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Strategic procurement can protect against cyber-attacks. (Graphic: Business Wire)
Procurement analysts handle gigantic volumes of data in the forms of supplier information, invoicing, pricing decisions, and much more. Procurement teams are essentially hubs of sensitive data, which increases the importance of maximizing cyber security in their daily work process.
“Integrating the existing procurement processes with cyber security solutions is the first major step towards making your systems ready to handle cyber-attacks,” says SpendEdge. “This needs to be followed by clear identification of physical and logical architecture of different procurement facilities, so that incorporation of cyber security becomes more focused and simplified.”
SpendEdge was recently approached by a global information security provider to engage in a procurement market intelligence study on security products and services to understand various facets of the market dynamics, sourcing practices, and pricing. Organizations are increasingly turning to procurement intelligence, looking for help in identifying key suppliers in the information systems security industry and evaluating them based on their operational and functional capabilities. The threat of cybercrime is at an all-time high and the recent events of the WannaCry ransomware attack will only add to procurement leaders’ emphasis on choosing business partners with the highest standards of data security.
Partnering with a procurement intelligence firm like SpendEdge allows you to answer questions such as:
- Is your business prepared against cyber criminals?
- Is your business information secured?
- Are you able to manage the confidential information of your customers and suppliers?
- Do you have a contingency plan in place to mitigate risks?
Once these questions are assessed, procurement advisors can offer a wide range of actionable solutions that will help you make the right choice to ensure the security of your accounts and computers. Some of these solutions include:
- Staying updated on the latest innovations and news from cyber security space, to ensure the systems are up-to-date (a small patch is all it takes to safeguard against a ransomware attack).
- Gaining insights to make informed decisions when choosing information security solutions and suppliers.
- A better understanding of best-in-class practices and identifying improvement areas.
- Identifying how security plans can be implemented as part of your evaluations and competitive landscape.
- Developing a plan to work closely with suppliers to implement security plans.
Protect your procurement process from cyber-attacks: Contact SpendEdge’s solutions experts
SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred market intelligence partner for Fortune 500 firms and other leading companies across industries. Our strength lies in delivering actionable insights that help sourcing and procurement professionals get the right information in the right format, without any unnecessary frills. For more information on SpendEdge’s services, please contact us.