"Companies need to be proactive in evaluating how each of these major risks affects their specific business lines and develop mitigation strattegies tailored to their specific supply chains...
For high-technology manufacturers, the United States’ export controls on Chinese entities and Chinese sectors are going to be a growing concern as Washington looks to restrict China’s access to high-end technology. While Washington has focused much of its attention on the semiconductor industry, other high-technology sectors (such as biotechnology, green technologies, advanced materials, etc.) could all come under scrutiny in the coming years. The global economic slowdown combined with continued high energy prices in 2023 also presents the risk of more social and political unrest that cause disruptions to supply chains, and in some extreme cases, political turnover (as seen in Pakistan and Sri Lanka in 2022). Finally, Russia’s sustained use of cyberattacks in Western Europe and the willingness by Russian state threat actors to use ransomware as a tactic may result in periodic energy disruptions or direct cyber risk for companies that are active in Europe, particularly in Eastern and Central European countries that have a more hawkish stance against Russia over the Ukraine war (such as Poland and the Baltic states)."
Read the full Design News article here.
Join the largest community of risk professionals and learn more about our scalable approach to mitigating risk and threats.