Six Methods to Strengthen Supply Chain Cybersecurity in 2024

Advanced tools and new methods can spot vulnerabilities and security gaps in the supply chain that were overlooked before. These necessitate monitoring systems for potential cybersecurity risks

As supply chains have become increasingly digital, they are also becoming more vulnerable to cyber threats.

Supply Chain Attacks by the Numbers

Newswire finds in Software Supply Chain Attacks To Cost The World $60 Billion By 2025 that the global annual cost of software supply chain attacks to businesses will reach USD 138 billion by 2031, up from USD 46 billion in 2023.

Cyentia Institute and SecurityScorecard Research Report say that 98% of organizations associated with third-party vendors have experienced data breaches in their supply chain system. 40% of third-party vendor breaches occurred through unauthorized network access.

Create a Robust Security Baseline

It should include:

  • Data encryption:

Encryption of sensitive data is necessary at every step—from data storage to its transition for multiple uses.

Security teams can use encryption algorithms such as Triple DES (3DES), Advanced Encryption Standard (AES), Twofish, Elliptic Curve Cryptography (ECC) to protect sensitive information as it flows through the supply chain.

  • Multi-Factor Authentication (MFA):

Implement MFA for all users accessing supply chain systems. MFA will add an extra layer of security and can help prevent unauthorized access from entering core systems.

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