Emerging Threat
How to deal with emerging threats in your supply chain
At many cyber security industry conferences supply chain security is now high on the agenda. There is also a general consensus that third-party risk management (TPRM), at least with its current limitations, hasn’t really succeeded in keeping us safe, while imposing a huge time and resource burden on security teams. It’s time for a change.
It is Risk Ledger’s mission is to transform TPRM from a largely siloed, reactive and compliance-driven approach into a collaborative and active cyber defence discipline.
We are already busy working with our partners on turning our vision for hardening our collective supply chain security based on our new Defend-as-One methodology into reality.
For the first time, we are revealing our three-stage roadmap to transform TPRM in a series of three articles, authored by our CEO Haydn Brooks, in which he sets out:
The article "Cyber Security’s Achilles' Heel: The Escalating Threat of Supply Chain Attacks" focuses on how cyberattacks targeting supply chains are becoming a major risk for businesses. Hackers are increasingly going after vulnerabilities in third-party suppliers and service providers to breach larger organisations. These attacks can be hard to detect and cause serious damage, from data breaches to huge financial losses. The piece stresses that companies need to rethink their supply chain security, improve their risk management, and work more closely with their suppliers to stay ahead of these growing threats.
The article "Beyond Compliance: Why Third-Party Risk Management Is No Longer Enough" argues that simply meeting compliance requirements isn’t enough to protect businesses from the growing risks posed by third-party vendors. While compliance can cover the basics, it doesn’t address the full scope of potential threats, especially with evolving cyber risks and complex supply chains. The article stresses that companies need to take a more proactive and comprehensive approach to third-party risk management, focusing on ongoing monitoring, deeper partnerships with vendors, and a stronger focus on real-time security practices to really safeguard their operations.
The article "From Security Silos to Defend-as-One: Towards Collective Supply Chain Cyber Security" explores the need for a more unified approach to cybersecurity across supply chains. It argues that businesses often treat their cybersecurity efforts in isolation, which leaves gaps that can be exploited by cybercriminals. The solution is to shift towards a "defend-as-one" model, where companies and their suppliers work together to strengthen security at every level. This collaborative approach involves sharing information, aligning on security protocols, and collectively responding to threats, ultimately creating a stronger, more resilient supply chain that can better withstand cyberattacks.
The article "Taking TPRM from Compliance to SecOps: Building the First Digital SOC for the Supply Chain" discusses the evolution of Third-Party Risk Management (TPRM) from a basic compliance-driven process to a more integrated, security operations (SecOps)-focused approach. It highlights the need for businesses to build a digital Security Operations Centre (SOC) specifically designed for the supply chain, enabling real-time monitoring and proactive threat detection across all third-party relationships. This shift allows organisations to go beyond simply checking boxes for compliance, instead creating a dynamic, continuous security strategy that can quickly adapt to emerging threats and ensure stronger, more resilient supply chain security.
You can read all the articles via the links above, and please do get in touch with your own ideas for how to future-proof TPRM. We would love to hear from you.
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