A Look At Recent Events and The Need to Strengthen Supply Chain Resilience and Security

In the wake of recent events both in the United States and on a global scale, it has become evident that our supply chain systems face multifaceted challenges that demand heightened awareness and proactive measures.

The tragic Baltimore Bridge collapse serves as a stark reminder of the intricate interconnectedness of our supply chains. Shortly after the tragedy, U.S. Secretary of Transportation Pete Buttigieg emphasized its significant and enduring impact on supply chains. The bridge collapse has effectively severed access to and from the Port of Baltimore, a crucial artery in the nation's trade infrastructure. This port, a key gateway for commodities such as forestry materials, agricultural machinery, and sugar, boasts deeper waters and can accommodate larger vessels compared to other East Coast ports. Moreover, being the primary domestic port for automobiles, its disruption could reverberate through the Midwest auto industry, compounding the already profound loss of life and devastation inflicted by the collapse.

Although the impact on supply chains pales in comparison to the tragic loss of six lives and the grief experienced by their loved ones, it nevertheless highlights the critical vulnerabilities present within our infrastructure and supply chain networks.

Beyond domestic challenges, supply chains worldwide are facing escalating threats. Recent incidents, including pirate attacks on ships and Houthi rebel assaults on vessels transiting the Suez Canal, underscore the vulnerability of global trade routes. The repercussions of these disruptions are far-reaching, with freight traffic through the Suez Canal nearly halved due to forced diversions onto longer, alternative routes. Consequently, delays and increased costs ripple through supply chains, ultimately translating into higher prices for consumers and exacerbating environmental concerns.

In essence, these events underscore the urgent need to address the critical vulnerabilities within our infrastructure and supply chain networks, both domestically and internationally. They also serve as a reminder of the sudden and impactful nature of unforeseen events on supply chains.

The Number One Challenge Facing Supply Chains? Cybersecurity

Global supply chains face numerous challenges, highlighting the critical need for strategies to improve resilience and support growth. Among these challenges, cybersecurity emerges as the number one threat. In 2022 alone, 1,743 organizations in the United States fell victim to supply chain breaches, with a particularly troubling aspect being the extended periods these breaches go undetected. On average, globally, it takes 277 days from the occurrence of a breach to its discovery and containment. This means that organizations are often unaware of security breaches within their supply chains for nearly a year, leaving ample time for malicious actors to cause extensive damage.

Meanwhile, a significant 98% of companies have affiliations with third parties that experienced cybersecurity breaches within the past 24 months. These statistics align with insights from Verizon's Data Breach Investigations Report, which revealed a notable surge in supply chain attacks in 2022.

Verizon's report underscores the vulnerability of third-party relationships within supply chains, highlighting weaknesses such as third-party access to organizational data and systems, vendor data storage practices, and software vulnerabilities.

How JibChain Solutions Strengthen Resilience and Manage Risks

JibChain provides a suite of comprehensive services designed to improve resilience and manage risks effectively:

• Supply Chain Risk Management (SCRM) as a Service: JibChain offers automated monitoring of your supply chain's health. Real-time alerts enable proactive strategies to address potential vulnerabilities, mitigating the impact of disruptions.
• Software Supply Chain Risk Management: Our platform seamlessly integrates software supply chain orchestration and risk assessment. Explore our Software Supply Chain Solutions, including Software Bill of Material (SBOM) provision, Open-Source Audits, and comprehensive Software Risk Scorecards powered by SettleTop.
• Supply Chain Risk Index (SCRI): A thorough risk assessment establishes a clear understanding of your exposure and quantifies potential risks. Our SCRI provides insights into industry-specific and business-relevant risks, including evaluations across global industries, cyber and supply chain software risks, supplier impacts, consequences analysis, and a risk management index value score. This approach facilitates rapid harm identification and enables critical decisions for business continuity.

Risk Consultancy and Education: We offer SCRM/SCRM training to academia, government agencies, and commercial enterprises. Educating stakeholders about risk management culture and expectations forms a crucial foundation for effective risk mitigation, ensuring seamless integration across all business functions.?

At JibChain, we are dedicated to assisting clients in both private and public sectors, helping them confidently navigate the evolving risk landscape. Through a blend of advanced technology and human insights, we help businesses turn supply chain risks into opportunities for growth.

Conclusion

In light of recent events, it is abundantly clear that our supply chain systems are facing significant challenges that require attention and proactive measures. Businesses and policymakers should focus on strengthening supply chain resilience to maintain the stability and sustainability of global trade. By working together and taking proactive steps, we can create a more resilient and secure supply chain for the benefit of all involved.