Data integrity forms the bedrock of effective supply chain management. Ensuring the accuracy, integrity, and security of supplier data across various systems can be complex, especially when dealing with multiple suppliers and data sources. From supplier databases, to performance metrics and audit trail documentation, each piece of data must retain its integrity to facilitate informed decision-making, operational efficiency, and most importantly, ensure compliance at all times.
In this article, discover what to look out for when implementing a cloud-based supply chain platform, and learn how it can play a pivotal role in safeguarding data integrity, foster secure supplier relationships through seamless integrations, and help mitigate compliance risks across the supply chain ecosystem.
The most common root causes for a pharma data breach are malicious attacks (45%), human error (28%) and IT failure (27%), according to The Cost of a Data Breach Report (2023), by IBM. The report states that the average cost of a data breach reached an all-time high in 2023 of USD 4.45 million, a 2.3% increase from 2022 (see chart below). Threat actors are using phishing, compromised credentials and cloud misconfigurations as the attack vectors of choice.
[IMAGE SOURCE: Cost of a Data Breach, 2023 - report by IBM]
When moving to the cloud, you should take the time to review your security posture and what changes and controls need to be implemented to operate securely internally, and with your supply chain partners.
A key finding from the IBM report shows that security AI and automation were shown to be important investments for reducing costs and minimising time to identify and contain breaches. According to the findings, organisations that used these capabilities extensively within their approach experienced, on average, a 108-day shorter time to identify and contain the breach. They also reported USD 1.76 million lower data breach costs compared to organisations that didn’t use security AI and automation capabilities.
At Veratrak, we provide a secure cloud-based platform, the Hub, to automatically extract, synthesise and visualise all of your suppliers’ data into a single, standardised dashboard.
🤖 The Hub uses machine learning techniques to monitor and identify anomalies in the supply chain, user access patterns and network traffic.
🔗 Our platform leverages blockchain technology for creating immutable records of transactions and data changes. By storing data in decentralised, tamper-proof ledgers, blockchain ensures the integrity of records.
👾 We adopt the principles of chaos engineering to identify any platform weaknesses before they manifest in system-wide, aberrant behaviours. This proactive approach minimises response time and enhances the ability to counter new and evolving threats effectively.
⚙️ Supply chain data can vary predictably by the time and day of the week. We use industry-leading automation techniques to continuously audit and monitor compliance to ensure that it consistently meets regulatory requirements and industry best practices.
This will help to enhance operational efficiency and foster a collaborative and resilient supply chain ecosystem.
In the IBM Cost of a Data Breach study, 15% of organisations identified a supply chain partner compromise as the source of a data breach. Their report states that business partner supply chain compromise cost 11.8% more and took 12.8% longer to identify and contain than other breach types.
The Hub uses well-established industry leading protocols to integrate communications between supply chain partners, connecting data flows across global markets through scalable messaging and business logic to extend and capture all logistics partners’ data into a unified dashboard.
Once the data flow is mapped out with your suppliers, Veratrak maintains the connectivity between all integrated partners. As a customer, you will benefit from the removal of internal message mapping and translation efforts, as well as significant cost and time savings per connection. You can also benefit from reduced risks to onboard a new logistics provider, as we will manage the point-to-point system integration and data mapping.
Our platform uses a zero-trust architecture approach that requires users and systems to prove their identities and trustworthiness. We enforce fine-grained identity-based authorisation rules at every layer before allowing access to applications, data, and other systems.
This not only safeguards data but also mitigates compliance risks, as regulatory requirements continue to become more intricate, in particular as technology becomes more intertwined with everyday activities (ie: use of personal mobile phones to access emails) and softwares become more feature rich and complex.
According to the IBM’s Cost of a Data Breach report, if an industry is highly regulated, 58% of its data-breach costs continue to accrue after the first year. They also found that the biggest cost amplifiers were security system complexity, security skills shortage, and noncompliance with regulations.
At Veratrak, we have a shared commitment to quality and continuous improvement. Being ISO 9001 Quality Management System certified promotes a culture of continuous improvement and helps identify and address quality issues effectively. We also achieved the widely recognised ISO/IEC 27001 Security Standard certification, demonstrating the company’s ongoing commitment to information security.️
Our Hub platform is purpose-built for life sciences and fully compliant with GAMP 5 Guidelines, EU GMP Annex 11, GxP and FDA 21 CFR Part 11. Our auditable record keeping gives customers full visibility of operations across their supply chain.
In conclusion, ensuring data integrity and security within a cloud-based platform is not merely a necessity but a strategic imperative. By implementing robust security measures, fostering transparency, and nurturing collaborative efforts, businesses can fortify supplier relationships, drive efficiency, and keep their competitive edge in a global, interconnected supply chain landscape.
Over 100 organisations from six continents within the life sciences industry confidently use the Hub to manage their supply chain data.
Contact us to see how we can help safeguard your data across your supply chain operations.