Cybersecurity Smackdown: CSCOs, Your Supply Chain is Only as Strong as its Weakest Hacker!

When it comes to Supply Chain Cybersecurity Risks, CSCOs, you’re more player than boss. Treat suppliers and software providers as potential cyber threats. They provide crucial services, but also keys to your digital kingdom. It’s time for serious third-party risk management. Remember, you’re shopping for cyber safety, not a new car!

Hot Take:

Hey, CSCOs! You might be the boss of your supply chain, but when it comes to cybersecurity, you’re just another player in the game. That’s right, it’s high time you started treating your suppliers and software providers like the potential cyber threats they could be! Sure, they provide you with crucial components and services, but they could also be handing over the keys to your digital kingdom to hackers. So, let’s get serious and start managing these third-party risks, shall we?

Key Points:

  • Third-party risk management is vital for supply chain cybersecurity, and 60% of supply chain organizations will use cybersecurity risk as a key buying criterion by 2025.
  • CSCOs should execute a four-step supply chain cyber TPRM program: Conduct a business impact analysis, develop a business continuity plan, develop appropriate contract language, and develop a risk-based capability to select and monitor partners.
  • CSCOs must balance in-house or outsourced cyber TPRM functions based on their business risk needs.
  • The best scenario for supply chain cyber resilience is aligning it with the organization’s risk appetite.
  • CSCOs should utilize established cybersecurity standards and align their cybersecurity governance models to best practices.

Need to know more?

Step by Step, Risk by Risk

CSCOs, listen up! When it comes to managing third-party cyber risks, you need a plan. Start with a business impact analysis to identify your value drivers and operational assets, then develop a business continuity plan. Next, get your lawyers on speed dial and hammer out some contract language that ensures your partners are up to your cyber standards. Finally, develop a risk-based strategy for choosing partners and monitoring their compliance.

Shop Smart, Shop Cyber Safe

When selecting your cyber TPRM functions, you can't just go with the cheapest option or the one that promises the moon. You need to balance your risk appetite, the accuracy of risk information, the urgency of your needs, and cost utility. It's like shopping for a new car, but with higher stakes and less fun test drives.

No Such Thing as Total Safety

Sorry to burst your bubble, but there's no such thing as complete cybersecurity protection. The goal is to reach a level of cyber resilience that matches your organization’s risk appetite. So, get your stakeholders on board and agree on what level of protection you need.

Don't Reinvent the Wheel

You don't have to start from scratch when it comes to your cyber resilience strategy. Use established cybersecurity standards like NIST CSF or ISO 27001 to align your cybersecurity governance model with best practices. It's about understanding the trade-offs and aligning your stakeholders to a common set of best practices.
Tags: Business Continuity Plan, Business Impact Analysis, Cyber Resilience Strategy, Cyber Risk Appetite, Cybersecurity Governance Models, Supply Chain Cybersecurity, Third-Party Risk Management