BLOCKCHAIN IS VASTLY OVERRATED; SUPPLY CHAIN CYBER SECURITY IS VASTLY UNDERRATED

[...]it should be a call to action for the supply chain management community. [...]recent reports focused on combatting cyber risks in the supply chain, have noted that major recent security breaches, such as wellpublicized breaches at Target and Home Depot, were the result of vulnerable supply chai...

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Bibliographic Details
Published in:Supply Chain Management Review 2019-05, Vol.23 (3), p.32-39
Main Authors: Melnyk, Steven A, Speier-Pero, Cheri, Connors, Elizabeth
Format: Magazinearticle
Language:English
Subjects:
Blockchain
Business logistics
Communication
Computer crimes
Computer hackers
Control equipment industry
Control systems
Cybercrime
Cybersecurity
Cyberterrorism
Data security
Digital economy
Digitization
Email
Espionage
Hackers
Identity theft
Information technology
Innovations
Intellectual property
Internet fraud
Internet of Things
Malware
Phishing
Political corruption
Price quotations
Production management
Schedules
Security programs
Software
Suppliers
Supply chain management
Supply chains
Technology
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Summary:[...]it should be a call to action for the supply chain management community. [...]recent reports focused on combatting cyber risks in the supply chain, have noted that major recent security breaches, such as wellpublicized breaches at Target and Home Depot, were the result of vulnerable supply chains. Because it is an investment, cyber security can be approached in one of two ways: as a constraint or a requirement that has to be met, making it another cost of doing business to be minimized; or as an opportunity, something where the benefits exceed the costs. The costs were estimated as: * Merck, pharmaceutical company: $870,000,000 * FedEx, delivery company: $400,000,000 * Saint-Gobain, French construction company:$380,000,000 * Maersk, Danish shipping company: $300,000,000 * Mondelez, snack company: $188,000,000 Total damages attributed to NotPetya: $10 billion Our argument is not that blockchain is irrelevant to supply chain cyber security; rather, we argue that while blockchain may be an important tool, based on the headlines, you might have the impression that it is the cure to whatever ails you. Because it is an investment, cyber security can be approached in one of two ways: as a constraint or a requirement that has to be met, making it another cost of doing business to be minimized; or as an opportunity, something where the benefits exceed the costs. * Melnyk, S.A., Peters, C., Spruill, J. Sullivan, K.W Implementing Cyber security in DoD Supply Chains.
ISSN:1521-9747