HelpSystems Top Data Security Trends/Predictions for 2021
- Supply Chain Finance
- 15.12.2020 08:30 pm
HelpSystems help exceptional organisations Build a Better ITT. Their security and automation software simplifies critical IT processes and aligns IT & business goals to help organisations build competitive edge. HelpSystems’ IT management software solutions keep business running smoothly. The company is recognised as the biggest independent IBM i software vendor in the world
In the digitally accelerated COVID-19 environment of 2021 what are the top data security trends that organisations are facing?
Adam Strange, HelpSystems’ Data Classification Specialist, has over 15 years' experience at the heart of enterprise IT has compiled the below HelpSystems’ prediction around data classification in 2021:
Supply chain ecosystem risk will get bigger
- Accenture quote that 94% of Fortune 100 companies experienced supply chain disruptions from COVID-19, and that as much as 40% of cyber threats are now occurring indirectly through the supply chain.
- 2020 has been the year where businesses realised more than ever that data security across the supply chain was only as strong as its weakest link, where exposing a business’s network and sensitive data to its suppliers had the potential to carry significant additional risk.
- HelpSystems’ recent report interviewed 250 CISOs and CIOs from financial institutions about the cybersecurity challenges they face and nearly half (46%) said that cybersecurity weaknesses in the supply chain had the biggest potential to cause the most damage in the next 12 months.
- But sharing information with suppliers is essential for the supply chain to function. Most organisations go to great lengths to secure intellectual property (IP), personally identifiable information (PII) and other sensitive data internally, yet when this information is shared across the supply chain, it doesn’t get the same robust attention.
- The demand for greater resilience across supply chain operations in 2021 will require businesses to move quickly to overhaul existing tech investments and prioritise data governance. Organisations must ensure basic controls are implemented around their suppliers’ IT infrastructure and that they have robust security measures in place.
- Advanced data classification capabilities will deliver assurance and control to numerous industries including finance, defence and government. HelpSystems advises organisations to ensure their suppliers have a robust approach to security and information risk with security frameworks such as ISO 27001 and Cyber Essentials in place.
- Organisations should implement a data classification scheme and embed data risk management into the procurement lifecycle processes from start to finish. By effectively embedding data risk management, categorisation and classification into procurement and vendor management processes, businesses will prevent their suppliers’ vulnerabilities becoming their own and more effectively secure data in the supply chain.