Cybersecurity threats top the list of challenges

New data, published by Vinturas, a global supply chain interoperable network solution, reveals that security and cybersecurity threats top a list of supply chain challenges for a third (33%) of UK business leaders. The research, which polled over 200 senior supply chain business leaders, found that, when looking at security issues, businesses are most concerned about human errors and mistakes, followed by a lack of visibility over third party activities, and regulatory compliance violations (see Figure 1).

As well as this, the research reveals that businesses are facing further struggles when it comes to managing supply chain technology including a lack of integration between different systems and platforms (33%), issues in data quality and accuracy (31%) and difficulty in accessing real-time data (30%).

Though most businesses report using technology to help manage supply chains, just under a fifth of UK business leaders (16%) still rely on paper-based systems, manual logs and forms to manage international supply chain data. Considering that human errors and mistakes rank first on a list of security risk areas of concern, tech integration must be a priority for industry leaders in the year ahead.

In order to improve supply chain management, business leaders are looking to spend 8.2% (GBP) more in supply chain technology solutions this year. Looking at the areas they are investing in, 16% are directing funds into private blockchain technology to help remedy security concerns. Comparatively, however, this figure is much lower than those looking to introduce AI and ML applications (21%), supply chain analytics and reporting platforms (30%), and sustainability and carbon footprint tracking tools (23%) for instance.

Ronald Kleijwegt, CEO, Vinturas commented: “The modern supply chain thrives on information exchange, but data security remains one of the biggest concerns for supply chain operators. Companies are understandably wary of data security in the supply chain, but this doesn’t need to be the case. There are tools in place to help combat the new frontier that digital platforms provide and avoid retreating into data silos, hindering collaboration and reducing overall supply chain visibility.

“Building in technology for secure data exchange, like interoperability and blockchain solutions combined with a multi-layered approach, can foster a more collaborative and safer environment for all members of interconnected global supply chains. After all, in today’s world, supply chain resilience and security is fundamental to business success and cannot be ignored.”

Vinturas is a global supply chain collaboration network with a proven track record helping multinational organisations run their end-to-end supply chains faster and more efficiently. Vinturas’ private blockchain technology plugs deep into enterprise supply chain ecosystems to deliver interoperability, enabling secure collaboration and data sharing between trading parties to improve transparency, traceability and security of goods being transported.The post Cybersecurity threats top the list of challenges first appeared on Warehouse & Logistics News.