According to a recent BlueVoyant report, there was a 26% increase in supply chain breaches in 2022. Every industry sector, except financial services, showed an increase in the number of breaches in their supply chains that negatively impacted their organization.
Forty-seven perecnt of respondents monitored their supply chain for cyber risk monthly or more in 2023, compared to 41% in 2022. Respondents say they are likely to use artificial intelligence (AI) to monitor their digital supply chain, but prefer to rely on a combination of AI and human analysts. More than half (55%) said they use automation to manage certain aspects of their third-party cyber risk.
Eighty-five percent of respondents stated that their budget for third-party cyber risk has increased over the last twelve months, with 51% indicating they'll allocate additional internal resources and 46% likely to add external resources. Forty-four percent of respondents reported briefing senior management teams monthly or more in 2023, compared to 38% in 2022.
Nineteen percent of respondents are actively working with their supplier to make sure issues are remediated.
Read the full report here.