When your business features on a Tech Top 100 listing, it's time for celebration. You have joined the elite companies making exceptional profits in difficult times. Whether you are listed on The Sunday Times Tech Track 100 league table ranking Britain’s private tech businesses with the fastest-growing sales, or the Forbes ranking of the world’s top 100 digital companies, you are a role model in the corporate world.
With the glory, however, come the risks. Companies that feature among the Tech Top 100 have experienced the excitement and rewards of exponential growth, along with the concomitant dangers that rapid expansion of their supply chain brings. While you have been focused on growing, so potential risk infection levels have been rising often without you noticing. Because in today’s super-connected world, suppliers that are careless – or simply unlucky – with their cyber security can unwittingly infect their clients with debilitating malware and viruses.
With a vast supply chain, you may be tempted to think this is a problem too big to be solved. How can you monitor, assess and mitigate risk in every supplier? Third party risk management may appear a fruitless task – particularly when as robust an institution as the US Treasury fell victim to the notorious SolarWinds cyberattack, an attack unprecedented in its complexity and stealth. If Fort Knox isn't safe, what hope do you have?
Vaccinate your business against supply chain risk
There is an analogy to be made here with vaccines, however. It's true that no vaccine is 100% effective, but the 80 or 90% protection they do offer is enough to make a huge difference to an individual’s – and a nation’s – health. So too with vendor risk management (VRM) in the corporate world. At C2 Cyber we remove 80 to 90% of the noise in your supply chain, allowing you to focus on the 10 or 20% that needs intensive attention.
How much is that worth to your business? With C2 Cyber you can be sure that the effort you put into VRM matches the risk – because our COBRA platform will help you identify the vendors that are most likely to cause you risk and apply the right measures to mitigate that risk in a cost-effective way.
Not only will it help you manage your threat landscape, it also obviously means you are improving your vendors’ cyber security. The real lesson from SolarWinds and other cyberattacks is that third party risk management needs to be holistic. Your critical vendors will be protecting their networks in different ways and characterising their risks according to their own perspectives. Working together so you both have a common view of the risks is key. Collaborating and sharing concerns, intelligence and observations can be a catalyst for action with a mutually beneficial purpose.
As a role model in the corporate world, either sitting proudly on a Top 100 list or aspiring to do so, isn’t this a responsibility you are now ready to take on?
C2 Cyber are experts in cyber security and vendor risk management. To find out how to secure your supply chain and enable it to operate safely, call us today on +44 (0) 20 7965 7597.