During the 2023 World Economic Forum, 93% of cybersecurity leaders and 86% of business leaders believe that there is a considerable possibility of a widespread and disastrous cyber incident occurring within the next two years. Furthermore, 43% of organizational leaders anticipate that their organization will be greatly impacted by a cyberattack during this time period.
The increased connectivity brought by technologies like Artificial Intelligence (AI), machine learning and automation offers numerous benefits to supply chains, including improved efficiency, transparency, and optimization. However, it also exposes supply chains to higher risks of breakdowns and significant impacts. It is crucial for organizations to implement robust cybersecurity measures, conduct regular risk assessments, and stay updated with emerging threats to mitigate these risks effectively.
Below are the three major risks that businesses are facing and mitigate the possible supply chain implications from.
1. Geopolitical Fragmentation Causing Cybersecurity and Data Protection Challenges
Geopolitical strain could be the cause of an increase in the unpredictability of cyber-risk, with a wider range of accessible malware, and alterations to the kind of assets or activities that attackers are targeting. This unsteadiness has made it increasingly hard to plan strategically for the operational facets of a company’s cybersecurity protocols.
2. Balancing Value of the Latest Technology with Risks of Cybersecurity Breaches
The challenge for organizations is that, as technology advances, the cyber landscape continues to evolve. This means that the risks associated with the technologies can change quickly, and organizations must be prepared to respond accordingly. To do this, it is essential for organizations to have a comprehensive understanding of the risks associated with the technology they are using and the measures that must be implemented to mitigate those risks.
3. Challenge of Recruiting and Retaining Cyber Talent for a Resilient Cyber Security Future
The 2022 World Economic Forum Outlook Report revealed that cyber leaders reported not having enough personnel and skills to handle a cyberattack, and admitted to having a critical shortage of skilled staff.
Business Leaders to Take Charge on Creating Cyber Resilience
In the years to come, the cyber environment is expected to become increasingly intricate. Business leaders expressed concern about the level of cyber resilience in their business. “To ensure systemic cyber resilience in the long run, business leaders must take steps now to build robust cyber defenses especially when technology is advancing at an escalating rate. Achieving cyber resilience is a continuous process and commitment”, said Tony Lugg, Chairman of TAPA-APAC.
To break the cycle of cyber threats, it is essential for public and private sector organizations to communicate clearly and coordinate their efforts. This requires a risk-driven improvement plan that is tailored to the specific needs of each organization. One important aspect of this plan is ensuring that all members of the organization are fully trained and equipped to handle potential cyber threats.
TAPA Cyber Security Standard (CSS)
The TAPA CSS is a set of industry guidelines developed by TAPA to address cyber risks and data challenges associated with the supply chain. It provides a framework for companies to assess, implement, and maintain robust cybersecurity programmes throughout their supply chains. The CSS covers various aspects of Information Security, IT Infrastructure Security, Data Protection for secure operations and data collection through digital platforms, including SaaS and PaaS.
Adhering to the TAPA CSS helps companies reduce the risk of cargo theft, minimize supply chain disruptions, and protect their assets and reputation. Compliance with the standards may also lead to reduced insurance premiums, as insurance providers often consider TAPA certification as an indicator of improved security practices.
To discover how your company can meet the globally recognized TAPA Cyber Security Standard (CSS), please email TAPA APAC at info@tapa-apac.org.