Cyber crime is an increasing challenge for supply chains as organisations have become more and more reliant on technology.
So it is not entirely surprising that two thirds of respondents to a global survey by the Business Continuity Institute said they had experienced at least one cyber incident during the previous twelve months. Not only that, 15 per cent experienced at least ten incidents during the same period.
The Cyber Resilience Report, based on a survey of 369 business continuity and resilience professionals conducted by the BCI and sponsored by Crises Control, found the top cause of disruption was phishing and social engineering, with over 60 per cent of companies reporting being hit by such an incident over the past 12 months, and 37 per cent hit by spear phishing.
It also found that 45 per cent of companies were hit by a malware attack and 24 per cent by a denial of service.
These are all threats that render an organisation’s network inoperable, and while 31 per cent of organisations said they respond within one hour, 44 per cent take more than two hours, and 19 per cent take four hours or more.
And the costs associated with these incidents can be very high. although 73 per cent reported total costs over the year of less than €50,000, six per cent reported annual costs of more than €500,000.
With today’s extended supply chains, an attack on one small part can bring the whole chain to a standstill. And these challenges are only going to grow over the coming years, so having a strategy to respond quickly will be ever more vital.