Top Supply Chain Security Practices You Need In Nigeria

How important is security in the supply chain?

Businesses must prioritize supply chain security over others since a compromise in their systems could interrupt their operations. Supply chain vulnerabilities can result in extra costs, and delivery inefficiencies.

How can supply chain security be improved?

Steps to Improving Your Supply Chain Security Program

• Know your suppliers and look upstream as well as downstream
• Conduct a risk assessment
• Utilize third-party testing
• Regularly scan and patch all vulnerable systems
• Use strong passwords.

What is the biggest threat to supply chain security today?

• The increased security threat from cyber and data privacy breaches.
• Failure of critical IT systems.
• Dependence on third-party suppliers.
• Third-party security vulnerability and digital supply chain resilience.
• Competition/anti-trust law scrutiny associated with M&A activity.
• Increased complexity of regulation.

As businesses raced to transition to cloud environments to keep their businesses’ lights on during the pandemic, security was largely an afterthought, but for attackers, it was top of mind.

As the pandemic’s timeline of events and progress unfolded, so did attack trends shift. Brands we relied on during social distancing and remote work were attackers’ favorite disguises.

In perhaps the most infamous attack of the year, thousands of customers, including several countries including the US government agencies, downloaded compromised SolarWinds updates.

In light of these rising threats, supply chain security is more important than ever. Here are a few pointers for improving safety.

Know your suppliers

It sounds simple, but many organizations we work with don’t know who their suppliers are.

You can start with procurement and ask them for a list, but you’ll often have to scan IT suppliers in detail, as well as everything from financial providers to courier companies. Many procurement departments vet suppliers only on service or supply charge levels, and small-dollar value suppliers don’t reach the threshold.

Understand the most common threats

Top cybersecurity threats to remain cognizant of include but are not limited to malware, phishing, and human error. A malware attack, or a virus attack, occurs when malicious software executes unauthorized action with the intent to cause damage to a computer, server, or other similar systems.

Phishing refers to the act of sending fraudulent communications that appear to come from a known and trustworthy source. With human error, individuals can make simple mistakes by mishandling data, leading to sharing sensitive information with the wrong recipient.

Security strategy assessments

To assess risk and compliance, you need to evaluate existing security governance—including data privacy, third-party risk, and IT regulatory compliance needs and gaps—against business challenges, requirements and objectives. Security risk quantification, security program development, regulatory and standards compliance, and security education and training are key.

Secure all IoT devices

Many have unknowingly created new vulnerabilities as supply chains have embraced new technologies. The widespread use of Internet of Things (IoT) devices to track inventories and shipments can put supply chains at risk. While these gadgets are extraordinarily helpful, they’re notoriously risky if companies don’t secure them properly.

Create an incident response plan

Supply chains must understand that no defense system is perfect. Disruptions in this industry are too risky, and it’s likely they will someday experience an emergency. They should create a formal incident response plan to enable quick, effective action should an unexpected event occur.

Equip workers appropriately

While cyber threats may be the most pressing aspect of supply chain security, organizations shouldn’t neglect physical security, either. Piracy, physical theft, and similar crimes are still relevant dangers. Supply chains can protect against these by hiring security staff and equipping them appropriately.

Supply chain security is essential in Nigeria

If a supply chain experiences a security breach, it could affect far more than the logistics company itself. That risk, coupled with the rising trend of supply chain attacks, makes these security steps essential.

These 5 points are not a comprehensive list of security procedures but cover the most important factors. Supply chain organizations should ensure they consider these steps and take further action if necessary.

Who is responsible for supply chain security?

Around one-third of surveyed cybersecurity professionals said that they are more responsible for preventing, detecting and resolving supply chain attacks than their suppliers. However, 53% said that their company and its suppliers are equally responsible for the security of supply chains.

What is a supply chain security assessment?

The purpose of the Supply Chain Security Assessment Model (Model) is to provide a streamlined, effective, and efficient industry-accepted approach for entities to evaluate supplier supply chain security practices.

What is international supply chain security?

This strategy establishes the overarching framework for the secure flow of cargo through the supply chain and builds on: existing national strategies, plans specific to individual segments of the supply chain or transportation system.

What are the major security threats?

Information Security threats can be many like Software attacks, theft of intellectual property, identity theft, theft of equipment or information, sabotage, and information extortion.

What are the top security threats?
In this article:

• Malware attack
• Social engineering attacks
• Software supply chain attacks
• Advanced persistent threats (APT)
• Distributed denial of service (DDoS)
• Man-in-the-middle attack (MitM)
• Password attacks.

Which are common security threats?

Some of the most common include trojans, viruses, ransomware, nagware, adware, spyware and worms. In 2022we’ve seen an increase in Surveillanceware (which is used to access sensitive data on devices), and Ransomware attacks (where adversaries encrypt data and demand a ransom).

What is software supply chain security?

Software supply chain security refers to the practice of identifying and addressing risks in the technologies and processes that are part of software development.