As the tension mounts due to the ongoing conflict between Ukraine and Russia, and possible flare-up of the situation turning into a full-scale war, the world already reeling under pressure from the pandemic aftermath might stare at some more risks and uncertainties.
While there are always dangers of economic costs spreading beyond the affected region, several of the developed economies are facing record inflation even as oil prices head northwards.
And in the midst of simmering geo-political tensions which is typically followed by a series of sanctions, measures and countermeasures, one concern which is more prominent in the digital age is the possible use of vicious cyber-attacks on government institutions, critical infrastructures and supply chains.
Indeed, while modern-day cyber-attackers are very technology-savvy, they don’t have to be very smart every time. They can disrupt supply chains and businesses by merely corrupting the systems by malicious codes or accessing the systems through social engineering. Remember the infamous SolarWinds hack in which the cyber actors targeted the cloud service providers?
To disrupt critical supply chains and their clients, cyber-criminals now look to target original equipment makers (OEMs) and service providers to amplify the attack.
Against this backdrop, it is the joint responsibility of all the stakeholders to ensure cyber resilience.
More and more organizations are migrating data to third-parties. Enterprise data is hosted on multi-tenant cloud and managed service environments.
It shows that businesses and organizations are relinquishing their responsibility to manage data, but that doesn’t mean issues related to data privacy and data integrity can be ignored. Hence, from a business and organization point of view, exposure to third-parties, service providers and vendors must be managed and assessed.
How passwords are managed, how end-users access systems, how privileged accounts are managed, are their adequate safeguards for governing digital identities, these are some of the important questions that businesses should ask themselves before migrating data to third-parties.
As we have been witnessing in the recent past, global risk factors keep emerging. And the disruption arising through these events can be devastating, as modern businesses and government organizations have extended and interdependent IT ecosystems.
In the age of cyber warfare, cyber actors target supply chains to disrupt government agencies and businesses. It is extremely important to have comprehensive risk management policies that include reliable IT processes.