Supply Chain Cyber Defense Budgets Rose 86% in 2022

Amsterdam, December 22, 2022 — BlueVoyant, an industry-leading cyber defense company that combines internal and external cybersecurity, recently revealed the results of its annual global supply chain cyber risk management survey. This research shows that budgets for third-party cyber risk management have increased both globally (85%) and in the Netherlands (86%) over the past year. The survey was done among 2,100 CIOs, CISOs, CTOs and other executives responsible for supply chain and cyber risk management in companies with more than 1,000 employees, including 300 Dutch respondents.

Supply chain risk budgets increased

At nearly half (44%) of Dutch organizations, the budget for third-party cyber risk management has increased sharply by 51 to 100%. For 24%, there has been an increase of 26 to 50%, and 16% report a budget increase of more than 100%. Only just under 4% did not increase their budget, but rather decreased it. The budget increases in the Netherlands are similar to the increases worldwide, respectively. News of cyber attacks at SolarWinds and MS Exchange, among others, also seems to have been a factor in the budget increase. Nearly 70% of Dutch respondents indicated that these attacks likely led to an increase in the budget for additional internal resources to protect against cybersecurity problems in the supply chain. In contrast, 40% believe it will lead to an increase in the budget for external resources.

Biggest challenges mainly in legislation

Respondents were also asked what they believe are the biggest challenges in managing security risks. The most frequently cited pain points by Dutch organizations are: meeting regulatory requirements and ensuring third-party cybersecurity compliance (29%), understanding how to impose penalties on vendors when they fail to respond or resolve issues (24%) and onboarding new partners/suppliers with the required speed and rigor (22%).

Globally, creating internal understanding that third parties are part of cybersecurity was cited as the biggest pain point (26%). In the Netherlands, this was agreed by one-fifth (19%) of respondents. According to 30% of Dutch professionals, the responsibility for managing security risks within the organization lies with the CIO, followed by the CISO (28%). Globally, this responsibility lies mostly with the CISO (26%), followed by the CIO (24%).

"Keeping their digital supply chain secure is quite a challenge for companies," said Steve Dierckens, sales director for Benelux and France at BlueVoyant. “Fortunately, there are solutions available that allow them to more effectively hedge against these external risks. Companies should continuously monitor their supply chain so they can quickly detect and resolve cyber threats. To prevent disruptions there, they should prioritize these external risks and allocate a sufficient budget for them."

The study was conducted by independent research organization, Opinion Matters. The executives surveyed include those from business services, financial services, healthcare and pharmaceutical, manufacturing, utilities and energy, and defense. The study covered 11 countries: U.S., Canada, Germany, Austria, Switzerland, France, the Netherlands, the United Kingdom, Australia, the Philippines, and Singapore.

About BlueVoyant

BlueVoyant combines internal and external cyber defense capabilities into an outcomes-based cloud-native platform by continuously monitoring your network, endpoints, attack surface, and supply chain, as well as the clear, deep, and dark web for threats. The full-spectrum cyber defense platform illuminates, validates, and quickly remediates threats to protect your enterprise. BlueVoyant leverages both machine-learning-driven automation and human-led expertise to deliver industry-leading cybersecurity to more than 900 clients across the globe.

BlueVoyant Press Contact:

Jennifer Schlesinger

[email protected]

+1 (201) 397-4976