This year will continue to present challenges for companies trying to manage their supply chain security in a digital as well as a physical space. These issues plagued businesses attempting to recover from Covid-19 and can severely threaten the stability of operations if sufficient safety measures are not put in place. So, taking this into account, here’s a guide to supply chain security in 2022.
What do we mean by Supply Chain Security?
Broadly speaking, this term refers to the quality of security systems and protocols undertaken by companies that are in the supply chain of another company. This can involve Physical Security issues, such as how resources you are purchasing are protected, or Digital Security and how vulnerable companies in your supply chain are to a cyber-attack. Overall, supply chain security helps you to assess the businesses that you are working with and are potentially sharing private information with.
The situation today
As the above definition suggests, we can split the issues in 2022 up between two key elements: physical and digital supply chain security.
Digital Supply Chain Security
This is a relatively new aspect of determining the security threats posed within your company’s supply chain. That doesn’t mean it shouldn’t be one of your top priorities in 2022, however.
Indeed, if one of the cyber systems within your supply chain is compromised, it can directly impact your operations and cripple your business. This was the case last year when a so-called Supply Chain Attack Forced Several Companies to Temporarily Close.
Thus, this year, effective digital supply chain management requires new mitigation and ‘Plan B’ approaches. Identifying potential vulnerabilities in the cyber security of your suppliers is also helpful, but not always practical.
This means that you need your business ready to deal with its own digital threats, whilst being capable of limiting supply chain dependency. Only then will your operations have a better chance of continuing.
You can Read More on the Issues of Cyber Security and Supply Chains Here.
Physical Supply Chain Security
This side of supply chain security has been impacted far more by recent events, meaning businesses across the world having been dealing with new issues over the last few years.
As these problems have been going back to 2020 for most, companies must continue to monitor the security issues that their suppliers are facing. This could include undertaking frequent risk assessments of their business partners and planning security measures cooperatively to monitor and maintain safety this year. You can Read Our Full Advice on this Here.
