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Supply Chain Security Remains Priority, With Yearly Budget To Increase Across the Industry

Lorri Janssen-Anessi

Lorri Janssen-Anessi, Director, External Cyber Assessments at BlueVoyant shared why supply chain security is a top priority for organizations in the year ahead.

Supply chain security will dodge budget cuts in manufacturing and energy.

As the manufacturing sector continued to battle unpredictable supply chain disruptions this year, the industry made dramatic strides in managing third-party cyber risk. In fact, 64% of manufacturers say they had supply chain cyber risk on their radar this year and nearly half (44%) have established an integrated enterprise risk management program, the highest of any industry surveyed in 2022. That said, because of the reliance of thousands of vendors, the urgency and severity of supply chain-related cyber breaches in manufacturing will make it the most likely sector to receive budget increases for external resources in 2023.

For the utilities and energy sector, 99% of energy companies say they have been negatively impacted by at least one supply chain breach in the past year, representing the highest rate of overall impact in any other industry. Because it remains one of the most frequently attacked verticals, it is especially crucial that it rises to the challenge of supply chain defense in 2023. The good news is the sector maintains the highest rate of any vertical to increase its yearly budget for supply chain cyber risk and 60% of energy companies are increasing their budget for supply chain cyber risk by an average of 60% over 12 months.



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