Transcript
Season one recap.
So, supply chain attacks, much like all cyber security attacks, start with a normal breach. What makes them unique is that it's not just your company that's breached, it's now going to be the company that you provide software to. There's been a trifold increase in these attacks over the last year, that's expected to continue to grow. The most concerning trend of all though is the lack of awareness to these trends. We're seeing the same increase in all cyber security trends upward, awareness is there for most types of attacks the supply attack in itself just isn't getting the love that we think deserves.
Did your vision from last year come true?
Unfortunately, last year's Vision did come true. Supply chain attacks continue to increase the same rate we saw here before but awareness seems to be growing. In particular the rise of AI seems to have had an impact but not how you may think security and privacy concerns during the implementation of AI services are driving better compliance and resulting in additional investment to harden our products in preparation of AI.
What do you expect to see in 2024?
I don't think we'll see a decrease in attacks through 2024 by any means, but I do think we can slow the rate of increase with the tools and education available. Any organization should be able to make great strides in reducing their risk but attention does seem focused on active development products. Until these initiatives that come this unsupported or legacy systems we can only hope for so much.
What is Valorem Reply doing to prepare for this trend?
One key activity we focus on is the legacy system management itself this is nothing new to the industry but we are more intentional about it as AI allows us to deliver faster than ever. Risk doesn't care about where your product is in its life cycle. That new shiny product can bring in revenue but the older one can lose it the next day. Our risk management strategy ensures we assess all services new and old with and with new products available this is done in more efficient ways than ever.
