Supply chain weakness threatens UK business

A recent report from the data security specialist found that more than half (57%) of businesses in the UK have been impacted because of a cyber security or information security incident caused by a third-party vendor or supply chain partner.

According to the survey of 500 infosec professionals, businesses do respond to incidents by increasing cyber security budgets and team sizes but this is too late in many cases with average fines for a data breach standing at £237,402 along with tattered reputations.

Despite 90% of infosec leaders agreeing that leadership teams view strong information security as a top priority, only two-thirds (64%) expect to increase their infosec budgets in the next 12 months, and just over half (54%) intend to bolster their teams. 

Luke Dash, chief executive of ISMS.online, said: “As organisations strive to protect their most valuable information, it’s crucial to recognise that effective information security relies not only on internal efforts but also on the external partners and suppliers they work with and the effectiveness of their risk management strategies.

“Findings from our latest report show that nearly one in three (30%) cite managing vendor and third-party risk as a top information security challenge. And with the average fine nearing a potentially crippling quarter of a million pounds, it’s time business leaders take stock.”