Supply chain leaders are grappling with an entirely different scale and scope of cybersecurity challenges in today’s environment. Several notable companies have all had their supply chains disrupted by malware or ransomware in the recent past. What supply chain leaders face today is an intersection of rapid technological evolution, complex supply chains with more entry points for cyber risk, and insufficient cyber risk management.
As the volume and complexity of cyber-attacks increase, cybersecurity’s importance also increases. The number of documented supply chain attacks involving malicious third-party components has increased 633% over the past year, now sitting at over 88,000 known instances, according to a new report from Sonatype. Cyberattacks remain the primary source of data breaches according to the Identity Theft Resource Center. The number of data breaches resulting from supply chain attacks exceeded those linked to malware in 2022. Malware is often viewed as the core of most cyberattacks. However, in 2022, supply chain attacks surpassed the number of malware-based attacks by 40%. According to the report, more than 10 million people were impacted by supply chain attacks targeting 1,743 entities. By comparison, 70 malware-based cyberattacks affected 4.3 million people.
Cybersecurity is critical because it helps to protect organizations and individuals from cyber-attacks. Cybersecurity can help to prevent data breaches, identity theft, and other types of cybercrime. This has become especially important to supply chains. As supply chains have seen increased digital transformation combined with high adoption of technology in the last few years, this in turn is providing cybercriminals with ever-increasing opportunities to infiltrate companies. According to research from IBM, 19% of breaches last year were caused by supply chain attacks. Typically, these are incidents in which cyber attackers exploit a vulnerability in one organization to compromise data and assets at other points in the supply chain. The average breach in 2022 took an average of 277 days. The impact of the loss of or limited access to the technology in question when cyber-attacks occur can have detrimental effects. This is why supply chain cybersecurity platforms must keep up with evolving cyberthreats to ensure that all areas of attack are covered at all times.
Cybersecurity: A Top CSCO Concern
So, it comes as no surprise that cybersecurity has become a top priority for both CSCOs at supply chain companies as well as CIOs at logistics companies. Here some of the top vulnerabilities in supply chains:
Cloud Storage
While some companies may still use on-premises server storage, the rush to digitally transform during the pandemic drew many companies into the cloud. Companies now leverage more online, third-party tools for enterprise management, communications, payroll, and eCommerce. Cloud storage vulnerabilities in any of these partner interfaces are potential access points for cyber attackers.
Databases
For many cyber attackers, personal data is the access key they’re looking for. They aim straight for databases with weak security. Common oversights, such as failing to install security patches and sharing passwords, leave database doors wide open. Cyber criminals can overload the database with Denial-of-Service (DoS) attacks and malware or use malicious code and SQL injections to steal data and cause damage.
Compromised Credentials
Many cyber attackers gain direct system access through the front door – using employee credentials. This can occur when employees share usernames and passwords through email, social media, or text messages, creating vulnerable leaks. Another occurrence is when employees create weak passwords and use them repeatedly. Cyber attackers mainly use phishing and social engineering techniques as well as ransomware to gain credentials. Phishing was the most expensive breach in 2022, costing US organizations an average of $4.91 million.
For visibility platforms, cybersecurity is incredibly important to safeguard both the extensive network connections as well as the data gathered from the supply chain ecosystem. After all, visibility providers are seen as the safe guardians of supply chain data.
How project44 Ensures the Security of Our Customer Data
So how does project44 protect their platform from cyber-attacks to protect our customers’ data?
System Reliability and Secure Infrastructure
From how we build and deploy our product to the infrastructure that supports it, we have practices in place to monitor our entire system to ensure consistent availability.
Procedures and Controls to Ensure Privacy and Security
By following rigorous security and data privacy procedures and controls, project44 has the necessary process in place to proactively secure and handle data.
Secure Employee Management and Training
To ensure our employees are equipped to keep data safe, we conduct background checks, train team members about our security policies, and ensure our offices are secure.
Compliance
- Data Privacy: project44 is compliant will all data privacy regulations and policies where we operate. We follow the policies outlined by the General Data Protection Regulation (GDPR).
- Control Procedures & Audits: project44 goes through various audits to ensure we comply with respected cloud security practices. Our control procedures have been verified in a SOC 2 Type II report and we undergo an annual audit by an independent third party to verify our security procedures and safeguards.
- ISO 27001 (Information Security Management): project44 is ISO 27001 Certified. We treat customer data with the highest level of respect and care, and the ISO 27001 is the global standard for mandating numerous controls for the establishment, maintenance, and certification of an information security management system (ISMS). project44 received the certification upon its first ISO attempt, showcasing the completeness and rigor of its information security program.
Handling the visibility data of global supply chains and carriers, platforms like project44 have a serious commitment to maintaining the security and protection of customer and partner data as well as the project44 platform and infrastructure. project44 maintains comprehensive policies, practices and controls around a robust security program that is unmatched in its industry. You can learn more about our data security efforts here.