Risk factorsBusiness organisations need the internet in order to run their business, it is almost impossible nowadays to run a successful business without making use of the internet (whether we’re talking about cloud applications, online platforms that help you interact with clients etc). As we mentioned above using the internet to run your business comes with risks. Procurement is one department of your business that is quite prone to cyberattacks, as it expands its supply base complexity and adopts interconnected software systems, thus making it easy for cyber attackers to infiltrate other departments as well. Globalisation and working with a large base of suppliers from all over the world is opening businesses to a wider group of threats within the supply chain, these activities can leave the company open to foreign entities that might try to exploit weaknesses in IT infrastructure, gaining access to consumer data and intellectual property in the process. Not taking into account potential risks and not having implemented the appropriate safety measures (from technical solutions to compliance and safety policies) can make your organisation an easy target for cyberattacks. A lot of the times companies are not aware of the consequences a cyberattack can bring. Here are some areas that could be affected during a cyberattack.
- Data deletion (from customer data to employee and supplier data) which in addition can leave your business partners more vulnerable to cyberattacks
- Exposing company information, such as intellectual property
- Material losses (from logistical errors to hacking into financial accounts)
- Losing clients – if word is out that your company has been the victim of a cyberattack you could very well expect to lose clients. Many clients request the signing of an NDA with their suppliers, and a cyberattack can, involuntarily, make you breach that NDA
Improving cybersecurityNow that we are aware of the threats that cyberattacks carry and we understand the risks that companies are exposed to, let’s see how we can reduce risk and protect our organisation.
- Strengthening relationship with IT
- Supplier management
- Implement cybersecurity software solutions
- Adopt a data security standard
- Develop a recovery plan