UK And Global Cyber Threats Require Robust Supply Chain Risk Management

High-profile cyber attacks – and particularly those that affect large processors – continue to underscore the ongoing threat that supply chain vulnerabilities pose to UK and international business and are a further reminder that organisations need to properly assess supply chain security.

Last year, the MOVEit cyber security attack compromised the personal data of millions of individuals at client organisations of the payroll support services provider. Cyber criminals successfully exploited a zero-day vulnerability in the MOVEit file transfer tool, affecting thousands of organisations internationally, including many in the UK.

Despite the growing trend in cyber criminals exploiting supply chain weaknesses, many businesses continue to rely heavily on suppliers' cyber security. The 2023 Cyber Security Breaches Survey revealed that only about one in 10 businesses assessed the cyber risks posted by their immediate suppliers.