Is Your Supply Chain Resilient?

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The major upheavals of the last couple of decades, such as the global recession and the COVID-19 pandemic, have demonstrated that firms will suffer severe setbacks if their supply chains are not resilient. An entire supply chain becomes vulnerable if one component is exposed to risk, just like a house of cards will topple if one section is out of balance.

Supply chain resilience refers to an organization’s ability to use its resources to handle unanticipated supply network disruptions. In other words, it is the ability to respond to and recover from challenges without disrupting operations or deadlines.

Best Practices for a Secure Supply Chain

Your business’ cybersecurity posture must prioritize detection, evaluation and mitigation of risks posed by your supply chain. It is vital that your security is upgraded on a regular basis to better prepare for any worst-case scenarios.
Having said that, it should come as no surprise that a vulnerable third party that your organization deals with can weaken your supply chain as well. Although controlling a third party’s cybersecurity can be challenging, it must be taken seriously since a security compromise at their end could put your business at risk.

How to Effectively Manage Supply Chain Risks

Digital transformation has made many things easier for businesses, right from inventory management and order processing to managing financials. On the flip side, however, it has also made companies more vulnerable to cyberattacks and data breaches. A breach occurring anywhere in the supply chain could end up seriously disrupting your operations. So, how do you safeguard your business against these threats?