Island hopping, a practice in which hackers attack third-party suppliers with weaker cybersecurity practices, in order to reach their final target, is becoming increasingly popular, a new report from Accenture claims.
The Technology Vision 2019 report says that less than a third of businesses and IT executives globally, have detailed insights into how their partners keep their networks secure.
More than half (56 per cent) rely on trust alone, to keep themselves and their partners secure.
All things considered, Accenture believes that island hopping could account for almost a quarter of the total value at risk from cybercrime within five years.
German and American companies are most at risk, while Chinese and Japanese companies are at the other end of the spectrum. The UK is positioned right in the middle.
The struggle is real, even within most scrutinised industries. More than half (57 per cent) of respondents in the banking industry said they rely mostly on trust, when it comes to working with third parties.
Nick Taylor, Cyber Security lead at Accenture, believes businesses need to start collaborating – between each other, but also with the government, on security, if they want to stay safe.
“Some of the most devastating attacks we’ve seen in recent years have been state-sponsored, which will take a combined effort to combat.” Nick Taylor said.
“With this type of attack on the rise, organisations will surely start to get rid of their weakest links. For those who get it right, security could be a real competitive differentiator and a make or break in deals.”
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