Almost a quarter of businesses reported annual cumulative losses of at least $1.05 million (CAD $1.4 million) due to supply chain disruptions, and 76% of businesses reported at least one instance of supply chain disruption annually, according to a survey conducted by the Business Continuity Institute and Zurich. The top causes of supply chain failure among businesses surveyed were ones that will likely get even more frequent in the coming years: unplanned IT outages, cyberattacks, and adverse weather.
As the supply chain continues to grow ever longer, adding more potentially disruptive risks along the way, businesses are learning some painful lessons about the financial and reputational damages that can result from failures to ensure supply chain resilience.
Check out the infographic below for some Zurich’s top insights on supply chain visibility, including the biggest sources of damage and key steps to mitigate losses:
