Supply Chain Cybersecurity Alert: 70% of Singapore Organizations Impacted – Are You Protected?

Introduction

Singapore is one of the fastest-growing digital hubs in Asia. A lot of new companies are emerging in this region along with existing companies boosting their ventures. With this digital revolution, a threat is also rendering there.

Cyber Attack!

Incidents of supply chain cyber-attacks are increasing continuously. If you check cybersecurity news in Singapore, you will find more than 70% of organizations are affected by supply chain cybersecurity breaches.

The supply chain is one of the most critical aspects of any business, and that is why businesses are focusing more on securing their supply chain. Let’s face the truth, all those old conventional methods are not capable of providing complete protection anymore.

Thus, the time has come, when businesses need to focus and dedicate their resources to supply chain attack cybersecurity. After all, data is the most valuable asset for any business, and safeguarding it has become a necessity in this landscape of increasing cyber threats.

The Rising Threat of Supply Chain Cybersecurity Breaches

As we have mentioned earlier, the cybersecurity threat of supply chain breaches is increasing. More companies are taking this fact seriously and actively dedicating their resources to managing the cybersecurity of their organizational data.

The good news is that, in the year 2023, an average of 4.42 reported breaches were found. Standing in 2024, the number has decreased to 3.97. That means, more businesses and companies have implemented the latest cybersecurity measures.

It is time, you should go for it and start to look for options. In case you have any doubts, here are some commonly asked questions that will clear your concept on the supply chain cybersecurity management.

What is supply chain management in cyber security?

Supply chain management is cybersecurity implies to the risk management that is associated with the interconnected network of any entity that is responsible for the production and distribution of goods.

In short, it is all about identifying what type of cyber risks exist within a particular supply chain along managing those specific risks.

What are supply chain cyber-attacks?

In the case of a supply chain cyber attack, a third party is used to get access to the system or data of an organization. Supply chain attack results in several consequences, as follows.

• Breaching intellectual property.

• Impacting critical infrastructure.

• Catching victims off guard.

• Being financially motivated.

What are the cyber risks of the supply chain?

Cyber risks in the supply chain include the following.

• Ransomware attacks.

• Security breaches.

• Malware.

• Account reuse.

• Compromised firmware or hardware.

• Non-compliance with regulatory security standards.

• Intellectual property theft.

• Carelessness by security leaders.

• Lack of system maintenance.

So, you see, cyber security in the supply chain can damage any business or company from its core. Take the example of SolarWinds.

Here, the attackers had injected a backdoor into a particular software update of SolarWinds. That specific tool is being used by several high-profile companies, even government agencies.

Due to that backdoor, attackers got remote access to thousands of government and corporate servers. This global-scale attack resulted in several security incidents and data breaches.

Why Supply Chain Attacks Are Particularly Concerning?

For a lot of reasons, supply chain attacks are considered concerning. As it exploits the interconnections and trusts between software providers, third-party vendors, and organizations.

This specific type of cyber attack targets vulnerabilities in the processes and systems of the suppliers or service providers of an organization. As a result, these attacks lead to widespread, significant damage.

Here are some of the major reasons why supply chain attacks are so concerning.

1. Widespread Impact:A breach in one vendor could translate to the disruption of many organizations merging to one common endpoint.

2. Difficult to Detect:It is characterized by the fact that attacks can be made from trusted suppliers or through software, which can later be identified only after an attack.

3. Exploitation of Trust:The threat is aimed directly at the trust organizations bestow upon third parties with the purpose of attacking the weak links in the supply chain.

4. Stealthy Infiltration:Malware can be implanted into software patches or hardware, looks harmless, and cannot be distinguished from the real thing.

5. Economic and Operational Damage:Expense consequences relating to recovery, reputation, and lost connection time may also be considerable.

6. Sensitive Data Exposure:There are other cases where the supply chain attacks are designed to keep an eye on the information they take from the organization such as customer information, or unique ideas and products.

7. Hard to Mitigate:If an attack starts, it is very challenging to manage since vendor relationships are intricate and interconnected.

The Role of Hawkshield in Combatting Cyber Threats

Till now, we have helped you with the understanding of supply chain cyber-attacks and their seriousness. We believe after getting to know these insights you are also planning to implement the latest security measures or revamp your existing ones to mitigate the new-age threats.

But, things are not too simple, especially when you have a business to take care of. Only implementing cyber security measures is not enough. In order to stay ahead, you need to keep updating it with the latest security updates and also conduct proper management.

Too much work.

We at HawkShield are well-equipped to ensure your supply chain security and let you focus on growing your business. With headquarters in Singapore, HawkShield understands the potential of supply chain cyber-attacks that Southeast Asia is facing right now.

Here are some of the top-notch security services that will ensure your supply chain security.

• AI and ML-Powered Protection: Artificial intelligence is the new future. With zero human error and real-time monitoring, this can prevent data loss and mitigate potential breaches. At the same time, machine learning gains knowledge from previous cyber attacks or threats and redesigns security protocols on the basis of that to ensure complete protection.

• Sensitive Data Detection:Real-time monitoring of data throughout its lifecycle including who has access to it, who is using it, where, and how. This helps the system to target potential threats even before it's happening.

• Dynamic Policy Enforcement:Every business runs in its own system, and thus potential cyber threats of different companies also vary. With HawkShield’s data security offering, you can customize security policies as per your business requirements. Block, warn, encrypt, and mask sensitive data at your convenience.

• End-to-End Encryption:From on-prem to cloud along with other endpoints, your data will always be encrypted and secured with HawkShield's latest security services. End-to-end encryption is a must nowadays, here, you also need to make sure that your data is safe within the network. And, HawkShield can do that for you.

Implementing Robust Cybersecurity Practices

In the modern operating environment, more and more attention should be paid to preserving confidentiality and minimizing risks. Cybersecurity defense is not a simple endeavor and should not rely solely on some basic implement or program.

Here are key practices to enhance your cybersecurity strategy.

1. Conduct Regular Security Assessments and Vulnerability Testing

   • Security Audits & Penetration Testing:Constantly update and evaluate your systems for potential risks using the methods of auditing and penetration testing. This makes it easier to detect areas of vulnerability that might otherwise be exploited by attackers.

   • Continuous Monitoring: Use real-time scanning so that emerging threats are recognized and appropriate action to the discovered weakness is taken.

2. Train Employees on Cybersecurity Awareness

   • Phishing & Password Best Practices:Make sure employees take part in phishing realism and always opt for different and complex passwords. Use a second password to add security, this can be achieved by implementing MFA.

   • Ongoing Education:Encourage the habit of cybersecurity training, reminders, and scheduled phishing attacks.

3. Establish an Incident Response Plan

   • Define Roles:The response should be based on a coordinated incident response plan (IRP) which lays down clear responsibilities within your team. Make sure that all personnel fully realize how the firm expects them to respond in the event of a breach.

   • Practice & Review:It is recommended that you perform the simulation exercises frequently and after the exercises, evaluate how different attacks would be handled.

4. Implement the Principle of Least Privilege

   • Access Control:Restrict the user’s access to only the essential parts of the system that correlate with his or her position. It is also advisable to conduct periodic scrutiny on the rights of access and what quantity is acceptable to reduce this risk.

   • Privileged Accounts:It is recommended to increase the security of such accounts even further (e.g., system admins) through MFA and monitor their activity constantly.

5. Backup and Disaster Recovery

   • Regular Backups:Schedule the routine type backups of essential data and equipment. Backup your stored data at a different location or in the cloud for additional protection.

   • Disaster Recovery Drills:Run your recovery programs through their paces often to be able to have a rapid recovery in case of an attack or system meltdown.

Conclusion

Out of 100 organizations, 70 of them have been experiencing cyberattacks involving any aspect of supply chain management; as a result, the necessity to install better Supply chain cyber risk management (C-SCRM) solutions could not be more paramount.

Remote access threats pose a growing risk to businesses and cyber attackers will not hesitate to breach any vulnerable areas in your supply chain. Do not wait to be attacked- be proactive and protect your organization and its partners.

HawkShield is all set to help you safeguard your valuable data and sensitive information at every endpoint or its lifecycle. With its Email Protection plug-in, Browser Protection plug-in, DSPM, Data Classification, and AI/MLScrutinization, your data will be safe everywhere, anywhere.