The study found that 98 percent of surveyed businesses said they were negatively impacted by supply chain cybersecurity breaches, an increase from 2021.
New York, November 10 October 2022 /PRNewswire/—— blue voyageran industry-leading cyber defense firm that combines internal and external cybersecurity, today released its findings Third Annual Survey on Global Supply Chain Cyber Risk Management. The study showed that 98% of the companies surveyed were negatively impacted by a cybersecurity breach that occurred in their supply chain. This is a slight increase from 97% of respondents last year. Digital supply chains consist of external suppliers and suppliers with potentially compromised network access.
“The survey shows that supply chain cybersecurity risk has not decreased, in fact, more businesses than ever report being negatively impacted by supply chain cybersecurity disruptions,” said Adam Bixler, Head of Global Supply Chain Defense at BlueVoyant. “The good news is that supply chain defense is a priority for organizations across industries and regions, but these organizations need to better monitor suppliers and work with them to resolve issues to reduce their supply chain risk.”
Other key findings include:
- 40% of respondents rely on third-party vendors or suppliers to ensure adequate security.
- In 2021, 53% of companies said they audited or reported on vendor security more than twice a year; by 2022, this number has increased to 67%. These numbers include real-time monitoring of the enterprise.
- Budgets for supply chain defense are increasing, with 84 percent of respondents saying their budgets have increased over the past 12 months.
- The biggest pain point in the report is the internal understanding across the enterprise that vendors are part of their cybersecurity posture, meet regulatory requirements, and work with vendors to improve their security.
“While supply chain defense is a challenge, companies have solutions to better protect against this risk,” he said. James Rosenthal, CEO and co-founder of BlueVoyant. “Businesses should continuously monitor their supply chains so they can quickly remediate threats. If companies are negatively impacted by supply chain disruptions, they must prioritize this risk with an appropriate budget.”
Conducted by independent research firm Opinion Matters, the study documents the views and experiences of 2,100 Chief Technology Officers (CTOs), Chief Security Officers (CSOs), Chief Operating Officers (COOs), Chief Information Officers (CIOs), CIOs. Security Officers (CISOs) and Chief Procurement Officers (CPOs) responsible for supply chain and cyber risk management in organizations with more than 1,000 employees across industries. These include: business services, financial services, healthcare and pharmaceuticals, manufacturing, utilities and energy, and defense. It covers 11 countries: the United States, Canada, Germany, Austria, Switzerland, France, DutchThis U.K., Australia, Filipinoand Singapore.
The 2021 study, also conducted by Opinion Matters, documents the views and experiences of 1,200 CTOs/CSOs/COOs/CIOs/CISOs/CPOs in similar businesses and industries. It covers six countries: the United States, Canada, Germany, DutchUK and Singapore.
An analysis of responses from different business sectors shows that their experiences with supply chain risk vary widely:
- While the healthcare and pharmaceutical industries ranked third for increased board scrutiny of supply chain risk at 42%, the industry also indicated the least likelihood of increasing the budget for external resources to strengthen supply chain cybersecurity, at 7% under Below a nearest vertical line. The industry is also the least likely of all verticals to know if there is a problem with a third-party environment (34%).
- The energy industry is most likely to report the negative impact of at least one supply chain breach in the last year (99%), but 49% monitor supply chain cyber risks regularly or in real time, and 44% update senior leadership on a monthly or more frequent basis. Additionally, energy companies say they are increasing their budgets for supply chain cyber risk by an average of 60 percent.
- In manufacturing, 64 percent of respondents said supply chain cyber risk was on their radar, and 44 percent said they had a comprehensive enterprise risk management program in place.
Learn more about the full global BlueVoyant research report: “The State of Supply Chain Defense: Annual Global Insights Report”, including analyses across countries and verticals.
About BlueVoyant
BlueVoyant integrates internal and external cyber defense capabilities into a results-based platform called BlueVoyant Elements™. Elements is cloud-native and continuously monitors your network, endpoints, attack surface and supply chain for vulnerabilities, risks and threats across the clear, deep and dark web; and takes action to protect your business while leveraging machine learning-driven Automation and human-led expertise. Elements can be deployed as stand-alone solutions or together as a full-spectrum cyber defense platform. BlueVoyant’s approach to cyber defense revolves around three key pillars – technology, telemetry, and talent – delivering industry-leading cyber security to more than 700 customers worldwide.
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