The Friday Report: October 29, 2021

Quick wrap up of a few hot topic newsworthy stories in the supply chain logistics industry

Is a New Federal Office Coming Soon to Manage Supply Chain Crises? 

Frustrated by supply chain disruption and risk to the American economy, a group of bipartisan legislators have proposed the creation of the Office of Supply Chain Resiliency and Crisis Response within the United States Department of Commerce.  Introduced on October 6th in the Supply CHAIN Act, the new organization would monitor supply chains of critical goods and materials and focus on planning and responding to supply chain disruptions. 

Supply chain disruptions became commonplace during 2020 as the COVID-19 pandemic took hold.  Manufacturers were often unable to obtain raw materials, delaying production and distribution of essential goods.  The Supply CHAIN Act would also promote U.S. leadership in critical industries and supply chains and foster partnerships and collaboration between Federal, state, and local governmental agencies and industry labor organization.  The office would identify and reduce supply chain gaps and vulnerabilities and work to coordinate with private section partners to plan for and respond to supply chain shocks and help strengthen supply chains. 

For more information, please continue reading here.

5 Tips for Managing Cyber Risks Across the Supply Chain 

Did you know that there has been a 42% increase in cyber attacks on the supply chain during the first quarter of 2021 alone?  Cybercriminals have discovered a lucrative way to mine for gold:  attack third party suppliers and external partners to tap into deep pocket supply chain businesses.  Because of the interrelated nature of the supply chain, companies must share information, making each link vulnerable to attack. 

Here are a few tips to help you be pro-active and manage threats before they present themselves: 

  1. Implement risk assessments for your business.  When working with new third party partners, find out their level of concern and risk avoidance related to cybercrime.  Asking about the controls, processes and policies that are in place to prevent cyberattack can help you be better prepared for how you can help your company stay secure. 
  1. Establish security requirements and expectations.  Be transparent from the beginning.  Document your policy with respect to third party partners and clearly delineate your expectations then provide it to all partners.  Your business is only as protected as is the weakest link of your supply chain. 
  1. Train, train, train.  Most cyber intrusions originate through human error. Make sure your team knows what behavior is risky and how to avoid and prevent attacks.  The Cybersecurity & Infrastructure Security Agency (CISA) provides free invaluable guides and exercises online. 
  1. Secure all data transfers.  Make sure your company is aware of all the different types of data living in your supply chain as well as the location of that data.  Make sure information is properly classified, labeled, and secured. 
  1. Understand that cybercriminals attack weak points. Even if you are a small supplier or third party partner, your business is not immune to attack.  Often cyberattacks occur on small businesses as criminals anticipate that they lack security or defensive training and will be easier to hack.  Be vigilant and be ready. 

For more information, please continue reading here. 

Does a Spike in Pea Protein Prices Mean for Your Favorite Veggie Burger? 

For many years, soy was the dominant source of protein for vegetarian and vegan foods.  Over the past few years, however peas have become a dominant ingredient in many alternative protein products and the demand continues to increase. 

Canadian drought decreased production by 45% and with the European pea supply damaged by adverse weather, prices are expected to double when compared to 2020.  Undoubtedly, this will hit consumers in their vegan leather wallets. 

Beyond Meat  

For more information, please continue reading here. 

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