KEY STRATEGIES TO REDUCE SUPPLY CHAIN VENDOR RISK
In 2022, more than 10 million people were impacted by supply chain attacks targeting 1,743 entities. Supply chain attacks are an emerging threat that can target software developers and suppliers. Attackers alter legitimate software and hardware to distribute malware or build backdoors which they use to access the user organizations. A supply chain attack can occur in any industry, from the financial sector, oil industry, to a government sector.
Your supply chain vendors play a crucial role in your business operations. To mitigate some of the risk of dealing with supply chain vendors include the following practices when partnering with vendors:
Ask questions about your vendors' cybersecurity practices before partnering and maintain ongoing assessments.
Establish clear contractual obligations that outline data protection, breach notifications, and security standards.
Conduct regular audits to ensure vendors comply with agreed-upon security requirements.
Include your vendors when providing cybersecurity awareness training.
Collaborate on incident response planning and conduct joint exercises to test effectiveness.
Diversify vendor relationships to minimize dependency on a single vendor.
By following these strategies, you can reduce the risk posed by supply chain vendors, fortify defenses, and protect sensitive data and systems.