Amid the COVID-19 pandemic, global economies have come to standstill, significantly affecting the global supply chain. Businesses – regardless of size, geography, or sector – have shut down their operations either partially or completely to help flatten the curve.
COVID-19 hasn’t just affected business operations, though. The entire third-party ecosystem has felt the impact, including vendors, business partners, suppliers, and service providers. It may even challenge their ability to support organizations in the post-COVID-19 world.
To combat this, organizations have allowed vendors remote access to their enterprise systems for remote executions – creating a backdoor for perpetrators launching cyberattacks. The recent rise in cyberattacks indicates perpetrators are taking advantage of the remote access allowed by business organizations and their third parties to facilitate remote working.
Businesses have pivoted from frequent touchpoints with their vendors to creating exceptions that facilitate remote work. But with reduced insight to what their vendors are working on or even need, the potential for cyberattacks happening undetected rises significantly.
“Unless organizations closely monitor the health of their third-party ecosystem during these unprecedented times, the temporary shutdown might permanently affect their ability to resume business operations due to the rippling effects of COVID-19 on the global supply chain.”
Considering these new working conditions, traditional risk management practices adopted by organizations to manage third-party risk may not be sufficient due to assessments that: