Mitigating Risk in the Supply Chain
Category : May 2016
A hot topic which continues to be covered within the media after some high profile breaches, and a subject which would have been focused on at yesterdays BIBA ’16 exhibition and conference is Cyber. The governments statistics revealed 65% of large firms had detected a cyber security breach and 25% of those experiencing a breach at least once a month… Steve White, Chief Executive of BIBA has urged the industry to take up cyber protection insurance, broaden their understanding and awareness.
In 2014, companies in the US such as Target and JPMorgan Chase were attacked but the enormity of this hadn’t been registered, especially by the insurance industry. Data breaches continue to hit the headlines with most recently TalkTalk’s profits decreasing due to losing hundred of thousands of customers since the attack back in October. As TRS sits in the heart of Cyber Security land, the company took the initiative to complete ‘Cyber Essentials’, a government backed, industry supported scheme which protects organisations from threats. Addressing this has protected TRS’s assets, sensitive data but also looks after the supply chain, all of whom would handle customer information. If a supplier is attacked, the cost and downtime would affect others in the chain.
Setting expectations and guidelines before choosing suppliers is important. TRS treat the ‘suppliers’ as partners, partnering with the best of breed companies which is synonymous in the quality of customer service they deliver. Evaluating an organisations performance before selection gives an indicator of service, with regular reviews a must.
TRS has created a simple guide of steps to take in mitigating the risks in the supply chain: