Dive Brief:
- DHL has introduced Supply Watch, a new resource in its Resilience360 supply chain risk management platform, Air Cargo World reported. Supply Watch employs machine learning and natural language processing to unearth disruptions before they become dangerous.
- New risk categories such as financial indicators, mergers and acquisitions, environmental damages, supply shortages, quality issues and labor disputes are native to the platform. Publicly available data mined from online and social media sources is also considered when assessing potential threats.
- Supply Watch adds transparency through digitalization, which protects end-to-end supply chain operations and improves resiliency.
Dive Insight:
Nine out of 10 U.S. businesses fell victim to one or more hacking incidents between 2016 and 2017, according to a cyber poll run by Munich Re. In fact, nearly 2/3 of risk managers polled revealed that they had dealt with more than six hacking-related attacks last year, an increase of 32% over previous years.The Munich Re survey selected roughly 100 risk managers from various industries during an April 2017 Risk and Insurance Management Society Conference.
Fears over hacking gaining illegal access to confidential information was the foremost concern, followed by unjustified government observation and interruption of business, as with WannaCry. Despite these (in most cases justified) fears, 44% of those without cyber insurance felt that coverage was too complex to manage. An insufficient threat level was also mentioned as a reason for going without coverage by 34% of managers, with cost coming last at 22%.
Within the supply chain, the greater the connectivity, the greater the risk becomes. According to Glenn Gorman, CIO of Amber Road, up to 80% of breaches may originate in the supply chain. While there is great reward in the connectivity that technology brings to the chain, particularly in areas that have lacked visibility in the past, companies must still balance the risks and benefits while remaining vigilant over the cyber security threats.
