BLOG

Is your Procurement Strategy Cyber Ready?

May 18, 2017

The Wannacry Ransomware attack has once again brought all the focus back on the fragility of the cyber world. While all the major IT and financial organizations worked on bracing for this trouble in the best possible manner – the malware does raise glaring questions on the role of procurement in the face of cyber attacks.

The meeting point of procurement strategy and cyber security

Ask any procurement analyst, and you will realize that the sheer volume of data handled by them is gigantic. Be it in the form of supplier information, invoicing, or pricing decisions – procurement teams, are hubs of sensitive data. And therefore, it becomes even more important for them to inculcate the ethos of cyber security in their daily work process.

Integrating the existing procurement processes with cyber security solutions is the first major step towards making your systems ready to handle cyber attacks. This needs to be followed by clear identification of physical and logical architecture of different procurement facilities, so that incorporation of cyber security becomes more focused and simplified. Lastly, it is critical for the procurement professionals to be up-to-date on the latest developments in cyber security. Exposure to conferences on cyber security along with compliance to security process will go a long way in building a procurement strategy that is cyber ready.

Choosing the appropriate cyber security solution

Now, different processes demand different security solutions. Thus, the sensitivity of the data and work procedure needs to be taken into consideration while opting for the cyber security solution.

For instance, the pre-built, commercial-off-the-shelf component is best suited for catalog purchase. But processes which involve the use of critical data need to be integrated with custom-designed solutions.

ISO 27001 – an international standard which certifies that the business has appropriate controls over its data, is yet another strategy which procurement teams can adhere to. In fact, experts suggest that every entity involved in the procurement process needs to adhere to this standard. This will not only strengthen the data security process but will also bring all the stakeholders on a common platform.

For more information on how to protect your procurement process from cyber attacks, Wannacry Ransomware, Payta Cyber attack:

 

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