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7 Ways to Strengthen Procurement Cybersecurity in 2019

By Mehr Bhalla
In Procurement Technology
Sep 26th, 2018
0 Comments
3927 Views

7 Ways to Strengthen Procurement Cybersecurity in 2019

In this article, you will learn how modern procurement deals with cybersecurity threats and seven ways to strengthen procurement cybersecurity in 2019.

Unlike in other situations, a hacker is always uninvited and unpleasant. From the lower rings of the supply chain, breaches crop in through weaknesses. For hackers to succeed, whose main objective seems to charge a ransom, can party with any one of the entities in the supply chain.   In front of a hacker, it is not only your organization’s supply chain, but also large volumes of sourcing and purchase data like supplier contracts, financial details, and invoices. Wondering if there’s anything else vulnerable to procurement cybersecurity? Here you go-

  • Bid information
  • Individual information
  • Bank account details
  • Information related to the organization such as Intellectual property
  • Information about customers

7 Ways to Strengthen Procurement Cybersecurity in 2019

Cyber Security Solutions

Firstly,  to tackle procurement 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

Secondly, collaboration with the IT department in the organization acts as a boon when it comes to strengthening cybersecurity. This aids the procurement department in monitoring and updating systems. It also helps enhance internal policies and offers the organization a security shield.

Developing a Security Framework

Thirdly, 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

Fourthly, 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 to avoid any 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 its IT network.

Stay Updated, Stay Safe

Fifthly, it is important to be alert and always has an eye on the cutting-edge innovations in the space of cybersecurity. Also, the IT systems and infrastructure should be regularly updated.

Educating Employees

Sixthly, Organizations should take a step ahead and invest in training and educating their employees on procurement cybersecurity. Employees too 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

And finally, create back up for all the information at regular intermissions. This is because, if data gets stolen, you’ll have some information to rely on. One can even use encryption and passwords to secure all the essential data.

Conclusion

Consequently, the growing acceptance of big data in procurement is responsible for procurement cybersecurity. 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 raised the bar of global procurement cybersecurity but also motivated procurement professionals to focus on their firewall.

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