The world economy, from corporations to small businesses, depends on the supply chain to efficiently move market goods and services. Unfortunately, a growing concern exists about cyberattacks causing massive global supply chain disruption.
Cybercriminals in recent years have adopted sophisticated mechanisms that target supply chains to disrupt operations. For instance, in 2017, Maersk, a shipping and logistics leader, was under a cyberattack that cost the company $300 million due to shutting down systems. Merck, a global pharmaceutical firm, was also hit with a cyberattack in 2017, disrupting the company’s distribution networks. Both companies were affected directly, and all their customers also felt the impact.
Supply Chain Disruption Can Have Devastating Effects
Cyberattacks pose a significant risk that can lead to financial losses for any business. Online criminals target supply chain systems to acquire crucial customer data, steal intellectual property, disrupt operations, and hold them for ransom. These attacks can put companies out of business, and as in the example above with Merck, it could also put people’s health and lives at risk if medication shipments get held up.
Vital Communication and Preparation Guidelines
Each business’s prerogative is to take the necessary steps and guard against possible attacks on its supply chain. Companies should have coordinated approaches to cyber security with their suppliers and vendors, schedule regular security reviews, and agree upon security measures, including malware protections and encryption protocols.
Common Cyberattacks That Threaten Supply Chain Disruption
Global cyberattacks rose by 38% in 2022. With so many moving parts and areas of vulnerability in global supply chains, a priority must be placed on accounting for all possible access points and methods of a potential cyberattack.
Phishing Attacks:
An astonishing 91% of cyberattacks come via email phishing. Attackers use deceptive emails and websites to lure victims into giving or revealing crucial personal information like financial details and passwords.
Distributed Denial of Service (DDoS) Attacks:
Cyber criminals use this method to disrupt supply chain operations by flooding the target system with traffic, making it inaccessible to legitimate users.
Malware Attacks:
These are used to compromise and infect supply chain systems, resulting in data theft and disruption of operations.
SQL Injection Attacks:
This attack exploits web application vulnerabilities to acquire access to crucial data or disrupt operations.
Ransomware Attacks:
This attack can encrypt data and other important information while demanding payment before they release control back to you. Even then, there is absolutely no guarantee that they will.
Cybersecurity is Necessary for Supply Chain Resilience
The advancements in technology and communication that have made the global supply chain what it is today are the same reasons it is in constant jeopardy of cyberattacks. From manufacturers, providers, shippers, and customers all being connected, there are many points of exposure to consider.
Companies need to accept this as a regular business function from now on. Not only to protect against an attack but to help mitigate any production shutdown time in the event of one.
This is where you need to rely on the experts. The threats are constant and ever-evolving. TCI Technologies will take the worries out of your cyber security and keep your supply chain from being interrupted or worse.
