the supply chain. Because hackers are most likely to intercept data as it moves from one location to another, maintaining adequate security during this process is critical. Encrypting data before it is transferred is an excellent approach to reduce this risk.
Companies should also ensure that they have a thorough picture of the various types of data in their supply chain and where it all resides. Internal data (together with backup systems) and data that your suppliers have access to are included.
Managing cyber threats in the supply chain doesn’t have to be difficult, but it is critical to accept responsibility for your own risk and adhere to standardized cybersecurity standards. Understanding all partners’ security processes, rules, and solutions is in everyone’s best interest. These actions lower risk throughout the supply chain and show clients, partners, and stakeholders that their secrets are secure with you.