{"id":14620,"date":"2024-08-02T13:38:46","date_gmt":"2024-08-02T13:38:46","guid":{"rendered":"https:\/\/trustpair.com\/blog\/have-you-been-cyber-attacked-via-a-supplier-yet\/"},"modified":"2025-02-04T10:45:55","modified_gmt":"2025-02-04T10:45:55","slug":"have-you-been-cyber-attacked-via-a-supplier-yet","status":"publish","type":"post","link":"https:\/\/trustpair.com\/gb\/blog\/have-you-been-cyber-attacked-via-a-supplier-yet\/","title":{"rendered":"Have you been cyber-attacked via a supplier yet?"},"content":{"rendered":"

In today’s complex and rapidly evolving business landscape, procurement teams are facing unprecedented challenges<\/strong> that extend far beyond their traditional cost-saving role. The emergence of new and sophisticated cyber threats, coupled with geopolitical tensions and reputational risks, has put procurement leaders into the forefront of risk management and operational resilience. Read on to get more details about these trends and challenges.<\/p>\n

Download our entire white paper on the topic for more information!<\/a><\/p>\n

Cyber Risks: A Persistent and Evolving Threat<\/h2>\n

Cyber risks have become a critical preoccupation for businesses across all sector<\/strong>s. Fraudsters are increasingly sophisticated, exploiting vulnerabilities in supplier networks as entry points to access sensitive data, systems, and funds. One common method of cyber-fraud<\/a> is vendor fraud<\/a>, where fraudsters infiltrate supplier communications and request changes to banking information, resulting in substantial financial losses and strained business relationships.<\/p>\n

To mitigate these risks, procurement teams must rigorously assess their suppliers’ cybersecurity measures and implement robust protocols to verify the authenticity of requests and transactions. Additionally, businesses are now requiring suppliers to obtain security certifications, such as SOC 2 or ISO 27001, or even cyber insurance, as a prerequisite for establishing business relationships.<\/p>\n

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