Research: Supply Chain Cyber Attacks Continue to Increase

  • Apr 11, 2022

Organizations have an opportunity to reduce their third-party risk by clarifying whether they or their suppliers are responsible for supply chain risk management, according to new global research of 1400 cybersecurity decision makers by NCC Group.

Around one in three (36%) said that they are more responsible for preventing, detecting and resolving supply chain attacks than their suppliers. Just over half (53%) said that their company and its suppliers are equally responsible for the security of supply chains.

This could affect organizations’ third-party risk if it means that they are not conducting appropriate due diligence on their suppliers, and could expose them to regulatory penalties. The EU’s Digital Operational Resilience Act (DORA) mandates that financial entities include key security requirements in their contracts with third parties, indicating that regulators are increasingly emphasizing the organization’s role in supplier risk management.

Despite this, half (49%) of the organizations surveyed said that they did not stipulate security standards that their suppliers must adhere to as part of their contracts. One in three (34%) said that they do not regularly monitor and risk assess their suppliers’ cybersecurity arrangements.

The research suggests that cybersecurity attacks on company supply chains increased by 51% between July and December 2021. Only one in three (32%) organizations were ‘very confident’ that they could respond quickly and effectively to a supply chain attack.

Encouragingly, respondents recognized supplier risk as one of their top challenges for the next 6-12 months and plan to increase their security budgets by an average of 10% this year.

Arina Palchik, Global Commercial Director, Remediation, at NCC Group, said: “Many organizations work closely with their suppliers by integrating them into their infrastructures to increase efficiencies and strengthen operations, but this can increase their cyber risk by widening their potential attack surfaces. Security gaps in supply chains can lead to leakage of customer data and serve as entry points for ransomware attacks, and our latest research suggests that hackers are increasingly targeting organizations through their suppliers, with attacks up by 51% in the last six months of 2021.

“It’s encouraging that organizations recognize supplier risk as one of their top challenges for 2022. However, our findings uncovered specific areas for improvement including clarity around responsibility for preventing, detecting and resolving attacks and lax controls for supplier assurance. It’s important that any investment in security addresses these areas to reduce third-party risk and enable organizations to work with their suppliers in confidence.”

Featured

  • From Surveillance to Intelligence

    Years ago, it would have been significantly more expensive to run an analytic like that — requiring a custom-built solution with burdensome infrastructure demands — but modern edge devices have made it accessible to everyone. It also saves time, which is a critical factor if a missing child is involved. Video compression technology has played a critical role as well. Over the years, significant advancements have been made in video coding standards — including H.263, MPEG formats, and H.264—alongside compression optimization technologies developed by IP video manufacturers to improve efficiency without sacrificing quality. The open-source AV1 codec developed by the Alliance for Open Media—a consortium including Google, Netflix, Microsoft, Amazon and others — is already the preferred decoder for cloud-based applications, and is quickly becoming the standard for video compression of all types. Read Now

  • Cost: Reactive vs. Proactive Security

    Security breaches often happen despite the availability of tools to prevent them. To combat this problem, the industry is shifting from reactive correction to proactive protection. This article will examine why so many security leaders have realized they must “lead before the breach” – not after. Read Now

  • Achieving Clear Audio

    In today’s ever-changing world of security and risk management, effective communication via an intercom and door entry communication system is a critical communication tool to keep a facility’s staff, visitors and vendors safe. Read Now

  • Beyond Apps: Access Control for Today’s Residents

    The modern resident lives in an app-saturated world. From banking to grocery delivery, fitness tracking to ridesharing, nearly every service demands another download. But when it comes to accessing the place you live, most people do not want to clutter their phone with yet another app, especially if its only purpose is to open a door. Read Now

  • Survey: 48 Percent of Worshippers Feel Less Safe Attending In-Person Services

    Almost half (48%) of those who attend religious services say they feel less safe attending in-person due to rising acts of violence at places of worship. In fact, 39% report these safety concerns have led them to change how often they attend in-person services, according to new research from Verkada conducted online by The Harris Poll among 1,123 U.S. adults who attend a religious service or event at least once a month. Read Now

Most   Popular

New Products

  • Automatic Systems V07

    Automatic Systems V07

    Automatic Systems, an industry-leading manufacturer of pedestrian and vehicle secure entrance control access systems, is pleased to announce the release of its groundbreaking V07 software. The V07 software update is designed specifically to address cybersecurity concerns and will ensure the integrity and confidentiality of Automatic Systems applications. With the new V07 software, updates will be delivered by means of an encrypted file.

  • EasyGate SPT and SPD

    EasyGate SPT SPD

    Security solutions do not have to be ordinary, let alone unattractive. Having renewed their best-selling speed gates, Cominfo has once again demonstrated their Art of Security philosophy in practice — and confirmed their position as an industry-leading manufacturers of premium speed gates and turnstiles.

  • AC Nio

    AC Nio

    Aiphone, a leading international manufacturer of intercom, access control, and emergency communication products, has introduced the AC Nio, its access control management software, an important addition to its new line of access control solutions.