Remember that time you borrowed your friend’s car to make a quick trip to the store, only to realize there was dog hair all over it – and now it’s all over your clothes, too? That’s kind of like a supply chain attack in the business world. Imagine a software program you use to manage customer data gets hacked. Hackers then use that breach to access the data of all the businesses using that program, not just yours. Scary, right? Supply chain attacks are on the rise, and according to a recent report, 45% of global organizations will experience a supply chain attack by 2025. While it might sound like something only big corporations need to worry about, small businesses are actually prime targets. Here’s why.

What is a Supply Chain Attack?

Think of your business ecosystem like a chain. You rely on vendors for everything from software and hardware to accounting services and marketing tools. A supply chain attack happens when a weakness in one of those vendor links gets exploited. That compromises the integrity of the entire chain.

Hackers can use a single compromised vendor as a steppingstone to reach multiple businesses in the supply chain. Imagine that your cloud storage service provider also provides software tools to other vendors you use. If the attackers gain access to that software, they could potentially use it to launch attacks on other businesses in the chain, including yours!

Why Should You Be Worried?

Many small business owners mistakenly believe that only large corporations are targets for cyberattacks. The truth is hackers often see small businesses as easier targets because they may have weaker cybersecurity measures in place.

The consequences of a supply chain attack for a small business can be devastating. First, you may not be able to operate for several days, weeks or, in some cases, months. You could face a data breach, lose valuable customer information, and suffer financial losses. Even worse, your reputation could be tarnished if customers lose trust in your ability to protect their data.

The recent Crowdstrike Incident is a prime example of a supply chain attack causing problems for organizations far and wide.

Protecting Your Business – A Two-Pronged Approach

Here’s the good news: there are steps you can take to protect your business from supply chain attacks. This is a two-pronged approach, combining some simple, DIY measures with the potential for professional help.

The High School Graduate’s Guide to Supply Chain Security:

Even without a tech degree, you can make your business more secure.

• Ask Questions! Before onboarding a new vendor, ask them about their cybersecurity practices. Simple questions like “Do you have a security policy?” and “How often do you update your software?” can reveal a lot.
• Empower Your Employees: Basic cybersecurity awareness training for your employees can go a long way. Teach them how to identify phishing emails and other common cyber threats.

The Cybersecurity Professional’s Toolbox:

For a more comprehensive defense, consider these options:

• Vendor Questionnaires: Don’t rely on simple questions alone. Develop a detailed vendor questionnaire that dives deep into their cybersecurity posture. Consider partnering with a cybersecurity professional to create this questionnaire.
• Cybersecurity Services: Hiring a cybersecurity service provider can be a game-changer. These professionals can monitor your systems for vulnerabilities, identify potential threats, and help you develop a comprehensive security strategy.
• Staying Updated: Keeping your software and security tools up-to-date is crucial. Patching vulnerabilities promptly closes the door to attackers.

Conclusion

Supply chain attacks are a growing threat, but you don’t have to be a victim. By taking proactive measures, you can significantly reduce your risk. Remember, even small steps can make a big difference.

Want to learn more? Our learning center offers a wealth of resources on cybersecurity best practices for small businesses.

Ready to take action? Schedule a free compatibility consult with our team to discuss how we can help you build a stronger cybersecurity defense for your business.