Security breaches in the supply chain increase by 68%

In today's digital landscape, businesses heavily rely on third-party software for their daily operations. This reliance has led to a surge in software supply chain attacks, which are becoming increasingly prevalent and sophisticated. These attacks exploit vulnerabilities in external tools or services to gain unauthorized access and compromise systems. The growing dependence on external software solutions amplifies the risk for organizations, making it imperative to bolster security across the entire supply chain.

According to Verizon's latest Data Breach Investigations Report (DBIR), cyberattacks in the supply chain have shot up by 68%. In addition, about 15% of all breaches in 2023 affected third parties, a significant increase compared to the figure of 9% reported in 2022.

This poses a new challenge for companies. Protecting customers’ and partners’ sensitive information from potential cyberattacks must be a priority, especially to mitigate the new threats that are spreading among cybercriminal operators. 

Risk assessment: an ally for cybersecurity systems

When hiring external providers, certain services and users are managed outside the company, which means that people who are not part of the organization gain access to its systems. This complicates the task of detecting breaches and potential threats in the devices that form part of the supply chain, thus increasing the likelihood of cyberattacks through this channel. 

In light of this, the solution lies in comprehensive analysis of the security status of all endpoints that have access to an organization's systems. 

By conducting a risk assessment, companies can proactively identify both current threats and potential risks and vulnerabilities across all their devices. This information enables organizations to tailor their cybersecurity systems to address any detected gaps, thereby mitigating the risk of attacks and protecting their data and confidential information.

Other tips to mitigate cybersecurity breaches 

Once the vulnerabilities in devices have been identified, companies need to recognize which solutions are appropriate to protect themselves against these weaknesses and be able to remediate them. We highlight some of these key measures below: 

• Patch Management: 

  A risk assessment can pinpoint the weaknesses in your devices and servers, but what now? With Patch Management solutions, companies can plan, implement, and manage the entire patch lifecycle to mitigate vulnerabilities that could compromise endpoint cybersecurity.

• Implement or adopt a zero trust approach: 

  One of the risks of allowing third parties to enter a company's systems is the possibility of losing control over who accesses sensitive information. Implementing zero trust technologies promotes a default-deny approach, ensuring that only authorized and trusted users, whether internal or external, can access the system.

• Establish a unified cybersecurity platform: 

  Given the exposure to potential third-party vulnerabilities, it's best to implement layered security to protect from all angles in case one security control fails. By adopting an integrated platform like WatchGuard's Unified Security Platform, businesses can create a cybersecurity system that safeguards networks, devices, users, and data from any threat across all aspects of their business model.

In short, establishing a cybersecurity protocol is a serious responsibility for organizations. To ensure that the measures implemented are as effective as possible, you need to run a risk assessment that detects vulnerabilities and threats throughout the supply chain as this strengthens protection against new threats. 

If you are interested in learning more about how to improve cybersecurity of companies, check out the following posts on our blog:

• Why an outdated router can compromise your company's security
• Ransomware attacks cost companies millions in 2023
• Poor cyber hygiene causes over 50% of cybersecurity incidents