The supply chain needs better cybersecurity and risk management

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The supply chain is under historic pressure, but pressure on its cybersecurity and risk management may be in even worse condition. As 2021 draws to a close, the global supply chain is in a state comparable to peak hour traffic in bad weather. Everything seems to be backed up, whether due to supply and demand issues, wait times at shipping ports, or any other delays.

If the supply chain is to have any chance of recovering in the near future, organizations must tackle cybersecurity and risk management. Indeed, cybersecurity and supply chain efficiency are closely linked.

Cybercrime and supply chain crisis

Cybersecurity and risk management have always been vital to the flow of any business. However, the current state of the global supply chain makes it exceptionally vulnerable to severe damage from an attack more than usual. When the supply chain is barely functioning, criminals are more likely to assume they have influence over companies. A ransomware attacker may be more brazen and exert higher demands than a few years ago.

The cyberpandemic

Most people remember 2020 for the global COVID-19 pandemic. A less noticeable global problem was happening at the same time, affecting all industries and millions of people: the cyber pandemic. When COVID-19 took hold of the world, cybercriminals saw an opportunity to wreak havoc in tandem.

Risk assessments carried out by INTERPOL have reported a meteoric rise in cyberattacks parallel to the COVID-19 pandemic. The two biggest increases in cybercrime were phishing attacks and ransomware. It is not a coincidence. Both of these types of cyberattacks take advantage of the most common circumstances that plague the world’s population. People are grappling with fear, uncertainty and an unprecedented addiction to the internet, which is creating more opportunities for successful phishing attacks. In (Read more…)

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