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10 Facts About Supply Chain Risk You Need to See

September 28, 2020
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Is Your Business Ready for the Impact of Supply Chain Risk and Security Practices That You Can’t Control?

Data breaches and other cybersecurity incidents have become a fact of life in business, and responsible companies have cybersecurity protections in place to mitigate those risks. But how prepared is your company to mitigate the fallout from cybersecurity risks that you can’t control? These eye-opening statistics about supply chain risk tell the tale of how much attention that you should be paying to this threat.

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Keep these statistics about supply chain risk in mind:

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Yes, a Cyberattack Can Happen to Your Business.

Here’s another worrying statistic, and it might be the most tell-tale of all: in a recent survey of business owners, 66 percent believe that a cyberattack on their business is unlikely — even though 67 percent of SMBs were actually hit by a cyberattack in 2019. In a tight economy, many businesses are looking for ways to pinch pennies, and that could put cybersecurity spending on the chopping block, making supply chain risks higher for their partners – are you really going to spend money to guard against something that you don’t believe will happen?

Most companies only devote significant spending to cybersecurity after an attack, even though the fallout of an incident can be so devastating that 60% of small companies go out of business within 6 months of a successful cyberattack. In many companies, that attitude translates to dangerously sloppy IT practices – over 60% of data breaches are caused by a simple maintenance failure like neglecting to patch your software.

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Mitigate The Risk of Another Company’s Cybersecurity Disaster

Mitigating the danger of a successful cyberattack against your company because of a third-party data breach has to be part of your cybersecurity calculus as you consider this growing threat. Every day, enormous quantities of information from past breaches lands on the Dark Web, empowering future cybercrime. However, any company can put a few basic protections in place that limit the potential damage of supply chain risk.

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Dark Web Monitoring for Credential Compromise

Don’t wait until it’s too late to find out that the credentials that your company set up with a supplier have become compromised – and whoever set up that account is also a highly privileged user who reused that password for a few other things.

With Dark Web ID, your company’s protected credentials are safeguarded 24/7/365 – with special protections available for especially sensitive credentials like passwords for privileged users. We use human and machine intelligence to monitor the nooks and crannies of the Dark Web for potential exposure, and we alert you right away if we find them, so that you can do something about it before the bad guys do.

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Stop Credential Stuffing and Password Cracking With Secure Identity and Access Management

Dark Web information can empower a dangerous but common type of cyberattack: credential stuffing. As more information piles up, more passwords appear in Dark Web data markets too. Cybercriminals scoop these up to power credential stuffing attacks – password recycling and reuse is common, and credential stuffing uses the old “throwing spaghetti at the wall” theory – if bad actors throw enough passwords at your systems, one will eventually stick, enabling them to break in to snatch your data.

Put a stop to the usefulness of those big password lists by adding secure identity and access management protection with Passly. Stolen passwords aren’t useful anymore when your access points are protected by Passly’s multifactor authentication tool. That’s one reason why 43% of CISOs site secure identity and access management as a top priority for 2021.

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Make Smart Choices Now to Save Time and Money Later

Supply chain risks are continuing to increase, and the easy availability of tools, data, and expertise in the booming cybercrime-as-a-service sector is a strong indicator that it will continue to grow in 2021 and beyond. While your suppliers and service providers may not be taking cybersecurity as seriously as you’d like them to, we can help you quickly and easily put protections in place to guard your company against their cybersecurity errors.

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