Get your FREE Cyber Health Check Today
Back to all News

Your Cyber Ecosystem Risk is Fraught with Dangers

February 3, 2025

Back to all News

Any reflection on cyber security must consider the digital eco system your business operates within. 

‍

For any organisation, the partners in its ecosystem are a great asset but also a cyber fault line providing a significant barrier to secure and resilient operations.

‍

Figures taken from the World Economic Forum “Global Cybersecurity Outlook 2024” bear this out: 

‍

  • 41% of the organisations that suffered a material incident in the past 12 months say it was caused by a third party.

  • 54% of organisations have an insufficient understanding of cyber vulnerabilities in their supply chain. Even 64% of executives who believe that their organisation’s cyber resilience meets its minimum requirements to operate say they still have an inadequate understanding of their supply-chain cyber vulnerabilities.

  • Furthermore, 51% of leaders say that their supply-chain partners have not asked them for proof of their cybersecurity posture. It seems that many organisations do not know the extent of their supply-chain cyber risk because they do not ask.

  • Some 71% of the smallest organisations by annual revenue have not been asked to prove their cyber posture by their supply chain partners in the past 12 months.


How can any organisation truly meet a baseline standard of cyber resilience if it is partially blind to where and how its digital ecosystem puts it at risk?

‍

Building a cyber-resilient business requires a holistic approach that comprises not just your internal systems, but also your external relationships. 

‍

You can learn more about establishing a strong foundation for cyber resilience in our blog post, Building a Cyber-Resilient Business.

‍

Cyberattackers are always alert to the ecosystem’s supply chain weaknesses as demonstrated by the MOVEit attacks in summer 2023. 

‍

The attack consisted of a wave of cyberattacks and data breaches beginning in June 2023 after a vulnerability was discovered in MOVEit, a managed file transfer software. 

‍

This attack affected millions of individuals and thousands of organisations around the world.  

‍

It was not just the payment of the ransom that the attackers were after, large amounts of personal identifiable data were also stolen during the attack, including medical records and financial information.

‍

Digital Oversight via its CONSULT and INSIGHT services can assist your firm to identify, quantify and manage your supply chain risks, delivering insights and transparency about threats to your digital ecosystem. 

‍

In parallel, our solutions and services can assist you in demonstrating to your supply chain partners that you take your own firm’s cyber security seriously and are constantly working to maintain a baseline of Cyber resilience.

Related posts

The Blended Threat: Physical and Cyber security

When the term Cyber is used, most people immediately think of companies losing data, ransomware attacks, or online services being lost. In other words, the Digital impact.
Read more

Strengthening Your Business Against Cyber Threats

In the current global digital landscape, it’s no secret that cyber threats are evolving at an alarming rate. Businesses of all sizes, from small startups to large corporations, are at risk of falling victim to cybercriminals. 
Read more

The Cybercriminals – from Nation State to Criminal Gangs

Below you will find a very high-level overview of Cyber threat actors, and an explanation of why an SME can be targeted by highly sophisticated hacking tools, just as easily as a large corporate. This is not a list of the groups or the typical threats any one cyber group may pose but sets out to make all SMEs aware, in general terms, what they are up against.
Read more

Web Application Security – SecDevOps

Businesses rely heavily on web applications to engage with customers, streamline operations, and drive revenue. As the digital eco-system expands and cyber threats grow in complexity and frequency, integrating security into every phase of software development is essential for safeguarding valuable data, maintaining customer trust, and ensuring the resilience of business operations. 
Read more

Benefits of Cyber Risk Quantification

As the cyber threat landscape continues to evolve, organisations face increasing pressure to manage their cybersecurity risks effectively. For executives and Boards, understanding and prioritising these risks in a way that aligns with business objectives can be a daunting challenge. 
Read more

Why Your Small Business is a Prime Target for Cyberattacks, and How to Fight Back

Cybercriminals more frequently target small and medium-sized businesses (SMEs) than large companies, often due to their lack of security resources. Small businesses are three times more likely to be targeted by cybercriminals than larger companies. 
Read more

The Strategic Benefits of Vulnerability Management and Scanning

In an evolving cyber threat landscape, complacency can be your downfall. Assumptions about the security of your IT environment can leave you vulnerable to attacks, which are becoming more and more sophisticated.
Read more

How to Prepare for EU DORA Ahead of January 2025

The EU Digital Operational Resilience Act (DORA) is shaking up the financial industry. This game-changing regulation sets a new standard for operational resilience and cybersecurity within the European Union.
Read more

A Complete Guide to Cyber Vulnerability Management

In the world of cybersecurity, there's a chilling truth: it's not a matter of if you'll be attacked, but when. As Robert S. Mueller, former Director of the FBI, aptly put it a number of years ago..
Read more

A Threat-Led Approach to Cyber Defence

Adopt a proactive, risk-based approach to cyber defence with threat intelligence integration, ensuring resilience against evolving cyber threats.
Read more

Cyber Vulnerability Scanning: A Complete Guide

This guide explains how proactive vulnerability scanning reduces security risks, ensures compliance, and strengthens business reputation by identifying and addressing system weaknesses before cybercriminals can exploit them.
Read more

Why UK Companies Need to Prepare For The EU's DORA

DORA, an EU regulation effective January 2025, mandates strong cybersecurity for financial institutions with EU ties. UK companies, even if not EU-based, must comply if they serve EU clients or use EU-based ICT providers. Non-compliance risks fines, reputational damage, and loss of EU business.
Read more

Building a Cyber-Resilient Business

Cybersecurity is a strategic business risk, requiring senior management oversight and partnerships across all functions, including insurers, to create resilience and protect operations, revenue, and reputation from cyber-attacks.
Read more

Four Corners Model

The digital economy today, the interconnectedness and interdependence of business operations, and the controls that are in place, are constantly challenged by cyber threat actors and the increasingly sophisticated attacks they deploy. 
Read more