According to a study, 98% of companies surveyed say they have been negatively impacted by a cybersecurity breach in their supply chain, an increase since 2021.
NEW YORK, November 10, 2022 /PRNewswire/ — BlueVoyantan industry-leading cyber defense company that combines internal and external cybersecurity, today released the results of its Third Annual Global Supply Chain Cyber Risk Management Survey. The study shows that 98% of the companies surveyed were negatively impacted by a cybersecurity breach in their supply chain. This is a slight increase from 97% of respondents last year. Digital supply chains are made up of external vendors and suppliers who have network access that could be compromised.
“The survey shows that supply chain cybersecurity risk has not decreased, and in fact, more companies than ever have reported being negatively impacted by a cybersecurity disruption in their supply chain,” he said Adam Bixler, Global Head of Supply Chain Defense for BlueVoyant. “The good news is that organizations across industries and geographies are making supply chain protection a priority, but these organizations need to better monitor suppliers and work with them to resolve issues to reduce their supply chain risk.”
Other important results of the survey are:
- 40% of respondents rely on the third party or supplier to ensure adequate security.
- In 2021, 53% of companies reported auditing or reporting on supplier safety more than twice a year; That number has improved to 67% by 2022. These figures include real-time monitoring of companies.
- Supply chain protection budgets are increasing, with 84% of respondents saying their budget has increased over the past 12 months.
- The biggest reported pain points are the internal understanding across the organization that suppliers are part of their cybersecurity posture, meeting regulatory requirements, and working with suppliers to improve their security.
“While protecting the supply chain is a challenge, there are solutions for businesses to better defend against this risk,” he said Jacob Rosenthal, CEO and co-founder of BlueVoyant. “Organizations should continuously monitor their supply chain to quickly remediate threats. As supply chain disruptions affect organizations negatively, they must prioritize this risk with the appropriate budget.”
Conducted by independent research organization Opinion Matters, the study captured the views and experiences of 2,100 Chief Technology Officers (CTOs), Chief Security Officers (CSOs), Chief Operating Officers (COOs), Chief Information Officers (CIOs), Chief Info Security Officers (CISOs) and Chief Procurement Officers (CPOs) responsible for supply chain and cyber risk management in organizations with more than 1,000 employees across a range of industries. These include: business services, financial services, healthcare and pharmaceuticals, manufacturing, utilities and energy, and defense. It covered 11 countries: USA, Canada, Germany, Austria, Switzerland, France, the Netherlandsthe United Kingdom, Australia, the philippinesand Singapore.
Also conducted by Opinion Matters, the 2021 study captured the views and experiences of 1,200 CTOs/CSOs/COOs/CIOs/CISOs/CPOs in similar organizations and the same industries. It covered six countries: USA, Canada, Germany, the NetherlandsGreat Britain and Singapore.
Analyzing responses from different trade sectors revealed significant differences in their experience of supply chain risk:
- While healthcare and pharmaceuticals were the third-highest industry in terms of increased boardroom scrutiny for supply chain risk, at 42%, the sector also has the lowest likelihood, at a 7% margin, of budgeting for external resources to strengthen supply chain cybersecurity to increase. below the nearest vertical. This sector also has the lowest probability of any industry (34%) of having no way of knowing if an issue with a third-party environment will arise.
- The energy sector was the most likely to report adverse impacts from at least one supply chain breach in the last year (99%), but 49% monitor supply chain cyber risks regularly or in real-time, and 44% update management frequently on a monthly or more frequent basis. Additionally, energy companies report increasing their supply chain cyber risk budget by an average of 60%.
- In manufacturing, 64% of respondents say supply chain cyber risk is on their radar, and 44% say they have an integrated enterprise-wide risk management program in place.
Learn more about the full global BlueVoyant research report: “The State of Supply Chain Defense: Annual Global Insights Report‘, including analysis across countries and vertical sectors.
BlueVoyant combines internal and external cyber defense capabilities into an outcomes-based platform called BlueVoyant Elements™. Cloud-native, Elements continuously monitors your network, endpoints, attack surface, and supply chain, as well as the clear, deep, and dark web for vulnerabilities, risks, and threats. and takes action to protect your business by leveraging both machine learning-based automation and human-led expertise. Elements can be deployed as a standalone solution or together as a comprehensive cyber defense platform. BlueVoyant’s approach to cyber defense revolves around three key pillars – technology, telemetry and talent – that provide industry-leading cybersecurity for more than 700 customers around the world.
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