Cybersecurity in the supply chain involves protecting digital assets and information exchanged among suppliers, manufacturers and distributors. It aims to prevent unauthorised access, data breaches and disruptions that can impact operations. Key measures include access controls, data encryption, regular audits and fostering a security-aware culture. With the increasing complexity of cyber threats, organisations must adopt proactive measures to ensure the resilience and integrity of the global business environment.

Cyber Attacks

A cyber attack happens when an attacker accesses a company’s network via its suppliers or any other portion of the supply chain, introducing an infection which compromises company data.​

Cyber Security

Cyber security aims to reduce the risk of such cyber-attacks, protecting companies against the unauthorised exploitation of systems, networks and technologies thorough the whole supply chain network.

BEHIND THE SCENES

$1 trillion: The world economy loses more than $1 trillion each year due to cybercrime

To fully understand what drives a cyber attack, it is essential to deep-dive into the mind of a hacker. Analysing the method and motivations behind a cyber attack helps organisations further safeguard their digital assets. Here are a few possible reasons why hackers are motivated to conduct cyber attacks: 

1. COMPANY RATIONALITY

Companies often think their supply chain isn’t a cyber security risk because they don’t share anything valuable or confidential.​

2. HACKER’S RATIONALITY​

Any sensitive data that might cause reputational damage is important. A hacker might sell it or, ask for a ransom.​

3. TARGETED ORGANISATIONS

Small or medium size organisations with weak security are easy targets as their systems are much easier to access. Companies with large client bases are also valuable targets as they withhold vast data sets that can be used if breached.

4. MEDIA INVOLVEMENT​

Media buzz around compromised information unfortunately assist the motivations of a hacker as the data that has been stolen increases in its value. As a result, the ransom amount to retrieve the data also increases.

EFFECT ON THE ORGANISATION AND THE SUPPLY CHAIN

Organisations that suffer cyber security breaches may face significant fines. ​There are also non-financial costs to be considered such as: 

• Reputational damage
• Fines​
• Operational disruption​
• Loss of business​

175 days: The average number of time that a threat has undetected access in a network.

How can Novo-K help you protect your organisation?

Novo-K Cyber+ offers you more than just cybersecurity. Alongside a detailed analysis of your supply chain cyber security, you additionally benefit from guidance on next steps provided by an expert team of procurement specialists.

MONITOR

Here’s how Novo-K Cyber+ can help your organisation monitor cyber risks in your supply chain: 

• Unlimited Novo-K Cyber Plus reports​- Use reports to your advantage by identifying and uncovering potential cyber threats to your organisation. Our partner Darkbeam’s extensive coverage ensures unrestricted access to invaluable intelligence, allowing you to stay informed about emerging risks, potential data breaches and other cyber threats.
• 25 Threat intelligence keywords monitored by analytics​- Leverage the power of analytics to monitor and analyse 25 key threat intelligence keywords relevant to your industry. Our advanced analytics system keeps a vigilant eye on digital channels, identifying potential threats associated with specified keywords. Stay ahead of emerging risks with real-time insights, allowing you to proactively address and mitigate evolving cybersecurity challenges.
• 25 suppliers monitored for vulnerabilities​- Proactively assess and monitor vulnerabilities in up to 25 critical suppliers, receiving timely alerts and insights to fortify your supply chain against potential threats. Enhance the resilience of your business by staying ahead of supplier-related risks.
• Suggested communication with suppliers- Foster a proactive and collaborative relationship with your suppliers through our Suggested Communication feature. Receive tailored recommendations on effective communication strategies, enabling you to address potential vulnerabilities and strengthen your overall supplier network.
• Monthly report into emerging supplier vulnerabilities- Stay informed about the evolving landscape of supplier vulnerabilities with our Monthly Report feature. Receive a comprehensive overview of emerging risks within your supplier network, empowering you to make strategic decisions and implement targeted interventions. This insightful report serves as a valuable tool in your ongoing efforts to enhance the security and resilience of your supply chain.
• Financial checks​- Ensure supplier financial stability with real-time checks, empowering you to make informed decisions and mitigate risks associated with financially unstable partners. Strengthen your risk management strategy with this essential tool.

MANAGE

Novo-K Cyber+ does not stop at identifying cyber threats. After monitoring your organisation’s supply chain, our offering provides expert insights and recommendations on how to manage the cyber risks identified. Here’s how Novo-K Cyber+ can help you manage your cyber risk:

• “MONITOR” pack + below​- Elevate your cybersecurity with an all-encompassing solution. The package includes every feature from the MONITOR pack, ensuring comprehensive coverage and proactive defence against cyber threats.
• RASA (Risk and Assurance of Supply Assessment)- Mitigate risks and ensure the assurance of your supply chain with our comprehensive Risk and Assurance of Supply Assessment (RASA). This thorough evaluation identifies potential vulnerabilities, allowing you to implement targeted measures to fortify your supply chain.
• Lower rate cyber consultancy​- Access expert cyber consultancy services at a reduced rate. Benefit from professional guidance to enhance your cybersecurity strategy without compromising your budget, maximising the value of your investment.
• RPR – Risk Prevention Report- Stay ahead of potential risks with our Risk Prevention Report (RPR). This feature provides a detailed analysis of potential threats and vulnerabilities, offering actionable insights to pre-emptively prevent risks and fortify your organisation against emerging challenges.
• Supplier due diligence- Strengthen your supplier relationships by initiating direct contact and conducting due diligence. This feature empowers you to gather essential information, address concerns, and foster transparency, contributing to a more secure and reliable supply chain.​
• Recommended procurement approach – Streamline your procurement processes with our Recommended Procurement Approach. Benefit from strategic guidance on the most effective procurement practices tailored to your organisation’s needs, ensuring a secure and efficient acquisition process. Optimise your procurement strategy to align with industry best practices and mitigate potential risks.

BENEFITS OF NOVO-K CYBER+

Reputation Management​: Protection against reputational damage​

Legal Compliance and Risk Assurance​: Cyber crime and GDPR and DPA 2018 compliance​

Financial Security​: A breach could cost your organisation up to 4% of its annual global turnover or €20 million (about £18 million) in regulatory fines​

Business continuity: Minimising the risk of disruptions and ensuring the continuous operation of critical systems​

Global Connectivity: Enhancing secure communication and collaboration in an interconnected digital world​

Privacy​: Safeguarding individuals’ and organisations’ private information from unauthorised disclosure​

​For more information about Novo-K Cyber Plus please feel free to get in touch with us @ info@novo-k.com.