How Secure is Your Supply Chain Data?
Getting Prepared for Rising Cyberthreats
Cyberthreats across every industry are increasing, and logistics and transportation operations are certainly not immune to this growing problem. The order data, freight rates and pricing, contractual terms, usernames, passwords, and other data contained in every supply chain data stream can be a potential target for theft or malicious attacks. Businesses in every industry of every size in every part of the world have to be proactive and prepared to prevent and, if necessary, respond when a breach or cyberattack occurs.
Ransomware Attack Costs Maersk an Estimated $300 Million
In June 2017, the Danish transport and logistics giant Maersk was hit with the biggest ransomware attacks to date. Ransomware is a type of malicious software that blocks access to systems until a ransom is paid to unlock it. By the time the attack was discovered, it had brought down IT systems around the world and Maersk was forced to reinstall approximately 4,000 servers, 45,000 PCs, and 2,500 applications. When the damage was finally calculated, Maersk had lost $300 million in revenue, and its partners also paid a heavy price.
The attack on Maersk is perhaps the worst-case scenario to date, but it is certainly not alone on the growing list of victims. Ransomware attacks are on the rise and they cost companies more than $8.1 billion globally in 2017, according to the IBM X-Force Threat Intelligence Index 2018 report. In addition to ransomware attacks, the IBM report notes that more than 2.9 billion records were leaked through publicly disclosed breaches.
Within the logistics industry, the Maersk incident served as a wake-up call. If logistics leaders weren’t already paying attention and investing in cybersecurity efforts, they are now. The risk of lost revenues and the potential of losing customers is too great for companies to be passive on security.