apexanalytix Debuts Cyber Risk Solution to Prevent Supplier Data Loss and Operational Disruption

⇨ apexanalytix launched the Cyber Risk solution in mid-2024 to automate cybersecurity assessments of suppliers, continuously monitor the dark web for risk exposure, and provide real-time responses to threats, significantly enhancing supplier risk management.

⇨ With cyberattacks projected to be the biggest threat to supply chains in the next five years, organizations must ensure complete visibility of suppliers and implement technological solutions, as 53% of supply chain organizations are prioritizing investments in tools to mitigate risks.

⇨ The Cyber Risk solution simplifies access to automated insights on supplier cybersecurity for non-experts, enabling businesses to adopt a comprehensive approach to supplier risk management and strengthen their defenses against the financial impacts of cyber threats.

SAP partner apexanalytix® (“apex”), a provider of global supply chain risk management data, software and services, announced in mid-2024 the launch of Cyber Risk, a solution that automatically assesses the cybersecurity posture of every supplier, continuously monitors the dark web to uncover risk exposure and responds to threats impacting suppliers in real-time.

Supplier risk management is critically important to the role of supply chain leaders, as it directly impacts the efficiency, resilience, and profitability of the supply chain. Business partner data breaches account for 15% of all cyberattacks, costing organizations an average of $4.76 million each year. With cyberattacks poised to be the top threat to supply chains over the next five years, businesses must have full visibility into their suppliers to successfully mitigate risks and prevent operational disruptions. apexanalytix’s Cyber Risk solution eliminates barriers between cybersecurity and vendor management teams, empowering organizations to safeguard operations with greater control over their entire supplier ecosystem.

Recent SAPinsider research revealed insights about how supply chain organizations are improving how they anticipate and respond to disruptions like supplier cyber attacks. The research report Building Resilient and Agile Supply Chains via Data, Analytics and Automation, revealed that 53% of supply chain organizations are investing in technology tools to help them better mitigate the rising complexities and risks within supply chains. Supply chain organizations are prioritizing resiliency, innovation and meeting customer demands promptly. Recognizing the growing complexities within supply chains and the persistent disruptions arising from geopolitical and technological risks, surveyed companies emphasize the need to construct resilient supply chains capable of withstanding such disruptions over merely fostering agile supply chains geared towards faster responses to volatility.

“Cyberattacks are the biggest threat to businesses today. By offloading the significant burden of cyber risk management, companies can worry less about the administrative tasks and focus more on executing the risk-aware strategies that enhance operational resilience,” said Charlie Clark, General Manager & EVP, apexanalytix Cyber Risk division. “Cyber risk is a business risk. With our new Cyber Risk solution, we’re not just fortifying customers’ defenses, we’re future-proofing their business.”

Data breaches take an average of 207 days to identify, but apexanalytix’s Cyber Risk feature provides near-instant reports on breaches or incidents impacting an organization’s suppliers. As a business-wide solution for a business-wide problem, Cyber Risk provides automated insights that don’t require technical skills, making it accessible for professionals who aren’t cyber risk experts to monitor the health of their suppliers with ease.

“In today’s digital landscape, threats lurk in every shadow – and it’s imperative that everyone within an organization stays vigilant,” said Steve Yurko, CEO of apexanalytix. “Supply chain attacks are expensive, disruptive and harmful, which is why businesses need complete oversight of critical threats to their suppliers. Apexanalytix Cyber Risk provides companies a true ‘does it all’ solution that empowers a business-wide approach to supplier risk management.”

Following the launches of Passkeys and the apex Neural Engine, apexanalytix’s Cyber Risk solution signifies another milestone in the company’s mission to provide comprehensive risk management solutions to its clients worldwide.

What this means to SAPinsiders

Participate in SAPinsider research. SAPinsider will be publishing a research report in December on AI in the Supply Chain that will explore the key drivers causing companies to adopt AI in supply chain, the primary strategies companies are deploying to operationalize AI in supply chain, the critical underlying capabilities that must be in place in order for AI to deliver durable outcomes, and the leading technology tools and providers companies are using to embed AI into supply chain processes and systems. Take the survey today and let your voice be heard!

Consider the SAP integration points for apexanalytix’s Cyber Risk solution. To maximize the effectiveness of apexanalytix’s Cyber Risk solution within your SAP environment, consider integrating it with the following SAP modules:

• SAP Supplier Relationship Management (SRM): Integrating with SAP SRM allows for seamless monitoring and assessment of supplier-related cyber risks, enhancing procurement processes and supplier evaluations.
• SAP Ariba: By connecting with SAP Ariba, the Cyber Risk solution can provide real-time insights into supplier cybersecurity postures, facilitating informed decision-making during sourcing and procurement activities.
• SAP Governance, Risk, and Compliance (GRC): Integration with SAP GRC enables a unified approach to managing cyber risks, ensuring compliance with regulatory requirements and internal policies.
• SAP S/4HANA: Incorporating the Cyber Risk solution with SAP S/4HANA ensures that cyber risk assessments are embedded within core business processes, promoting a holistic view of enterprise risk management.

The Cyber Risk solution should strengthen a holistic supplier cyber risk management strategy. There are a number of tactics that supply chain executives should employ to mitigate supplier risk from cyber attacks. Leaders should regularly evaluate the cybersecurity practices of suppliers, including the maturity of their IT systems and compliance with industry standards like ISO 27001. Also, they should look at SAP Ariba Supplier Risk or similar tools to identify vulnerabilities in supplier networks. Also, supply chain directors should include detailed cybersecurity requirements in supplier contracts, such as compliance with data protection regulations and reporting breaches. Contracts should define the supplier’s responsibilities in the event of a cyberattack, including timelines for notification and response. In addition to Ariba, supply chain leaders should explore how SAP Integrated Business Planning (IBP) could help align supply chain plans with risk scenarios, factoring in potential cyber disruptions. And SAP Analytics Cloud can Reveal insights into supply chain vulnerabilities and simulate risk scenarios for better preparedness. Fundamentals include ensuring data exchanged with suppliers is encrypted both in transit and at rest, using SAP Identity Access Management to control access to sensitive supply chain data, and limiting data sharing to only the necessary information and isolate sensitive systems. If necessary, supply chain executives should also provide training to suppliers and internal teams on identifying phishing, malware, and other common threats, and encourage a culture of vigilance against cyber risks across the supply chain. Finally, supply chain leaders would be well served to conduct regular simulations of cyberattack scenarios to test readiness, and obtain cyber insurance policies that specifically cover supply chain-related risks, including supplier breaches.