Cybersecurity- The key to Safe Procurement
Enterprises have now accepted and embraced digital technology and big data analytics in Procurement on a large scale. Big data in Procurement results in aiding professionals to be able to recognize cost-saving opportunities, predict trends and developments, regulate risk factors and thereby alleviate probable risks in the supply chain. The growing popularity of big data in procurement not only makes the organizational supply chain vulnerable to cyber-crimes but also puts large volumes of sourcing and purchase data like supplier contracts, financial details, and invoices at risk.
What else is at risk?
- Bid information
- Individual information
- Bank account details
- Information related to the organization such as Intellectual property
- Information about customers
Here is how Procurement Professionals can tackle the above-mentioned risks and toughen their cybersecurity:
- Cyber Security Solutions: In order to tackle cybersecurity, it is imperative for organizations to have solutions that are capable enough to offer well-updated security measures and mechanisms. Moreover, these cybersecurity solutions prevent data from being accessed by unauthorized users and uninterruptedly observe security status and procedures.
- Collaborate with IT: Collaborating with the IT department in the organization acts as a boon when it comes to strengthening cybersecurity. This aids the procurement department in monitoring systems, regularly updating and enhancing internal policies, and creating a shield for the organization to grow more.
- Developing a security framework: Having a contingency disaster recovery and continuity framework by ensuring the organization’s supply chain network with insurance policies that cover cyber risks and threats.
- Checking with your Suppliers: Having a check on the suppliers and assessing the security parameters followed by them is a good practice. One should review the supplier’s security parameters at regular intervals in order to avoid any kind of data theft. Including “security plans” in the evaluation stage and engaging with the same to implement these plans will help in creating a safer network. In-case a supplier lacks the know-how, having your IT Team on board can help the supplier to strengthen their IT network.
- Stay updated, stay safe: It is important to be alert and constantly have an eye on the cutting-edge innovations in the space of cybersecurity. Also, the IT systems and infrastructure should be regularly updated.
- Educating employees: Organizations should take a step ahead and invest in training and educating their employees on cybersecurity. On a personal front, employees should be vigilant and not click on any link that could allow cybercriminals to access the network and have their hands on confidential data.
- Having a backup: Backing the information at regular intermissions is an ideal step. This is because, if in case, the information gets stolen or goes missing, one should have some form of information to rely on. One can even use encryption and passwords to secure all the important data.
The growing acceptance of big data in procurement effects in the organizational supply chain to be more vulnerable to cyber-crimes. As a result, organizations are taking a step ahead in protecting themselves from any kinds of cyber-attacks and data thefts. This has not only resulted in the growth of the global cyber security market but also motivated procurement professionals to adapt to a plethora of cyber security solutions and services but also secured their data in an efficient manner.