The most common risks in supply chain companies are data leaks, supply chain breaches, and malware attacks. Data leaks can come from both internal and external sources. Intrusions and breaches by internal threats, including competitors, managers, and hackers, may release confidential business information.

Most security breaches happen when a hacker or a malicious user gains access to an operating system or network without authorization.

Companies should always stay vigilant to threats against their supply chain, and when adding security or protection. CFOs should be mindful of all the risks, including the third party vendors they partner with. The greatest risk in the supply chain is unverified or dishonest vendors. If you do not verify a vendor and instead you take their word, that is not enough to take proper security precautions.

For CFOs to be able to prioritise cyber security in their supply chain, it’s critical not to take shortcuts when it comes to third-party due diligence and screening. The typical process includes screening, verification, and creating policies like zero-trust to minimise the chance of attack.

Although no business is completely safe from supply chain threats. Companies can minimise the risk of attacks and minimise the fallout in the event of an attack by proactively communicating with their IT department and taking action quickly.

Those in a leadership position must follow a comprehensive response plan in order to ensure an efficient response to supply chain attacks. The documented plan must detail each leader’s role at each stage of the incident.

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