According to a new study by Juniper Research, cyberattacks targeting software supply chains will cost the global economy $80.6 billion annually by 2026, reflecting a growth of 76%. The study highlights that the software supply chain has been neglected as a source of risk, leading to a situation where organisations face significant issues if they cannot change the way they operate. The importance of software supply chains across several verticals, including financial services, government, automotive, and healthcare, cannot be overstated. Immediate action is necessary to mitigate the risk of attacks, which will have an increasingly detrimental impact on the global economy in the coming years.
- Cyberattacks targeting software supply chains will cost the global economy $80.6 billion annually by 2026, reflecting a growth of 76%.
- The software supply chain is neglected as a source of risk, making it vulnerable to attacks.
- The study highlights the need for regulatory, organisational, and technical measures to address the issues and mitigate the risks.
Cybersecurity attacks are a constant threat to businesses and organizations worldwide. According to a recent study by Juniper Research, the cost of cyberattacks targeting software supply chains is expected to increase to $80.6 billion annually by 2026, reflecting a growth of 76%. This staggering cost is due to the increasing risks from absent software supply chain security processes and the rising complexity of software supply chains overall. The study highlights the critical need for regulatory, organizational, and technical measures to address these issues and mitigate the risk of attacks.
Why are software supply chains vulnerable?
According to the new study, “Vulnerable Software Supply Chains Are a Multi-billion Dollar Problem,” the software supply chain has been neglected over the years as a source of risk, leading to a situation where organisations face significant issues if they cannot change the way they operate. As software supply chains become more complex, the problem becomes exponentially more complicated, requiring immediate attention to resolve, through regulations, SBOMs (Software Bills of Materials), embedded security, and cybersecurity solutions.
What does BlackBerry have to say?
BlackBerry, a seasoned security vendor, commented on the study, stating that enhancing the security of software supply chains is critical for national security and for building a trusted digital world. “BlackBerry welcomes this study from Juniper Research, which outlines why software supply chain security practices must be adopted by all industries, and we are pleased to be recognised for our best-in-class security solutions that address this market need,” said Arvind Raman, CISO, BlackBerry.
Which industries need to pay attention?
The study also examines the importance of software supply chains across several verticals, including financial services, government, automotive, and healthcare, making the study vital reading for key stakeholders in those high-risk industries.
“Immediate action is required to mitigate the risk of attacks, which will have an increasingly detrimental impact on the global economy in the coming years.”
What can be done?
The study highlights the need for greater emphasis on the software elements of the supply chain as a critical security vulnerability. The mindset around the management of the software supply chain needs to change. Shifts in wider cybersecurity processes are necessary to address these risks. “The problem of vulnerable software supply chains is multi-faceted, and the solution will require a combination of regulatory, organisational, and technical measures,” said Nick Maynard, report author and Head of Research at Juniper Research. “Immediate action is required to mitigate the risk of attacks, which will have an increasingly detrimental impact on the global economy in the coming years.”
Final Thoughts
The study conducted by Juniper Research is an eye-opener for all industries that rely on software supply chains. It is high time to take immediate action and shift the mindset around the management of the software supply chain. The neglect of the software supply chain as a source of risk will lead to significant issues for organizations if they cannot change the way they operate. The call for greater emphasis on the software elements of the supply chain as a critical security vulnerability is a must. In conclusion, businesses and organizations must take a proactive approach to protect themselves from attacks, and regulatory, organizational, and technical measures must be implemented to address these issues.
FAQ
Q: What is the estimated cost of cyberattacks targeting software supply chains by 2026?
A: Cyberattacks targeting software supply chains are expected to cost the global economy $80.6 billion annually by 2026, which is up from $45.8 billion in 2023.
Q: Why are software supply chains vulnerable?
A: Software supply chains have been neglected over the years as a source of risk, leading to a situation where organisations face significant issues if they cannot change the way they operate. As software supply chains become more complex, the problem becomes exponentially more complicated, requiring immediate attention to resolve, through regulations, SBOMs (Software Bills of Materials), embedded security, and cybersecurity solutions.
Q: What industries need to pay attention to software supply chain risks?
A: The study examines the importance of software supply chains across several verticals, including financial services, government, automotive, and healthcare, making the study vital reading for key stakeholders in those high-risk industries.
Q: What can be done to address the risks associated with software supply chains?
A: The study highlights the need for greater emphasis on the software elements of the supply chain as a critical security vulnerability. Shifts in wider cybersecurity processes are necessary to address these risks. The solution will require a combination of regulatory, organisational, and technical measures.
