How to Manage Third-Party Supply Chain Security Hacks

Cyberattacks targeting supply chains have drastic consequences for organizations – and their customers. Last year, supply chain security hacks impacted more than 180 million people, up from 36 million in 2020.¹ With stolen or compromised credentials named the most common cause of a data breach in 2022 by IBM – and the cost of a data breach averaging $4.35M² – it’s clear that businesses need more robust tools to prevent credential leaks from third-party access. 

In this blog post, we’ll explore the risks associated with supply chain attacks and how the right cybersecurity solution can keep your business – and your customers – safe.

Why Is Managing Third-Party Access Important?

One of the most common ways a supply chain security hack can occur is through leaked third-party credentials. This happens when a hacker steals credentials from a third-party vendor or supplier with access to your network, enabling the attacker to breach your systems and data.

The risks of third-party credential links are significant since they allow a malicious party to:

• Steal sensitive or confidential data, which can have serious financial and reputational consequences for your business.
• Carry out further attacks on your systems, potentially causing even more damage.

And as if these reasons aren’t enough, your business could also face legal and regulatory consequences if found negligent in protecting data.

How Do You Manage Third-Party Supply Chain Security Hacks?

So, what can you do to mitigate the risks of supply chain attacks targeting third-party access? Here are a few strategies:

• Vet vendors and suppliers thoroughly: Before partnering with a vendor or supplier, you should do your due diligence to review their security practices and protocols. This can include conducting security assessments, performing audits, and asking for references from other organizations they’ve worked with.
• Implement strong access controls: Implementing strong access controls to limit third-party access should be a top priority. One of the easiest ways to strengthen your access control is to use tools such as multi-factor authentication and apply policy-based privileges.
• Monitor for unusual activity: Make sure to regularly monitor your network for any unusual activity. Signs that may indicate a supply chain attack is underway can include unusual login activity, unauthorized data access, and unplanned changes to system configurations.
• Have a response plan in place: Finally, you should have a response plan in place in case a supply chain attack does occur. This can include developing procedures for identifying and isolating compromised systems, notifying affected parties, and conducting audits to identify areas for improvement.

Safeguard Your Supply Chain With Safous ZTA

While you can implement a wide range of strategies to manage third-party access, there’s no guarantee of total safety from security hacks. Third-party risks are now one of the greatest threats to the supply chain, so staying vigilant and taking proactive steps to secure your corporate network is critical. 

Safous can help you save on costly data breaches – without compromising your network access – with our cutting-edge ZTA platform.

With Safous ZTA, you can implement security control at a more granular level with features designed to prevent third-party risks, including multi-factor authentication, single sign-on, and one-time passwords. Plus, your employees will still have fast, secure access to the systems and data they need to stay productive, regardless of location.

Ready to learn more about securing your supply chain with Safous ZTA? Contact us today to get started.

Sources: 

1. https://www.comparitech.com/software-supply-chain-attacks/
2. https://www.ibm.com/reports/data-breach