Supply Chain Management/ Cyber-security Risk Mitigation
SCM Data Breaches
When it comes to supply chain management, cyber-attacks are increasing at an alarming rate. With Sony, Target, and Home Depot being among the major corporations of the 783 confirmed data breaches in 2014, there has been a 27.5% increase in cyber-attacks from 2013 to 2014. Also according to the Verizon’s 2015 Data Breach Investigations Report, the verdict concludes 2,122 reported breaches across 61 nations. These are only confirmed data breaches.
Many of the data breaches have occurred from 3rd party vendors down the supply chain. That is why vendor procurement must not only provide price, and product quality assurance, but must also have supply chain management security measures to mitigate the risks involved in global sourcing. When finding a supply chain management company, one must consider the cyber-security initiatives that mitigate the risk of potential data breaches.
Hackers have used weak access points of the supply chain and utilized compromised , credentials, malware, worms, SQL injections and more to gain access and reek havoc on businesses all the way up the supply chain to infect every aspect of business. Although cyber-attacks seem to be an eminent threat, there are ways to mitigate the risks involved in global sourcing and production management initiatives.
Read more about the increasing cyber-attacks at Supply Chain Management Quarterly.