Strategies for supply chain security
Ready or not, the supply chain is under siege. Cyber attackers are growing bolder in their attempts to infiltrate supply chain partners in every industry, be it to steal digital assets, hurt operations, or hold valuable data for ransom.
“Supply chain companies face enormous risks and significant pressure in terms of business disruptions, security and safety of infrastructure, theft or loss of confidential data and a barrage of cybercrime including ransomware and other forms of malicious cyberattacks,” writes Steve Durbin in his article for SupplyChainBrain.com, noting, “Security researchers have identified at least four different types of “wiper malware” (malware that wipes systems and destroys information) unleashed during the Russian conflict. The truth is, our world simply cannot afford another NotPetya type of cyberattack known to result in catastrophic collateral damage and a level of disruption capable of erasing up to half a year’s worth of profit or more.”
No sector is immune from these cyber risks. That includes Canada’s HVAC community, in which manufacturers, suppliers, retailers, and all other supply chain partners can become targets without warning. And when one link goes down, the rest are at risk.
“Because our global economy is so tightly interwoven, cyber fortifications must not happen in isolation,” adds Durbin. “Instead, they must encompass the entire cyber ecosystem, including that of supply chain partners and other layers like sub-suppliers. Organizations and suppliers together must form a collective resilience that proactively neutralizes cyber risks as they manifest.”
More than ever, resiliency is key. Fortunately, companies can take several steps to raise their cyber defenses and protect their part of the supply chain.
Read Five Ways to Secure the Supply Chain in Times of Conflict for insights on staying one step ahead of emerging threats.
Back to Newsletters
