Supply Chain Risk: Insights on the Issues and a Look at Hacking Threats

Before Peter Smith left as managing director of Spend Matters UK/Europe at year’s end, he held a webinar on supply chain risk with riskmethods’ leader in North America, Bill DeMartino.

“Supplier and supply chain risk can never be eliminated,” Peter wrote after the December webinar, “but it can (in some cases) be avoided, it can be mitigated, shared or ignored. But there are some clear best practice steps that need to be taken to manage risk properly.”

They also talked about a whole range of risks and what’s driving them, and the conversation also covers what to expect in 2019.

“We talked about the need for risk management to run throughout the end-to-end supplier engagement (or “source-to-contract”) process — this can’t be something you just do when you on-board a supplier,” Peter wrote. “Then we looked very briefly at the six short briefing papers we have published with riskmethods, including the latest one which is all about cyber risk.”

The latest white paper offers insights into different hackers, like these:

  • Malicious amateur: A hacker who breaks into systems just for the challenge, without any specific motivation tied to the company
    under attack.
  • Criminal attacker: A hacker who breaks into systems with the goal of committing a criminal act that is enabled by the break-in (extortion, blackmail, selling data, etc.).
  • Competitive attacker: A hacker who breaks into systems in order to put a competitor at a disadvantage.
  • State-sponsored attacker: A hacker who acts as a representative of a country and is looking to disrupt other countries via cyber attack.

The paper also details the effects that a supply chain cyber attack can have on your organization, and it gives tips on mitigating the cyber risk in your supply chain. You can download it here.

The webinar is worth your time, and Peter even tells a supply chain risk joke.

You can listen to the webinar, "Understand the Risk Big Picture — It Doesn't Stop at Supplier Risk," at your leisure — just register here for the link.

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