October 5, 2022,
Supply chain threats and other cyber security threats are quickly rising to the top list of corporate workers. Companies need to invest in their third-party risk management teams to improve supply chain cybersecurity.
Even with infinite resources, a team’s capacity to execute a specified plan may be constrained in the absence of accepted standards for cybersecurity tools or set protocols for dealing with threats.
Monitor your supply chain management
Unfortunately, there is no silver bullet regarding cyber security threats. Alterations in both threats and weaknesses are constants. Companies need to update and patch the technology. Therefore, it is crucial to set up a method for regularly checking the status of data management and network security.
Of course, you should be doing this internally, but it’s also a good idea to have your vendors examine their systems regularly and report back to you.
Get involved with your suppliers at critical points in the supply chain
Your company must communicate with its suppliers at all supply chain stages. It involves communication in the supply chain, from those who produce and modify the goods to those who distribute them. To ensure cyber security threat measures are being applied, periodic audits may be necessary.
Test around with different pieces of equipment and different versions of software
Construct a testing platform to find code and hardware bugs. However, not every company can afford a dedicated testing center open at all hours. As a result, only routine checks should be considered (in-house or outsourced).
Perform an audit and verification of your supply chain
The supply chain would benefit from looking at blockchain and hyper-ledger technology. The optimum security for supply chains is a system that checks the time and location of every change.
Blockchain and hyper-ledger technology make this possible without requiring centralized authority to oversee the system. Use the tools at your disposal to monitor system activity and protect against attacks on known vulnerabilities.
Use Third Party
You should pay close attention to ensure safety from supply chain threats. The team needs enough funds to handle any cyber-attack. Supply chain security demands full-time, committed staff. In addition, it is incumbent upon your company to validate supply chain items’ security controls.
Supply chain cybersecurity is the most crucial factor in your business. A well-organized and well-funded third-party risk management team is essential for addressing supply chain vulnerabilities. Your team needs to have frequent communication with major suppliers.
Your IT department should investigate blockchain and hyper ledger solutions to safeguard the whole supply chain.