Security in Your Supply Chain

In today's interconnected business landscape, third-party vendors and partners play a pivotal role. From cloud service providers to supply chain partners, businesses often rely on external entities for critical operations. However, while we integrate these third parties into sensitive areas of our operations, a pressing question arises: Are they secure?

The Third-Party Security Dilemma

The security posture of a third party directly impacts your organization. A breach in their systems can easily translate to a breach in yours, especially if they have access to your data or IT infrastructure. This is unfortunately a frequent occurrence - demonstrated multiple times this year already.  Surprisingly, many businesses overlook third party risk, focusing on their internal security while neglecting the potential vulnerabilities introduced by external partners.

Steps to Ensure Third-Party Security

• Conduct Regular Audits: Periodically review the security measures of your third-party vendors. This includes understanding their data handling and storage practices, as well as their incident response plans. This can be as simple as requesting the data from them.
• Demand Compliance: Ensure that third parties adhere to recognized security standards and certifications. This might include ISO 27001, Essential 8, or other industry-specific standards. The process of becoming compliant may take time, so patience may be required here.
• Implement Strong Contracts: Legal agreements should clearly outline security expectations. Include clauses that allow for regular security assessments and specify consequences for breaches.
• Continuous Monitoring: Employ tools and services that provide real-time insights into third-party security postures. This helps in identifying and addressing vulnerabilities before they can be exploited. This step can be complicated, and may not be feasible for all organisations, but in general any 3rd party should be considered a risk and monitored accordingly.
• Educate and Collaborate: Foster a culture of shared responsibility. Regularly engage with third parties on security best practices, updates, and threat intelligence. This will require setting up a clear channel of comms between organisations - perhaps a shared Slack or Teams channel with respective IT/Security teams.

Consider it Essential

Third-party supply chain security is no longer optional; it's a business necessity. If you're keen on strengthening this crucial aspect of your cybersecurity strategy, then you've already taken the first difficult step. The road can appear complicated but is worth the effort - and we are always here if you want to call and discuss before you commit to taking the plunge.

After all - in an era where business boundaries are blurring, ensuring the security of every entity in your operational orbit is paramount.

Should you have questions or concerns, please contact us - Isaac Powell & Andrew Wheatley, Directors of Tayko Group