The procurement team in any enterprise deals with large amount of data that is confidential and of high importance to the organization. Thereby, making it more important to have a cyber security measure in place to secure this valuable information. Procurement is the bridge between the organization and its vendors – and the onus lies on them to choose the right suppliers, negotiate, and get the best possible price. Top supply chain professionals have emphasized on the importance of the data security standards for the suppliers and the organization itself.

Why Procurement Needs Cyber Security?

The recent cyber-attacks – Petya and WannaCry ransomware – brought businesses to a halt and disrupted supply chain processes across the world. Ultimately, it acted as a wakeup call for organizations across the world; thereby, driving growth in the global cyber-security market. These recent cyber theft attacks have changed the misconception and the laid back attitude towards cyber security and information technology (IT). Supply chain professionals have identified the fact that the organizational data that are sensitive and prone to data thefts and can damage the brand image and reputation, expose trade secrets, business practices, and supplier related data.

Protecting Procurement from Data Theft

Cyber security is a real problem and an ever-growing threat to global organizations, thus, making it a critical pain point to be dealt with on priority. Cyber security tools and solutions help organizations to identify potential supply chain risk factors and loopholes within the business processes and systems and take necessary actions and mitigate risks. A business should integrate a trusted cyber security solution to maintain not only the confidentiality of their information but also ensure vendor and client security. Companies can take the following measures to design a strong cyber security infrastructure to minimize cyber theft risks

• Procure cyber security solutions and services from vendors with high credibility level and a trusted security certification. The organization should ask itself one question, “Is our procurement strategy, cyber ready?” before purchasing a security solution and plan accordingly
• Implement cyber security measures and mechanisms across the organizations systems and processes
• Develop a framework and security procedures to prevent unauthorized and unsolicited access to data
• Regularly conduct security audits to measure the effectiveness and efficiency of your IT and security measures
• Integrate security measures into your purchase requisition and vendor management tools
• Encourage your vendor and suppliers to adopt security measures, assist them integrating their business processes with a robust security framework

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