Protecting your company from cyber risks in a digitally interconnected world requires an understanding of cybersecurity risks associated with the supply chain. To manage these risks and enhance your company’s resilience, a comprehensive approach known as Cyber-Supply Chain Risk Management (C-SCRM) is essential.
Supply Chain Risks Threaten…
- Your company’s trade secrets.
- Your reputation.
- Your operational capabilities.
- Your trustworthiness.
To establish effective Cyber-Supply Chain Risk Management, follow these 5 steps to appropriately respond to threats in the supply chain:
Effective Cyber-Supply Chain Risk Management in 5 Steps:
- Identify Personnel Connected to the Supply Chain: Recognize all employees involved in the supply chain to understand potential vulnerabilities.
- Evaluate the Effectiveness of Supply Chain Practices: Gain a deeper understanding of your supply chain and suppliers, assessing the effectiveness of your current practices.
- Monitor and Document Assets: Keep track of the hardware, software, and services your company acquires, prioritizing them based on criticality. Ensure the entire lifecycle of assets is monitored and documented.
- Maintain Relationships with Suppliers and Service Providers: Foster a deeper understanding of your supply chain by maintaining close contact with suppliers. Implement control structures to ensure your suppliers have an adequate security culture.
- Bundle Expertise: Form a team with representatives from various departments such as IT security, product development, legal, logistics, procurement, or marketing. Collaboration across departments is crucial for a holistic understanding and strategic decision-making.
Ongoing Management Insights | 2023
Regularly evaluate the effectiveness of your C-SCRM and develop metrics to gauge the success of your measures. This ongoing assessment ensures a timely response to (cyber)security risks and disruptions in your supply chain.
Monitoring Assets and Documentation:
Ensure awareness of the origin and usage of hardware, software, and services. List all assets critical to business operations and prioritize them based on potential negative impacts.
Nurturing Supplier Relationships:
Build transparency in your supply chain to manage risks arising from your suppliers’ relationships. Establish communication plans and control structures to assess your suppliers’ security culture.
Collaborative Expertise:
Identify all employees involved in the supply chain and form a team that spans relevant departments. Collaborate to gain a comprehensive understanding and make informed strategic decisions.
Creating Standards:
Develop policies, strategies, and processes to address supply chain risks. Establish standardized processes for supply chain risk management, considering best practices, industry standards, and legal requirements.
For more information, visit the BSI website: www.bsi.bund.de