New warnings about cyber attacks aimed at supply chain software
With two-thirds of companies having experienced cyber espionage, there are new warnings about cyber attacks affecting supply chain software. Cyber attackers are looking for new ways to exploit computer networks via the advantaged contact given to technology providers.
A survey, commissioned by CrowdStrike in July 2018, found that 66% of the 1,300 companies interviewed reported a software attack with almost 50% of said attacks being in the past year.
Despite these attacks having an average cost of $1.1m (£839,000), two-thirds of the companies surveyed were untroubled and did not see a cyber attack as a key business concern.
While many companies remain calm about an attack, key statistics from the survey show that:
- 34% of operations were interrupted
- 32% reported a stoppage time
- 28% said that it damaged customer trust
- 23% lost customers to competitors
- 14% had to pay ransom
The report also found that factors preventing organisations from having robust protection strategies included a lack of comprehensive security vetting practices for suppliers and third parties as well as the said companies having slow response times. Global average response time is 25 hours, though some were reported to be around 63 hours.
“Fast-moving, advanced threats like supply chain attacks require organisations to adopt new best practices in proactive security and incident response.” – Shawn Henry, CrowdStrike’s Chief Security Officer
Safeguard Your Business with Cyber Essentials
These statistics should remind businesses of all sizes that cyber security is a key concern. By obtaining a Cyber Essentials certification, your business can protect its data as well as customer confidence.
Cyber Essentials certification will help you:
- Secure more business – gain a competitive lead by being at the front of cyber security procedures
- Protect your business against common cyber threats – avoid the negative publicity and financial drain related to cyber attacks
- Comply with government requirements – bid for and win contracts with the appropriate certification in place
Interested in becoming Cyber Essentials certified? Download the Cyber Essentials Scheme summary to learn more.