BLOG

Shield Your Procurement Against Cyber Threats

Jul 20, 2017

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 processesget in touch 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

To know more about shielding your procurement from cyber threats, Get in Touch.

Getting Down To Business

We are offering Free Trials to all our customers or prospects who have been impacted positively or negatively by Covid-19 and are looking to connect with prospect buyers immediately.

Contact us

COVID-19

Featured

Overview

Buyers

Diagnostic Test Kit

Additional Resources
Contact

A LOOK INTO THE FUTURE OF THE FOOD AND BEVERAGE INDUSTRY AFTER THE COVID-19 PANDEMIC

Identifying the Top 100 Coronavirus (COVID-19) Test Kit Manufacturers Across Regions

Sourcing and Procurement Market Intelligence Services

Products and Tools

Featured

Services Overview

Category Market Intelligence

Supply Market Analysis

Low-Cost/Best-Cost Country Sourcing

Benchmarking

Spend Analysis

Cost Modeling and Should-Cost Analysis

Total Cost of Ownership (TCO) Analysis

Supplier Risk Analysis

Supply Chain Risk Assessment

Supplier Sustainability Assessment

Commodity Price Forecasting

Category Management

Supplier Negotiations

Contract Management

Procurement Store

Purchase Ready-to-use Reports

SEinsightsTM

Our Robust Procurement Platform

BizVibeTM

Suppliers and Buyers Marketplace

SUPPLY MARKET ANALYSIS FOR A METAL MANUFACTURING COMPANY HELPS ACHIEVE ANNUAL SAVINGS OF $15 MILLION

Industries

Industries Overview

Automotive and Tire

Banking, Financial Services and Insurance

Biotechnology, Pharmaceutical and Life Sciences

Chemicals

Energy

Food and Beverage

Industrial and Manufacturing

ICT, Media and Entertainment

Mining, Metals and Minerals

Retail and CPG

Transportation

INCREASING LOCAL PROCUREMENT BY 28% FOR A COMPANY IN THE METALS AND MINING INDUSTRY – A CASE STUDY BY SPENDEDGE

Resources

Featured

Resources Overview

COVID-19 Resources

Blogs

Case Studies

Whitepapers

Webinars

Press Releases and Media Mentions

5 KEY CORONAVIRUS RISK ASSESSMENT STRATEGIES TO OVERCOME HEALTHCARE SUPPLY CHAIN CHALLENGES

IDENTIFYING STRATEGIC PURCHASING PRACTICES FOR A COMPANY IN THE US FOOD SERVICE INDUSTRY | SPENDEDGE’S LATEST SUCCESS STORY

Clients

Featured

Clients Overview

Who We Serve

Case Studies

SUPPLY CHAIN MANAGEMENT HELPS AN IMPORT AND EXPORT INDUSTRY CLIENT ENHANCE SUPPLY CHAIN VISIBILITY

REALIZING SAVINGS OF $15 MILLION IN PACKAGING SPEND FOR AN FMCG CLIENT – PACKAGING SOURCING STRATEGY

About Us

News

About SpendEdge
Why SpendEdge?
Vision, Mission and Values
Clients
Social Impact
Global Offices

Press Releases and Media Mentions

Upcoming Events & Webinars