Third-Party & Supply Chain

Hospitals and health systems are increasingly turning to cloud-based technology to enhance their supply chain management, according to a recent survey conducted by Global Healthcare Exchange (GHX). The findings of this survey, which polled more than 100 healthcare leaders, reveal that the top drivers for transitioning to the cloud include improving efficiency, reducing costs, and enhancing operational resilience.

A significant third-party data breach has exposed the personal information of officers and staff at the Greater Manchester Police (GMP) in the United Kingdom. The breach, which is currently under investigation, underscores the growing risk of third-party vulnerabilities in today's digital landscape.

In most years, the time from midsummer into midfall is the time that most companies start pumping more of their goods down the pipelines of their supply chains to get ahead of the curve for the retail rush that begins with back-to-school shopping and runs through the holidays into post-holiday sales. However, in a year where shipping numbers have already been significantly low, largely due to overstocked inventories at the end of 2022, there has been no ramp up to peak shipping season on which to speak of thus far.

In a resolute move aimed at further crippling Russia's capacity to wage war on Ukraine, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced a sweeping set of sanctions targeting Russian elites, the country's industrial base, financial institutions, and technology suppliers. This substantial escalation of sanctions comes as part of the United States' broader strategy to leverage economic restrictions against Russia's ongoing aggression in Ukraine.

A Greek shipping company has admitted guilt in a case of smuggling sanctioned Iranian crude oil and has agreed to pay a hefty fine of $2.4 million, according to recently unsealed U.S. court documents reported by The Associated Press. The case revolves around Empire Navigation and, as part of the plea agreement, the company faces three years of probation.

A recent data breach at a UK military contractor has once again highlighted the risks associated with legacy systems and third-party vendors. The breach, attributed to the LockBit ransomware group, compromised a Windows 7 computer at the industrial operations of Zaun, a Wolverhampton-based company specializing in the design and manufacturing of mesh fencing systems used to secure UK military bases and intelligence sites.

The legacy of Yellow's shutdown and its Impact on the freight industry, the market, and supply chains as a whole, in the midst of what looks to be a historically slow year for the shipping business.