Threat actors are becoming more sophisticated in their cybercrime methods. Ransomware is projected to cost victims $42 USD in 2024. For reference, this is more than double the amount that ransomware cost in 2021, which was $20 billion USD.
As organizations further digitize their infrastructure, the supply chain can become more vulnerable to attacks that then affect other vendors. Supply chain attack monitoring is crucial in modern cybersecurity, to best secure all parts of an organization’s extended attack surface.
Flare’s Approach to Supply Chain Attack Monitoring
What is Flare’s approach to monitoring for supply chain attacks?
The Flare Threat Exposure Management (TEM) solution contributes to viewing an organization’s cybersecurity posture holistically. With Supply Chain Ransomware Exposure Monitoring, security teams can gain the full picture of risks across third-parties for proactive security.
With Flare, security teams can:
- Automatically, thoroughly, and effectively track external threats, notably decreasing the time needed to address risks
- Provide a concise and contextual overview of threat actor behaviors, enabling your security team to respond faster
- Free up your security team to focus on other critical matters, as the platform will alert you to potential risks requiring mitigation, while filtering out irrelevant alerts
Understanding Supply Chain Attacks
What is a supply chain attack?
A supply chain attack occurs when a cyber attacker infiltrates your system through an outside partner or provider with access to your systems and data. This method targets less-secure elements in the supply network to compromise the targeted organization.
Why should security teams monitor for supply chain attacks?
Monitoring for supply chain attacks is critical as these can bypass traditional security measures by exploiting trusted relationships, potentially leading to data breaches, system compromise, and significant operational disruption.
What are the common signs of a potential supply chain attack?
Signs include unusual activity in networks of third-party vendors, unexpected changes in software or service behavior, and alerts from security tools about compromised third-party components.
How can security teams identify vulnerabilities in their supply chain?
Security teams can conduct regular security assessments and audits of their vendors, use threat intelligence to identify potential risks, and implement continuous monitoring of the supply chain for any anomalies.
Understanding Supply Chain Attack Monitoring
How does supply chain attack monitoring fit into an overall cybersecurity strategy?
It’s an integral component, ensuring identification and mitigation of threats via third-party vendors, protecting the organization from indirect attacks that bypass direct security measures.
How does supply chain attack monitoring work?
It involves continuous surveillance of all third-party interactions, analyzing threat intelligence, and monitoring the security posture of supply chain partners to detect and respond to potential threats promptly.
What tools and technologies are used in monitoring supply chain attacks?
Solutions include cybersecurity platforms that offer third-party risk management, network monitoring tools, and security scorecards for evaluating the security performance of vendors.
Can small to medium-sized businesses effectively monitor their supply chains for cyber threats?
Yes, by leveraging tailored cybersecurity tools for third-party risk management and adopting a proactive approach to vendor assessments, even smaller businesses can effectively monitor and mitigate supply chain threats.
How can businesses ensure their third-party vendors are secure and not vulnerable to supply chain attacks?
Organizations can ensure secure practices through conducting thorough security assessments, requiring adherence to security standards, and continuously monitoring the vendors’ cybersecurity practices through audits and compliance checks.
What are the legal and regulatory implications of a supply chain attack?
Businesses may face legal penalties, regulatory fines, and reputational damage if a supply chain attack leads to data breaches, especially if it’s found they did not adequately manage third-party risks.
Best Practices: Supply Chain Attack Monitoring
What are the best practices for securing a supply chain against cyber attacks?
Implementing strict security requirements for all vendors, conducting regular security assessments, employing real-time monitoring tools, and fostering strong communication lines for cybersecurity matters with all third parties.
How often should supply chain security assessments be conducted?
With a CTEM approach, security teams should continuously monitor their entire external attack surface (which includes third-party vendors’ attack surfaces).
How should businesses respond if they detect a supply chain attack?
Activate the incident response plan immediately, isolate affected systems, assess the impact, communicate with all stakeholders, and collaborate with the compromised vendor to remediate the threat.
What role does incident response planning play in managing supply chain attacks?
It’s crucial, as a well-defined incident response plan ensures a swift, organized response to mitigate damage, communicate effectively, and resume normal operations as quickly as possible, minimizing the impact of the attack.
Supply Chain Attack Monitoring with Flare
The Flare Threat Exposure Management (TEM) solution empowers organizations to proactively detect, prioritize, and mitigate the types of exposures commonly exploited by threat actors. Our platform automatically and constantly scans the clear & dark web and illicit Telegram channels to discover unknown events, automatically prioritize risks, and deliver actionable intelligence on third-parties that you can use instantly to improve security.
With Flare Supply Chain Ransomware Exposure Monitoring, gain unique visibility and proactive security across your third-parties to efficiently mitigate threat exposures that exist within ransomware data leaks. Learn more by signing up for our free trial.
