Supply Chain Risk Management

Supply Chain Risk 

In this age of escalating cyber threats, securing your supply chain has never been more critical. Supply chain risk refers to the potential threats and vulnerabilities that can compromise the security and reliability of your business’s supply chain. It involves identifying, assessing, and mitigating the risks associated with sourcing goods, services, and data from external parties. Recent high-profile cyber incidents, such as the SolarWinds breach, Log4j vulnerability, and the JBS cyber-attack, have underscored the gravity of supply chain risks. These incidents shook industries and organizations to their core, resulting in data breaches, financial losses, and damaged reputations. Learn more here (link to blog expanding on what we learn from these incidents)

• SolarWinds: Attackers infiltrated SolarWinds’ software updates, compromising thousands of customers.
• Log4j Vulnerability: A critical flaw in the Log4j library exposed countless applications to remote code execution.
• Several companies, including Aer Lingus, Boots, and Sony, had their data compromised through a vulnerability in the MOVEit document-transfer app, which was exploited by the Russian Clop ransomware group. This breach occurred indirectly through their payroll services provider, Zellis. Zellis did not disclose specific details about the affected customers or the data accessed but attributed the breach to the MOVEit vulnerability, which was assigned CVE-2023-34362.

The Solution

We provide comprehensive solutions to safeguard your supply chain from these threats. Our unique approach includes:

• Real-time Cyber Risk Profiles: Our innovative approach involves offering real-time, dynamic risk ratings that assess and rate the cyber risks within each of your suppliers. We identify the key risks within your supply chain, keeping you continuously updated and alerting you to key changes in risk. This capability empowers you to take immediate action against emerging threats.
• Continuous Monitoring: Our team of experts works diligently to provide continuous monitoring of your supply chain. This proactive approach ensures that we can identify and mitigate any potential risks promptly, reducing the chances of costly disruptions.
• Vulnerability Scanning: We take a proactive stance by scanning your entire supply chain for vulnerabilities. This practice allows us to identify weak points that could be exploited by threat actors. By addressing these vulnerabilities promptly, we help you maintain a robust cybersecurity posture.
• Incident Response: In the unfortunate event of a cyber incident, CommSec is your trusted partner. We offer a swift and effective incident response to minimise damage and recovery time, helping you navigate and recover from cybersecurity breaches with confidence.

CommSec’s comprehensive approach leverages real-time risk assessments, continuous monitoring, vulnerability scanning, and expert incident response to enhance your third-party cyber risk management. We understand the importance of safeguarding your business from evolving threats, and our solutions are designed to empower you in this ever-changing digital landscape.