Baber Farooq, senior VP at SAP Procurement Solutions, highlights the rise of supply chain cyber-attacks. Despite the threat, organizations lack the know-how and resources to tackle them, underscoring procurement’s crucial role in enhancing resilience.
As companies and consumers increasingly rely on global, interconnected supply chains, procurement operations are now a favorite target for cybercriminals. The past two years have seen a worrying rise in cyber-attacks: Documented instances of supply chain-focused attacks have increased 633% over the past year – equating to a 742% average yearly increase in software supply chain attacks since 2019. With distributed, multi-tiered supply chains a standard for today’s businesses, these attacks will likely continue to increase in the years to come.
Despite growing threats, companies continue to fall behind — failing to invest in the resources or processes needed to prevent these attacks and respond effectively to large-scale incidents. In fact, according to a 2023 survey of 500 C-level executives by Economist Impact, cybersecurity was found to be the fourth-highest organizational risk priority,…
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