Redefining Cyber Security in Procurement & Big Data

Cyber-attack stories doing the rounds often have the masses in despise. Like the recent security breach for Infosys employees’ salary accounts which resulted in lakhs being siphoned off or the eBay security hack which prompted the e-tailer to have the customers change their account credentials altogether; data is always on the verge of being compromised. With newer technologies being invented day-by-day and Big Data tightening its grip, how should Procurement Champions reinforce Cyber Security?

Let’s first understand how Big Data molds into Procurement:

Big Data in terms of Procurement is a collection of data which will enable professionals to figure out new savings opportunity, comprehend risks, forecast market trends, and realize how sustainability plays a part in the organizations supply chain.

While leveraging Big Data is beneficial, the vulnerable nature of the data should also be taken in picture. The fact is that even hackers are getting advanced & sophisticated day-by-day. Harnessing Big Data involves a lot of information to be digitized where we cannot enforce increased levels of security due to the large data volumes. As cyber-crime is on the rise, digitized data like contracts, commercial details, and financial documents are often on the target for hackers.

With reports of stolen information or jeopardized networks always running through the media, here’s how today Procurement Professionals can strengthen cyber security at their organization’s end:

• Collaborate with IT: — Collaborate with your IT Team and implement monitored systems, internal policies/standards and create a secure defense for your organization. Set timely updates to review the preset policies.
• Insure your supply chain network: — Find out and invest in Cyber Insurance Policies to cover damages if any.
• Survey your suppliers/vendors: — Most businesses do not assess suppliers/vendors for cyber risk. Periodically survey your suppliers on their security parameters to avoid data theft at their end. Include “security plans” in your supplier evaluation phase. Engage with those suppliers who follow strict security parameters and implement secure plans. In-case a supplier lacks the know-how, get your IT Team on board and help the supplier to strengthen their IT network.
• Educate the team: — Take initiative and stay updated with the Cyber Security Laws governing your country or organization. Create or review an incident-response plan. Arrange sessions with your team to help them understand the intricacy of the matter and share steps to be taken in case they find any occurrence of cyber-crime. Ensure proper compliance within your team.
• Stay alert: — On the personal front, do not disclose any confidential information on any unsolicited email; do not click on emails from unknown sources. Report immediately if you notice any suspicious activity or malware emails on your system or network.

Procurement professionals deal with a lot of commercial & financial data. By implementing the correct and updated security measure we can work towards a secure supply chain network resilient from cyber crime. What steps have you implemented in your organization? Share your views in the comments below.