{"id":1464,"date":"2024-05-17T18:47:54","date_gmt":"2024-05-17T18:47:54","guid":{"rendered":"https:\/\/global.craft.co\/?p=1464"},"modified":"2024-06-04T23:11:05","modified_gmt":"2024-06-04T23:11:05","slug":"risk-savvy-april-report","status":"publish","type":"post","link":"https:\/\/global.craft.co\/blog\/risk-savvy-april-report\/","title":{"rendered":"Risk Savvy April Report: Illuminating Global Supply Chain Trends"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">We\u2019re excited to debut our monthly \u201cRisk Savvy Report\u201d, powered by Craft\u2019s robust platform to keep you informed with the latest updates and trends shaping the global supply chain.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This report provides just a glimpse of Craft&#8217;s extensive capabilities. Our platform lets you configure news and alerts from a comprehensive data fabric, creating a tailored, collaborative environment that delivers vital supply chain information while filtering out irrelevant data.<\/span><\/p>\n<p><a href=\"https:\/\/global.craft.co\/subscribe\/\">Subscribe to the newsletter<\/a> if you find this information helpful.<\/p>\n<p><span style=\"font-weight: 400;\">Without further ado, let&#8217;s explore recent developments impacting the global supply chain.<\/span><\/p>\n<h2><\/h2>\n<h2><b>Cybersecurity: An Escalating Risk<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As businesses embrace digital transformation, vulnerabilities in their supply chain expose them to very real cybersecurity threats. Post-2020, cyber attacks surged by 125% in 2021 and another 40% in 2022. In 2024, global cybercrime <\/span><a href=\"https:\/\/www.strategicmarketresearch.com\/blogs\/cybersecurity-statistics\"><span style=\"font-weight: 400;\">is anticipated<\/span><\/a><span style=\"font-weight: 400;\"> to cost the economy a staggering 9.5 trillion USD annually.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The recent <\/span><a href=\"https:\/\/www.cpomagazine.com\/cyber-security\/dutch-chipmaker-nexperia-suffers-a-data-breach-that-exposed-sensitive-information\/\"><span style=\"font-weight: 400;\">Nexperia data breach<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/securityaffairs.com\/162333\/cyber-crime\/swedens-liquor-supply-ransomware-attack.html\"><span style=\"font-weight: 400;\">Skanlog ransomware attack<\/span><\/a><span style=\"font-weight: 400;\">\u00a0are signs that cybersecurity risk is a substantial and ongoing threat. These attacks lead to downed systems, 15% revenue loss, and intellectual property compromise, impacting notable companies such as SpaceX, Apple, IBM, and Huawei. Both companies are now intensely focused on investigation, placing a heavy priority on establishing proactive measures to avoid further attacks and monitor suppliers and third parties on an ongoing basis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fortunately, reports from companies like CGCYBER and Binarly have identified potential vulnerabilities in <\/span><a href=\"https:\/\/industrialcyber.co\/reports\/new-cgcyber-report-warns-of-cybersecurity-risks-in-marine-environment-due-to-network-connected-ot-systems\/\"><span style=\"font-weight: 400;\">network-connected OT systems<\/span><\/a><span style=\"font-weight: 400;\"> in marine environments and <\/span><a href=\"https:\/\/thehackernews.com\/2024\/04\/intel-and-lenovo-bmcs-contain-unpatched.html\"><span style=\"font-weight: 400;\">unpatched Lighttpd web servers<\/span><\/a><span style=\"font-weight: 400;\"> in baseboard management controllers, exposing opportunities for companies to improve their resilience against cyberattacks. This knowledge empowers organizations to enhance their resilience against cyber threats by analyzing their supply chain with more extensive due diligence processes to mitigate risk.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read our <\/span><a href=\"https:\/\/global.craft.co\/resource\/solution-brief-cybersecurity-risk\/\"><span style=\"font-weight: 400;\">cybersecurity risk solution brief<\/span><\/a><span style=\"font-weight: 400;\"> to learn how to protect against cyber threats.\u00a0<\/span><\/p>\n<h2><\/h2>\n<h2><b>Environmental Oversight Sparks Public Concern<\/b><\/h2>\n<p><a href=\"https:\/\/www.reuters.com\/business\/finance\/jpmorgan-citi-wells-boa-are-no-longer-signatories-equator-principles-website-2024-03-05\/\"><span style=\"font-weight: 400;\">Several prominent U.S. banks<\/span><\/a><span style=\"font-weight: 400;\"> have exited the Equator Principles, an ESG project finance group for assessing environmental and social risks, signaling a prioritization of profit over sustainability. Consequently, organizations emphasizing robust ESG compliance in their supply chain may opt against engaging with these banks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, <\/span><a href=\"https:\/\/www.whqr.org\/2024-04-11\/environmental-advocates-say-duke-energy-carbon-reduction-plan-doesnt-go-far-enough\"><span style=\"font-weight: 400;\">Duke Energy<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/hillsboroherald.com\/intel-reports-150000-ton-error-in-co2-reporting-as-deq-approved-permit-to-double-pollution-in-hillsboro\/\"><span style=\"font-weight: 400;\">Intel<\/span><\/a><span style=\"font-weight: 400;\"> have fallen short on their commitments to reduce carbon emissions by underreporting, building nonrenewable energy sources, and increasing production of dangerous gasses. This sparked public outlash and media scrutiny, highlighting large corporations&#8217; failure to adhere to regulations with accountability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As major corporations seemingly anticipate minimal consequences for ESG violations, enhanced capabilities for supplier analysis will diminish room for excuses.<\/span><\/p>\n<p><a href=\"https:\/\/global.craft.co\/risk\/esg\/\"><span style=\"font-weight: 400;\">Learn more about ESG risk<\/span><\/a><span style=\"font-weight: 400;\"> in supply chains.<\/span><\/p>\n<h2><\/h2>\n<h2><b>U.S. &amp; China Chip Wars Causes Global Disruption<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The U.S. Department of Commerce recently <\/span><a href=\"https:\/\/www.tomshardware.com\/tech-industry\/semiconductors\/us-blacklists-intels-and-nvidias-key-partner-in-china\"><span style=\"font-weight: 400;\">blacklisted a key partner for Intel and NVIDIA, Sitonholy<\/span><\/a><span style=\"font-weight: 400;\">, along with 9 other companies, for allegedly supplying technology to the Chinese, Iranian, and Russian militaries. In response to tightened US restrictions, China instructed its largest telecom carriers to phase out foreign chips crucial to their networks by 2027.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Companies like Intel, AMD, and NVIDIA find themselves navigating complex governmental challenges, given their expansive supplier networks and society\u2019s reliance on processors. They must remain vigilant and adaptable to evolving contingencies.<\/span><\/p>\n<p><a href=\"https:\/\/global.craft.co\/solution\/supplier-risk-management\/\"><span style=\"font-weight: 400;\">Learn about configurable alerts<\/span><\/a><span style=\"font-weight: 400;\"> for supply chain risk management.<\/span><\/p>\n<p>&#8212;-<\/p>\n<p><span style=\"font-weight: 400;\">We hope these insights have enhanced your understanding of the global supply chain, making you evermore risk savvy.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/global.craft.co\/subscribe\/\">Subscribe to our newsletter<\/a> for more insights.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019re excited to debut our monthly \u201cRisk Savvy Report\u201d, powered by Craft\u2019s robust platform to keep you informed with the latest updates and trends shaping the global supply chain.\u00a0 This report provides just a glimpse of Craft&#8217;s extensive capabilities. Our [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,7,6,52],"class_list":["post-1464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cybersecurity","category-esg-and-diversity","category-procurement-and-supply-chain","category-risk-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.3 (Yoast SEO v25.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Risk Savvy April Report: Illuminating Global Supply Chain Trends | Craft.co<\/title>\n<meta name=\"description\" content=\"Stay ahead of global supply chain trends with Craft&#039;s &quot;Risk Savvy Report.&quot; Get informed with the latest updates and trends shaping supply chains, from cybersecurity risks to ESG compliance and geopolitical disruptions.\" 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