- A new study revealed that more than 75 per cent of software supply chains were exposed to cyberattacks in the past 12 months
- BlackBerry (TSX:BB) released the results of a global survey of 1,000 senior IT decision makers and cybersecurity professionals across Canada, the U.S., U.K., France, Germany, Malaysia and Japan
- 51 per cent of companies were able to recover from a breach within a week of an attack, a 2 per cent drop from 2022
- BlackBerry Ltd. stock (TSX:BB) last traded at C$3.80 per share
A new study revealed that more than 75 per cent of software supply chains were exposed to cyberattacks in the past 12 months.
Waterloo, Ontario-based tech firm BlackBerry (TSX:BB) released the results of a global survey of 1,000 senior IT decision makers and cybersecurity professionals across Canada, the U.S., U.K., France, Germany, Malaysia and Japan.
Conducted in April 2024 by Coleman Parkes on the security of the global software supply chain, the study intended to identify the procedures companies are currently using to manage and lower the risk of security breaches from their software supply chain. This drew comparisons to previous research conducted in October 2022.
Recovery and impact by the numbers
- 51 per cent of companies were able to recover from a breach within a week of an attack, a 2 per cent drop from 2022
- Nearly 40 per cent took a month, a 3 per cent increase from before
- 74 per cent of attacks came through members of the software supply chain that companies were either not aware of, or not monitoring before the breach
- This was despite insisting on data encryption (52 per cent), security awareness training for staff (48 per cent) and multi-factor authentication (44 per cent)
- With these attacks came financial loss (64 per cent), data loss (59 per cent), reputational damage (58 per cent) and operational impact (55 per cent)
“How a company monitors and manages cybersecurity in their software supply chain has to rely on more than just trust,” Christine Gadsby, BlackBerry’s vice president, product security, said in a media release. “IT leaders must tackle the lack of visibility as a priority.”
Confidence from monitoring
- After regular monitoring, 68 per cent of respondents were “very confident” that suppliers can identify and prevent a vulnerability
- 63 per cent were “very confident” supply chain partners have adequate cybersecurity regulatory and compliance practices
- 41 per cent ask for proof every quarter, including a software bill of materials (SBOM) or a Vulnerability Exploitability eXchange (VEX) artifact
- 51 per cent acknowledge the biggest barriers to regular software inventories are lack of technical understanding, while 41 per cent say they don’t have effective tools
Coming clean
- 78 per cent of companies say they track the impact, but only 65 per cent tell their customers
- When asked why not, the top two responses were concerned about the negative impact on corporate reputation (51 per cent) and lack of staff resources (45 per cent)
Other stats
- Vulnerable components having the biggest impact for organization
- Operating system – 27 per cent
- Web browser – 21 per cent
- Expected time taken to be notified in the event of a supplier suffering a cyber breach
- Within four hours – 34 per cent
- Within 24 hours – 46 per cent
- Within one to three days – 18 per cent
- Comparability of suppliers’ cybersecurity policies
- They are of comparable strength – 66 per cent
- They are stronger – 30 per cent
Attacks in the field
Cyberattacks still pose a serious threat to businesses around the world. Western Canadian retailer London Drugs stores are still reeling from a “cybersecurity incident” in April that forced the chain to temporarily close more than 80 of its stores.
This follows BlackBerry’s recent release of its new and expanded CylanceMDR, a managed detection and response tool backed by the company’s Cylance AI platform, the cybersecurity industry’s longest-running predictive platform on the market.
About BlackBerry Ltd.
BlackBerry offers intelligent security software and services to enterprises and governments worldwide. The company’s software powers more than 235 million vehicles.
BlackBerry Ltd. stock (TSX:BB) closed 1.33 per cent higher at C$3.80. The stock has given back 44.69 per cent year-over-year, and 66.87 per cent since 2019.
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(Top image: File photo)