The interconnected nature of business networks, their systems and their data leaves suppliers and the primary organization open to threats and attacks that broadly fall under the category of supply chain cyber risk. Cyber attacks have only increased in recent years, and even a minor breach can damage a company’s operations, finance and reputation due to how much sensitive information has been digitized. This risk only deepened with the emergence of generative AI (GenAI), which has given cybercriminals a new tool to engage in malicious activities. These factors explain why the World Economic Forum includes AI-generated misinformation and disinformation and cyberattacks in its top 5 risks for 2024.
Therefore, cybersecurity supply chain risk management (C-SCRM) is growing in importance, as illustrated by Deloitte’s recent TPRM survey that puts cyber and information security risks at the top of procurement organizations’ concerns.
Find our in-depth guide to third-party and supply chain risk management with accompanying free download here.
What causes cyber risk?
Cyber risk inherently comes with the presence of a digital infrastructure. The reasons may vary…
