Supply chain cyber attacks hit two-thirds of firms

24 July 2018

Two thirds of companies have experienced a cyber attack on their supply chain software, according to a survey.

Of 1300 companies asked, 66% reported a software supply chain attack, with nearly half of those being in the last year. 
The research, commissioned by cybersecurity company CrowdStrike, found the average cost of such an attack was $1.1m (£839,000). Despite this, companies seemed unfazed, with only a third identifying the issue as a top area of concern over the next year.
But the fallout from cyber attacks wasn’t just financial. Of those who had experienced attacks, 34% said their operations had been disrupted, 32% reported downtime, 28% said it had undermined customer trust, and 23% said they had lost customers to rivals. 
Meanwhile, 14% said they had been forced to pay a ransom to recover encrypted data in the last year.
The survey found the global average response time to cyber attacks was 25 hours, with respondents from US, Canada, UK, Mexico, Australia, Germany, Japan, and Singapore.
“Fast-moving, advanced threats like supply chain attacks require organizations to adopt new best practices in proactive security and incident response,” said Shawn Henry, CrowdStrike’s chief security officer. 
“The new attack methods we see today call for coordinated, efficient and agile defenses,” he added.

Of 1,300 companies questioned, 66% reported a software supply chain attack, with nearly half of those being in the last year. 

The research, commissioned by cybersecurity company CrowdStrike, found the average cost of such an attack was $1.1m (£839,000). Despite this, companies seemed unfazed, with only a third identifying the issue as a top area of concern over the next year.

But the fallout from cyber attacks wasn’t just financial. Of those who had experienced attacks, 34% said their operations had been disrupted, 32% reported downtime, 28% said it had undermined customer trust, and 23% said they had lost customers to rivals. 

Meanwhile, 14% said they had been forced to pay a ransom to recover encrypted data in the last year.

The survey, with respondents from US, Canada, UK, Mexico, Australia, Germany, Japan, and Singapore, found the global average response time to cyber attacks was 25hrs.

“Fast-moving, advanced threats like supply chain attacks require organisations to adopt new best practices in proactive security and incident response,” said Shawn Henry, CrowdStrike’s chief security officer. 

“The new attack methods we see today call for coordinated, efficient and agile defenses,” he added.

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