A new report (released November 1st 2022) from the World Economic Forum highlights the importance of supply chain cyber security in the energy sector.
The document, titled Cybersecurity in the energy industry: Why working together across the value chain is vital for resilience, highlights that 65% of organisations have not identified the third-parties (suppliers) who would significantly impact their operations if they were compromised.
As disruption of energy companies could lead to significant national security and economic concerns, the World Economic Forum suggests that they should build “third-party security principles” that govern how they engage suppliers on a common cybersecurity posture.
Through conversations with procurement leaders, Darkbeam Analysts have identified three key reasons why organisations struggle to address cyber risk in their supply chain.
- Lack of in-house cyber expertise
- Lack of time to address concerns
- Lack of engagement from suppliers
How Darkbeam supports organisations to manage supplier cyber risk
Through experience tackling the hurdles above, Darkbeam has developed a two-pronged approach to supplier cyber risk management:
- Efficient tools
- Comprehensive, collaborative support
Darkbeam's supplier cyber risk monitoring tools are designed to enable procurement teams to build cyber resilience into their workflow. This means that the same capabilities are provided through the standalone platform, integrations with P2P / ERP systems and the fully managed service.
Darkbeam supports procurement teams by providing the tools and expertise required to measure, monitor and mitigate cyber risk in the supply chain.
Supporting the response to the World Economic Forum's suggestions
Darkbeam supports the World Economic Forum's assertions that energy companies should take steps to secure their supply chains against cyber risk.
Having experienced first-hand the complications caused by implementing such suggestions, Darkbeam's Analysts are available to offer advice and support to procurement leaders within the energy sector.
Please submit the form below and a member of the Darkbeam team will be in contact within one working day.