When you logged into your work computer this morning, were you alerted to any newly installed updates? Or perhaps prompted to change your password? Maybe there was an email from your IT or Security team alerting you to the latest threats to look out for in your inbox?
Your company does these things because it understands the financial risk of a cyber attack. When criminals get into your system, it can lead to data breaches, theft or disruption which costs the company financially and reputationally for a long time to come.
As a Procurement leader, are you managing the risk of harm to your organisation when a supplier is attacked?
Chances are, the answer is no. UK Government statistics show that 87% of companies don't proactively manage supplier cyber risks.
Understanding supplier cyber risks
When a supplier faces a cyber attack, it's not just their data at risk – it's yours too. From payroll details to customer information, the security of sensitive data can be compromised. Moreover, supply disruptions can occur without warning, halting your operations.
Aside from data, it could even mean that the suppliers you rely upon most to operate could stop arriving with no warning and no indication of when they will return.
Efficient ways to manage supplier cyber risks
Managing cybersecurity risks among suppliers comes down to two factors: measuring the risks and taking steps to reduce them. Both of these sound time-consuming and complicated (but they don’t need to!).
Manual risk questionnaires
Many companies start with manual questionnaires sent via email. This method is a start but can be time-consuming and often outdated by the time the analysis is complete. It also relies upon the person within the supplier knowing the answer and sharing it honestly.
Automated supplier vulnerability and threat monitoring
To stay on the front foot of supply chain cybersecurity risks, your team should have access to continuous monitoring of vulnerabilities and threats. This capability makes it fast and efficient for concerns to be addressed directly and provides timely visibility when one of your suppliers has a data breach or suffers a cyber attack such as ransomware.
Your team can manage supplier cyber risks with Darkbeam
- Automated supplier vulnerability assessments, updated weekly with email notifications and easily shareable reports
- Continuous monitoring for cyber attacks and data breaches within suppliers
- All provided in plain English so Procurement teams can manage supplier cyber risks quickly and easily
Alternatively, contact us below to learn how Darkbeam can provide proactive supplier cyber risk management capabilities within your organisation’s existing workflows.