The recent cyber incident involving DBS and Bank of China Singapore, where customer data has been reportedly extracted after a ransomware attack on a printing vendor, serves as a reminder for organisations to scrutinise their vendors and other third parties closely.
Digital supply chain attacks often infiltrate organisations through the weakest link. The data breach incident is only one addition to a growing list of significant cyberattacks in the region in recent years that likely originated from a third-party vendor. Organisations are often attacked through their wider digital networks, with more suppliers, service providers, and partners having more access to sensitive data now than ever before. Financial services organisations manage a range of sensitive data, all of which are highly valued on the dark web.
Many Singaporean organisations say they do not prioritise supply chain cyber risk management or are unaware of cyber security gaps in their supply chains. BlueVoyant research shows over a third (35%) of Singapore organisations said they have no way of knowing when a cyber security incident occurs within their supply chain and rely on self-reporting. In…
