Reimagining Supply Chain Cybersecurity
From ransomware attacks to data breaches, the threats lurking within supply chains are more pervasive than you might realize. Many security teams aren’t aware of the various supply chain cyber risks lurking within their network, most of which are difficult to detect, manage, and mitigate. Let’s explore how to achieve a more secure and resilient supply chain.
Introduction to Third-Party Risk Management
Supply chain or third-party risk management is a process and set of practices organizations use to identify, assess, and mitigate the risks associated with third-party vendors, suppliers, contractors, and other external entities that have access to or impact the organization’s data, systems, and operations. TPRM is crucial because third parties can introduce significant organizational risks, including data breaches, compliance violations, operational disruptions, and reputational damage.
Consider this scenario: A major healthcare provider was hit by a cyberattack that disrupted operations for weeks. The root cause? A breach within their supply chain. This example underscores the importance of TPRM, where not just your systems but also those of your partners need to be secure.
Supply Chain Cyber Risk: Where We Are Now
Cyber risks within supply chains have skyrocketed. Recent studies indicate that at least 29% of breaches have a third-party attack vector. With the increasing complexity of supply chains, the cyber risk landscape is evolving faster than organizations can keep up.
The current state of supply chain risk management shows a worrying trend. Many businesses rely on outdated methods to assess vendor security, failing to capture real-time threats and vulnerabilities. Consequently, many organizations remain unaware of the actual risks within their supply chains.
How to Prevent Third-Party Breaches with a Supply Chain Cybersecurity Managed Service
A proactive approach is essential to safeguarding your supply chain. Supply chain cyber risk managed services are technology-enabled services that prevent third-party breaches. This type of service leverages artificial intelligence, risk and threat telemetry, and elite cybersecurity experts to improve an organization’s supply chain cybersecurity posture.
SecurityScorecard MAX, a supply chain cyber risk managed service, helps customers:
Identify their biggest cyber risks and risky vendors: MAX leverages a likelihood of incident model to identify critical vulnerabilities across 17 security categories to determine which issues are likely to result in an incident. Customers can see their vendor risk profile in the MAX dashboard in real time.
Remediate critical issues: Using SecurityScorecard’s world-class data and technology, MAX identifies and prioritizes risk and then remediates critical issues across your entire supply chain.
Continuous vendor monitoring: Leveraging SecurityScorecard’s trusted security ratings, MAX continuously monitors vendors to determine if their cyber hygiene is improving or declining. Based on your workflows, MAX can work directly with vendors to improve their security posture and score.
24 x 7 x 365 visibility: MAX enables you to tell your supply chain cyber risk story. Zoom in and zoom out to understand how MAX is helping your business. MAX’s powerful reporting capabilities will impress your C-suite colleagues and board.
Streamlined vendor communications: MAX streamlines timely vendor management and communication. MAX works directly with vendors to remediate and resolve them to improve their cybersecurity posture. All communications are readily available in the MAX dashboard. Alternatively, MAX can support your vendor risk team if you choose to manage vendor communications yourself.
Fortify Your Supply Chain
Achieving a secure and resilient supply chain is not a one-time effort but an ongoing process. Leveraging a managed service like SecurityScorecard MAX can provide the tools and insights needed to navigate the complex landscape of supply chain cybersecurity.
Ready to fortify your supply chain? Explore how MAX can help you achieve a more secure and resilient supply chain. Watch our on-demand webinar to learn more.
