Supply chain is often overlooked in regards to cybersecurity

Craig Debban / Insurance Thought Leadership / 25 June 2023

The rise of quantum computing has become a hot topic in recent years, with many firms scrambling to stay ahead of the curve. As we continue to explore and harness the potential of this powerful technology, it is important to also consider its impact on our supply chains.

While much attention has been placed on the benefits and opportunities that quantum computing can bring, it is equally crucial to address the potential risks and vulnerabilities it may create for businesses, especially within their supply chains.

One major area that is often overlooked in regards to quantum computing’s impact on supply chains is security. As this technology becomes more widespread and accessible, there is a growing concern for data breaches and cyber attacks. Quantum computers have the ability to break through traditional encryption methods, making sensitive information vulnerable and placing supply chains at risk.

Moreover, the increased speed and computing power of quantum computers may also pose a threat to supply chain logistics. With the ability to process large amounts of data in a fraction of the time it takes traditional computers, there is potential for disruptions or delays in supply chain operations. This could be especially problematic for firms that rely on just-in-time delivery methods.

In addition, the rise of quantum computing may also lead to a shift in power dynamics within supply chains. As certain companies invest in and adopt this technology, they may gain a competitive advantage over others who are slower to adapt. This could ultimately impact the balance of power and relationships between suppliers and buyers within supply chains.

KEY TAKEAWAYS:

–Hackers have infiltrated companies’ IT networks through their suppliers, such as in the infamous SolarWinds debacle.

–Quantum computing greatly increases the ability to break encryption, making attacks through the supply chain far easier.

–Even though quantum computing is still in its infancy, companies should take four steps now to prepare.

Read the full article from Insurance Thought Leadership here.