Digital upgrades are exacerbating cybersecurity risks. How to deal with them?
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As with all industries, cybersecurity threats are no stranger to the electronics supply chain. We can attribute the increasing number of cybersecurity incidents to the digital transformation the industry is undergoing.
However, the electronics industry is also one of the most valuable industries in the world. Therefore, a top priority for cybercriminals is to penetrate supply chain companies and intercept their products by any means necessary.
The following are cybersecurity challenges facing electronics supply chain companies.
·Cybersecurity challenges
Supply chain companies leverage digital tools to increase the visibility of their organizations, making them more efficient and safer. But this also gives cybercriminals more opportunities to exploit.
For example, companies use IoT devices to help supply chain networks communicate, update and collect data in real time.
Digital interconnection creates cybersecurity vulnerabilities. Hackers can use more devices to conduct spoofing, denial of service attacks (DDoS attacks) or other network attacks based on IoT devices.
The electronics supply chain also faces the challenge of defending against cybersecurity threats to the products themselves. According to the National Association of Manufacturers, about 65% of victims in industrial ransomware incidents come from the manufacturing industry.
In addition to this, malicious firmware is also used to penetrate electronic products. Manufacturers sometimes unknowingly use counterfeit components with tampered circuitry.
These components contain malware that launches when specific actions are performed and quickly spread throughout the device. By simply gaining access to the network to which the malware is connected, cybercriminals can take full control of the system or "detonate" a "logic bomb (code embedded in the malware)."
Once the malicious firmware is launched, it is difficult to detect because it is already embedded in the hardware and the device still functions and looks like a device without any issues.
Failure to protect the electronics supply chain from cybersecurity threats may ultimately result in lawsuits, fines, reputational damage, lost revenue, and other negative events.
·Proactively mitigate cybersecurity threats
Our goal is to never encounter a cybersecurity threat. But if a company encounters a cyber threat, it must at least have measures in place to mitigate the negative impact, which requires attention to the topic of feasibility studies.
·Conduct feasibility studies
A feasibility study helps a company comprehensively review a project and understand how likely it is to be completed, as well as investigate risks and review the project's benefits and potential challenges.
In this case, electronics supply chain companies can use feasibility studies to determine which cybersecurity measures are feasible.
Say, for example, you want to increase network security through a virtual private network (VPN). You can learn about the advantages of VPN such as data encryption and secure communication through feasibility studies.
But VPNs are not invulnerable. They are susceptible to network security attacks and come with their own challenges, such as slow internet speeds and difficult configuration. You will analyze legal liability, technical capabilities, VPN budget, and implementation timeline.
After thorough research, you can determine whether it’s time to strengthen your cybersecurity strategy by implementing a VPN.
·Strengthen data security strategy
Vast amounts of confidential data are transferred through electronic supply chains. Therefore, it is crucial to focus on data security strategies in the digital world.
Multi-factor authentication is another tool and strategy to enhance data security. For a person to access a website, folder or database, there must be at least two pieces of evidence proving their identity. The two pieces of evidence could be a password and a code sent to the phone, a password and a fingerprint, or a keychain and facial recognition.
You should also consider creating a comprehensive training program to minimize cybersecurity attacks. Training employees on cybersecurity best practices can fundamentally prevent cybersecurity incidents from occurring.
Train them on common cybersecurity attacks and teach them what to do if they encounter specific cybersecurity incidents. Additionally, educate them on how to create strong passwords, initiate software updates, use IoT devices safely, and more.
The digitization of electronics supply chains is only getting faster, which means cybercriminals have plenty of time to pull off all kinds of scams. By continuing to learn these methods, you will be one step closer to safety.
Reposted from: International Electronic Commerce, automatically translated by Google
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