Combine strong governance with increased resilience and reduced costs to create a trusted, scalable framework for Supplier Cyber Risk Management.
Managing cyber risk within the supply chain is an integral step to building resilience against disruption and financial harm caused by ransomware (and similar) attacks against suppliers. Often, your business is not the target of these attacks but can still suffer significantly as collateral damage.
The most common reasons for not instigating a Supplier Cyber Risk Management process are a lack of time, lack of internal expertise and the perceived cost. The framework below addresses each of these obstacles, creating an efficient process which generates a positive (and demonstrable) ROI while utilising modern tools to reduce the level of expertise required within Procurement teams.
Note: businesses are increasingly turning to outside support in managing cyber risk in their supply chains. Darkbeam offers a comprehensive Supplier Cyber Risk Management Service which includes the expertise and tools required to seamlessly manage cyber risk in the supply chain without adding to existing workloads.
1. Develop a Supplier Cyber Risk Management policy
Develop a policy that outlines the company's approach to managing cyber risk in the supply chain and sets guidelines for identifying and assessing risk, developing risk management plans, implementing security controls, monitoring and reviewing risks and incident response.
Work with your company's IT or Cyber department to develop these.
2. Conduct cyber risk assessments
Create and implement a process for assessing the cyber risk posed by suppliers. This should be as automated as possible, allowing for the step to become a seamless part of a wider Vendor Risk Management process.
Create a map of the supply chain, including a Value at Risk model, to identify potential vulnerabilities and single points of failure.
Using the results of the risk assessments above will make this process consistent, however this relies upon your risk assessments being carried out across the entire supply chain.
Include cyber security clauses in contracts with suppliers, such as requiring them to implement specific controls, and notify the company in the event of a cyber attack.
Work with your company's IT or Cyber team to develop these requirements.
5. Implement continuous monitoring
Continuously monitor suppliers for potential cyber threats and incidents and review risk assessments as needed. As with the initial risk assessment, this should be a largely automated process to increase accuracy and reduce the time commitment required.
Darkbeam's platform allows for continuous monitoring of entire Categories through Watchlists, saving time by automating the process. Click to create your free account.
6. Establish regular communication
Establish regular communication and collaboration with suppliers to address cyber risk issues and share information about potential threats.
Remember that their level of cyber risk directly impacts yours, so this regular sharing of information is mutually beneficial in reducing the costs and disruption that a cyber incident might cause.
7. Maintain education and awareness
Ensure that employees are continuously aware of the risks associated with cyber attacks on supply chains and how to protect against them through regular training and awareness campaigns.
Gain instant expertise and protect your supply chain without adding to workloads.
Darkbeam's Supplier Cyber Risk Management Service takes the work off your team while providing world-class expertise at a fraction of the cost of building an in-house resource. Benefit from increased risk visibility, enhanced reporting, comprehensive threat monitoring and tailored strategic advice. No supply chain is too complex. Complete the form below to learn more.
