Nearly Half of Firms Monitor Supply Chain Risks Regularly, Study Reveals

A recent study has discovered that nearly 47% of organizations are monitoring their supply chain risks on a monthly basis or more frequently. This trend is in response to the increasing number of supply chain attacks, which have been rising in frequency and severity due to the global pandemic and the subsequent shift to remote work.

Rise in Supply Chain Attacks

The study, conducted by the Cyber Security Hub, has shown a significant increase in the frequency of supply chain attacks. These attacks are becoming more sophisticated, targeting various levels of the supply chain, from manufacturers to end consumers. The shift to remote work due to the pandemic has further exacerbated the situation, creating new vulnerabilities for malicious actors to exploit.

Organizations’ Response to the Threat

In response to this threat, many organizations are investing in bolstering their supply chain security. The study found that 47% of organizations surveyed are monitoring their supply chain risks on a monthly basis or more. This proactive approach is aimed at identifying potential threats before they can cause significant damage and disruption.

Importance of Robust Supply Chain Security

The study underscores the importance of a robust supply chain security, especially considering the rising complexity of supply chains due to globalization and digitalization. Companies that fail to prioritize supply chain security risk suffering financial losses, reputation damage, and potentially significant operational disruptions.

As supply chain attacks become increasingly common and sophisticated, organizations are taking proactive steps to monitor and secure their supply chains. With nearly half of the organizations already monitoring their supply chain risks on a regular basis, the importance of robust supply chain security in the modern business landscape has been highlighted.