Supply chain attacks are on the rise due to two main factors. Firstly, there is a growing trend among companies to outsource critical business functions to external providers, which is often a strategic move. Secondly, threat actors continue to focus on exploiting the weakest link in an organization, which is increasingly becoming its network of suppliers.
Many organizations struggle with managing the risks posed by third-party suppliers because they are not within direct control. It is easier to monitor and secure in-house operations, but challenging to ensure the safety of external providers. This lack of control poses a significant threat to the overall security of an organization.
The issue with traditional Third-Party Risk Management (TPRM) programs lies in the fact that they are often approached as governance and compliance exercises. The primary goal becomes demonstrating compliance rather than effectively reducing security risks. This mindset leads to a lack of proactive effort in managing third-party risks, ultimately diminishing the value of such programs.
To address these challenges, it is crucial to adopt a more robust and collaborative approach with suppliers. Establishing open and transparent communication channels early on in the relationship can create trust and facilitate a more fruitful exchange of security information. By building strong relationships with the security teams of suppliers, organizations can better respond to threats and minimize the impact of security incidents.
Moving Third-Party Risk Management into the realm of Security Operations (SecOps) can also enhance the effectiveness of risk management practices. By involving Security Operations teams in the assessment and monitoring of supplier risks, organizations can leverage critical threat intelligence data to proactively address vulnerabilities and respond to attacks swiftly. This shift in perspective allows for a more holistic approach to managing supply chain security.
In conclusion, collaboration is key to effective supply chain security. The SolarWinds attack highlighted the interconnected nature of security incidents and the importance of shared data and insights among organizations. As businesses rely more on outsourcing and digitalization, it is essential to work together to defend against evolving threats. Transitioning TPRM from a compliance exercise to an operational challenge is crucial for enhancing security readiness and response capabilities.
The author of this article, Emily Hodges, emphasizes the importance of collaborative efforts in securing the global supply chain ecosystem. With a background in mathematics and cryptography, Hodges brings a unique perspective to supply chain security and advocates for a shift towards more proactive and collaborative approaches to risk management. By rethinking traditional TPRM practices and involving Security Operations teams, organizations can better protect their supply chains against security threats and incidents.
Overall, the key takeaway is that organizations need to view supply chain security not just as a regulatory requirement, but as a critical operational concern. By fostering collaboration, building strong relationships with suppliers, and leveraging threat intelligence data, businesses can strengthen their resilience against supply chain attacks and mitigate potential risks effectively.