“Unsecured Software Supply Chains: A Billion-Dollar Risk, Warns Juniper Research Study”

A new study from Juniper Research, a leading expert in the cybersecurity market, has highlighted the need for businesses to prioritize secure software supply chain procedures to avoid cyberattacks. According to the report, the total cost of software supply chain attacks to businesses globally will surpass $80.6 billion by 2026, up from $45.8 billion in 2023, reflecting an alarming 76% increase. These attacks result from inadequate software supply chain security processes and the rising complexity of software supply chains overall.

As the complexity of software supply chains increases, managing the risk these supply chains pose to businesses becomes more complicated and requires organizations to change their approach to cybersecurity. The study further revealed that software supply chains have been ignored over the years as a potential source of risk. The problems can no longer be neglected and must be resolved through regulations, SBOMs (Software Bills of Materials), embedded security, and cybersecurity solutions.

“The software supply chain has been neglected over the years as a source of risk, leading to a situation where organizations face significant issues if they cannot change the way they operate,” said Nick Maynard, report author and Head of Research at Juniper Research. “As software supply chains become more complex, the problem becomes exponentially more complicated, requiring immediate attention to resolve, through regulations, SBOMs (Software Bills of Materials), embedded security, and cybersecurity solutions.”

As a seasoned security vendor, BlackBerry emphasized the importance of securing software supply chains, stating that enhancing the security of software supply chains is essential for national security and building a trusted digital world. They welcome the findings of the Juniper Research study, which emphasizes why all industries must adopt software supply chain security practices.

This report highlights the importance of managing software supply chain risk across various industries, including financial services, government, automotive, and healthcare, among others. The vulnerability of software supply chains makes it essential reading for stakeholders in these high-risk industries.

In conclusion, the rise in software supply chain attacks emphasizes the need for businesses to prioritize and develop secure supply chain procedures to avoid damaging cyberattacks. The report suggests that the management of software supply chain risk must be a top priority across all industries. This will require adopting a proactive approach through regulations, SBOMs (Software Bills of Materials), embedded security, and cybersecurity solutions. Neglecting the management of software supply chains could lead to severe consequences for businesses and customers alike.