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Reimagined supply chains emerge from global crisis as enterprises focus on data insights to mitigate risk
ew research from Orange
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Business Services found that the supply chains in 40 % of multinational corporations were unable to cope with the crisis created by the pandemic . The survey of 320 enterprises , focusing on the manufacturing , transport and logistics sectors , revealed that the global crisis has dramatically changed attitudes to risk . Some 83 % of respondents said they are more aware of supply chain risks , such as raw material shortages , manufacturing shutdowns or transport blockages , than 12 months ago . Building resilience and sustainability into supply chains through digitalisation and real-time data insights is a priority for transformation strategies and essential to the survival of many companies .
Nearly eight in 10 say they have accelerated their digital supply chain strategies . In addition , almost 50 % of companies surveyed said they are now looking at overhauling risk procurement and risk management strategies within the next two years . Automation is also set to increase in prominence to handle rapidly changing demand levels . Currently 42 % of enterprises surveyed say they are using automation to manage risks , and this will double over the next two years . Two out of five respondents to
the survey said their supply chain could not cope at the height of the crisis .
“ The global health emergency has made organisations accept the fragility of their ecosystems . Critical gaps must be plugged to ensure end-to-end visibility on a global scale and minimise the risk to the business ,” said Kristof Symons , Executive Vice President , International , Orange Business Services .
Monetary Authority of Singapore enhances guidelines to combat heightened cyberattacks
he Monetary Authority of
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Singapore , the central bank of
Singapore , has issued revised Technology Risk Management Guidelines to keep pace with emerging technologies and shifts in the cyberthreat landscape .
The revised guidelines , following the massive SolarWinds cyberattack that affected firms all over the world , focus on addressing technology and cyber-risks in an environment of growing use by financial institutions ( FIs ) of cloud technologies , application programming interfaces and rapid software development . The guidelines reinforce the importance of incorporating security controls as part of FIs ’ technology development and delivery life cycle , as well as in the deployment of emerging technologies .
Joanne Wong , Vice President , International Markets , LogRhythm , said : “ The recent SolarWinds incident will go down as one of the most consequential cyberattacks of the past decade , and serves as a firm reminder for anyone operating in the digital space to never let their guard down .
“ Beyond more vigorous screening for external tech vendors , enterprises must take a more proactive stance to safeguard their operations . It is imperative that they maintain visibility over their entire network – including their trusted third-party vendor – to ensure they can identify and remediate threats with speed . After all , as the cyberthreatscape continues to evolve , no one can afford to be sitting ducks for the next big attack .” www . intelligentciso . com
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