In some industries, such as utilities, supply chain functions are largely logistical – making sure that purchased components arrive on time, in the right quantities, and at the right price. Regardless, mitigating vendor risk and delivering business results in a responsible way to your customers whilst sustainably applying your technology and expertise is key. By visualizing elements of the supply chain into different “blocks” you can approach product development much like a LEGO build, which can speed up development and reduce cost. However, characterizing all of these different blocks sufficiently requires input from the entire supply chain, as well as a grand plan for ensuring that the supply chain is secure enough and that no malicious hardware is added into the device.
IoT will reinvent supply chain management by improving the ability to openly communicate, have common goals, recognize the benefits of interdependence, and encourage the private development of cybersecurity supply-chain ratings and accreditation. Subsequently, organizations are increasingly adding IoT to their logistics operations in pursuit of greater visibility and efficiency in their supply chains — and to stave off disruptions to come.
In a supply-based organization, the supply chain is incented based on cost reduction, procurement is incented based on the lowest purchased cost, distribution and logistics are rewarded for on-time shipments with the lowest costs, sales is rewarded for sell-in of volume into the channel, and marketing is rewarded for market share. No matter how secure your supply chain, your service partners are also points of vulnerability.
Organizations have an opportunity to address supply chain security through industry-driven standards and programs. At the same time, leading practices organizations improve product delivery by practicing virtual warehousing and redefining the warehouses as knowledge centers for the entire supply chain.
Cyber risks may proliferate, but a cybersecurity organization can support a secure digital agenda. Organizations must also be proactive in preventing risk in other areas (for example, reputational risk) for which there is no governing or compliance standard. Hence, developing supply chain cybersecurity risk management plans as part of your wider supply chain risk management is an essential component of a complete cybersecurity program.
You really need to take a risk-based, process-driven approach to building cyber security throughout your product development life cycle. Access control procedures can be developed for the security program in general and for a particular information system, when required. When it comes to ensuring supply chain risk management, security-in-depth is the best practice.
Practitioners, and anyone else interested in learning more about how to design, manufacture, transport, store, deliver, and manage products under pressure to contain costs and produce results despite challenging circumstances, you (and many other supply chain managers) must transform rather than simply improve your operation.
Workplace crime can be disruptive to daily operations and can have devastating impact on your bottom line. Making IT risk management a continuous process, part of daily activities, is often overlooked by organizations, but is part of working toward continuous risk-centric programs. It is a commitment to forgoing the siloed practices that defined the governance, risk, and compliance (GRC) era and paving a new way to support secure business growth and enable business leaders with knowledge of cyber risk.
Want to check how your Supply Chain Cybersecurity Processes are performing? You don’t know what you don’t know. Find out with our Supply Chain Cybersecurity Self Assessment Toolkit: