Singapore has the highest rate of ransomware attacks globally with 84% of organizations being hit in 2022, according to the State of Ransomware 2023 report. Given its position as a global trade and transportation hub, operations within the logistics and supply chain management sector must flow like clockwork as it has a great impact on global economies.
With players in the logistics and supply chain management sector increasingly digitizing their information and processes to modernize their operations, cyber threats will continue to rise as cybercriminals also persist in finding ways to exploit vulnerabilities across multiple networks.
Complacency in cybersecurity is never an option – no matter the industry or the size of the company. As cyber threats become more sophisticated and supply chain and logistics organizations are increasingly targeted by cybercriminals, the sector must update its cybersecurity practices and strengthen its cyber defenses.
Brace Yourself for Cyber Threats
Ransomware encrypts users’ files, making them inaccessible and forcing many victims to consider paying to recover their data. Cybercriminals use personalized methods to trick people into engaging with malicious content, resulting in significant losses or data breaches for anyone, despite its narrower reach. As such, like other industries, supply chain and logistics organizations need robust cybersecurity tools and should follow established safety protocols.
Key elements of a strong defensive shield are:
- Security tools that defend against the most common attack vectors, including endpoint protection with strong anti-exploit capabilities to prevent exploitation of vulnerabilities, and Zero Trust Network Access (ZTNA) to thwart the abuse of compromised credentials
- Adaptive technologies that respond automatically to attacks, disrupting adversaries and buying defenders time to respond
- 24/7 threat detection, investigation, and response, whether delivered in-house or by a specialist Managed Detection and Response (MDR) provider
- Optimize attack preparation, including making regular backups, practicing recovering data from backups, and maintaining an up-to-date incident response plan
- Maintain good security hygiene, including timely patching and regularly reviewing security tool configurations.
While investing in cybersecurity technologies and following best practices is a good starting point, it doesn’t stop there. Cybersecurity must be driven by an organization’s leadership team to build a cybersecurity-aware culture, including the implementation and review of cybersecurity strategies. If a business’ leaders fail to emphasize the importance of cybersecurity, it’s unlikely the rest of the organization will.
The State of Ransomware 2023 report emphasizes the universal need for robust cybersecurity across industries however, these attacks may also be attributed to the lack of importance leaders place on cybersecurity until a breach occurs.
The Imperative of ‘Cybersecurity Prioritization’
With ever-evolving cyber threats, companies can’t afford to lean on overwhelmed and under-trained staff for protection. Businesses must stop relegating cybersecurity and ensure investments are effective, or they risk being perpetually on the defensive against emerging threats.
Empowering Employees With Cyber Education
A holistic approach to cybersecurity involves every employee. They are the network’s gatekeepers, and their education is crucial for cyber protection.
Given that human error is a major factor in breaches, every staff member should be equipped to act pre-emptively against threats. This requires a commitment from leadership to foster a cybersecurity-aware culture, valuing continuous learning, technology adoption, and innovation.