Concerns are growing of cyberattacks on supply chains. Our research shows that more than half of companies believe supply chain disruptions have altered the cybersecurity threat landscape and heightened risk to the business. Two-thirds singled out generative AI as a concern, as companies fear that bad actors might use it to carry out new cyberattacks.
The numbers show that digital innovation comes with greater responsibility in terms of managing, responding to, and recovering from potential risk. Forty-one percent of organizations hit by major cybersecurity incidents in 2023 found that a third-party vendor was to blame, according to the Global Cybersecurity Outlook 2024 report by the World Economic Forum and Accenture—the result of rising cyber inequity.
Third parties with inadequate security practices become the weak links in the supply chain, offering entry points for cyberattacks. Just consider the recent CDK Global ransomware attack, which disrupted U.S. and Canadian auto dealerships and led to losses exceeding $1 billion.
Why does traditional risk management fall short?
Traditional methods like periodic assessments and supplier questionnaires often fail because…
