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Cyber Security in the Time of WannaCry- How Strategic Procurement Can Save the Day

May 19, 2017

Cyber security or IT security, in simple terms, is protecting your computer or network systems from possible threats such as cyber theft, cyber terrorism, cyber warfare, and cyber espionage. In today’s age, companies are increasingly adopting the digital medium where hacking has become a career choice for tech-savvy criminals. Activities such as password theft, identity theft, information theft, and ransomware among others are increasing rampantly. Hence, cyber security and data protection definitely rank high on the CPO’s priority list.

Procurement function of an organization is involved in making important strategic business decisions, based on insights and data, that drive the organization’s supply chain as well as it’s topline growth. With the advent of big data and its application in improving the efficiency and efficacy of procurement, there has been an increase in the volume of data generated on a daily basis. Why is cyber security a threat for the business, you ask?

Here’s why.

The World Economic Forum (WEF) has labeled cyber-attacks, data theft and misuse of emerging technologies as major global risks for 2017. More information just means more risk, thereby making the organization highly vulnerable to sophisticated cyber-attacks and data thefts, by hackers and cyber terrorists. This can be initiated through your head office, at a weak point in your procurement and supply chain or even through IoT enabled devices with low protection. This means it’s more important than ever for businesses to have a contingency plan in place to tackle and mitigate cyber security risks and threats.

Request a free demo to know how our experts can help you in identifying cyber security risks in real-time.

The Newest Ransomware in Town – WannaCry Makes Over 100 Countries Cry!

Cybercrime is turning out to be a massive threat to operations across the world. Only recently, one of the largest ever cyber-attacks – the WannaCry ransomware attack – wreaked havoc and shut down tens of thousands of computers across the world. This ransomware cryptoworm targets the Microsoft windows operating system, encrypting data and demanding ransom payments ranging between $300 to $600 in crypto-currency bitcoin. As a result, several organizations such as Nissan Motor Manufacturing UK and Renault, among others, halted production in an attempt to stop the spread of the ransomware. While the governments across the world are actively taking measures to curb such threats, the onus lies on the organizations to act swiftly and ensure that their personal data is not vulnerable to such attacks. For detailed insights on cyber security risks, request more information.

But Why Should Procurement Worry About Cyber Security?

For the procurement leaders, this is more important as they play the role of a trusted advisor, and procurement teams handle millions of pieces of data in a year, thus, ensuring data security between the organization and its suppliers is essential. People will emphasize on choosing business partners with the highest standards of cyber security. Does your business have answers to the following cyber security risks?

  • Is your business prepared against cyber criminals?
  • Is your business information secured?
  • Are you able to manage the confidential information of your customers and suppliers?
  • Do you have a contingency plan in place to mitigate risks?

Cyber security risks can significantly impact the revenues of your company. Request a free proposal to know how our experts can assist you in analyzing and mitigating cyber security risks.

The SpendEdge Security Benefit

At SpendEdge, we offer a wide range of solutions that could answer all your questions and help you make the right choice to ensure the security of your accounts and computers. Some of the benefits of our solutions include but are not limited to the following,

  • Stay updated on the latest innovations and news from cyber security space, to ensure the systems are up-to-date (Did you know? A small patch is all that is needed to safeguard against ransomware attack!).
  • Gain insights to choose the right Information Security solutions and suppliers. We can help you evaluate the best fit for your organization’s ever-changing needs.
  • Understand what is considered to be best-in-class practices and identify improvement areas.
  • Identify how cyber security plans can be implemented as part of your evaluations and understand the competitive landscape for the same.
  • Develop a plan to work closely with suppliers to implement cyber security plans.

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