More than half of companies believe supply chain disruptions have heightened cybersecurity risks to their businesses and altered the threat landscape, Logistics Management found.
While many risk managers are worried about how artificial intelligence could assist cyber criminals with their schemes, they are also leaning into certain technological advancements to combat the ever-evolving issue of supply chain risk.
Why aren’t traditional risk management methods more effective?
According to Logistics Management, standard risk management methods like periodic assessments and supplier questionnaires often fail because of:
- Manual operations: Many risk management entities send questionnaires to suppliers to find out how they deal with vulnerabilities. Then, the managers must manually collect and collate the responses so the information provided may not be current.
- Inaccurate data: With suppliers self-supplying data, it may not always be reliable. Suppliers may attempt to hide vulnerabilities or give outdated information.
- Delayed detection: Periodic assessments only give a snapshot of one moment in time, so newer threats may not be detected before they become serious problems.
- Limited insight: Traditional, static supplier assessments might miss more complex or hidden threats.
So, how can organizations manage growing cyber supply chain risks when working with third parties? In our slideshow above, we’ll look at five tips for risk managers courtesy of Logistics Management.
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