While preparing to celebrate Cybersecurity Awareness Month, it’s clear that the growing surge in supply chain attacks demands a spotlight and our immediate attention. With two decades of experience in the telecom industry, IQ Wired is dedicated to deciphering this evolving and high-stakes threat landscape to safeguard our customers and their sensitive data from cyber-criminals. 

Supply chain attacks are cunning strategies that are orchestrated by cyber-criminals. In the telecom industry, they often infiltrate vendors’ networks and manipulate their software, creating the potential for severe communication disruptions and financial repercussions. Advanced Persistent Threats (APTs), are often at the helm of manipulating these attacks and pose a tough challenge to our digital security due to their particularly stealthy nature. APTs represent a class of cyber adversaries characterized by their advanced capabilities, relentless persistence, and often state-sponsored backing. They are not your run-of-the-mill hackers but highly skilled, well-resourced, and patient manipulators who can remain undetected within a target network for extended periods, sometimes even years. Even if an organization has robust cyber-security measures, insecure suppliers or third-party providers can be a gateway for hackers to bypass the security system. These attacks can cause catastrophic damage, as demonstrated by Verizon’s 2022 Data Breach that was infamously coined the “supply chainpocalypse”. Cybercrime and cyber insecurity are new entrants into the Top 10 rankings of the most severe global risks over the next decade, according to the World Economic Forum. Now taking the 8th spot, cybercrime now stands side-by-side with threats including climate change and involuntary migration.

In response to this critical need, IQ Wired emphasizes the importance for organizations to adopt a comprehensive approach to protect their digital infrastructure. This holistic approach encompasses several key elements:

Thorough Vendor Assessments: Rigorous evaluations of potential suppliers and partners, scrutinizing their security practices to ensure they meet the highest standards.

Regular Supply Chain Audits: Consistent reviews and audits of the supply chain to identify vulnerabilities and assess the security of software and hardware components.

Fortified Firmware and Hardware Security: Strengthening the security of firmware and hardware components through robust testing and verification processes.

Tailored Incident Response Plans: Development and regular refinement of incident response plans specifically designed to address supply chain attacks.

According to IBM, the average cost of a data breach, which includes expenses related to lost business, detection and escalation, notification, and post-breach response, amounted to $4.35 million USD in 2022. With such substantial financial risks at stake, it is imperative for your organization to act swiftly and methodically. Partnering with IQ Wired is a proactive step to circumvent the consequences of a costly breach.

As we observe Cybersecurity Awareness Month, let us recommit to safeguarding the digital infrastructure that unites us all.