REACTION focuses on key issues impacting the chemical and performance technology industry.
This edition takes a look at risk management approaches to cyber security and investigates trade environment changes:
A risk management approach to cyber security
The arms race is heating up in cyber security. We all know that cyber attacks are now a matter of when, not if. We also know that new technologies such as Internet of Things (IoT) devices and artificial intelligence (AI) can be used by attackers across multiple industries around the world. Chemical companies are increasing their defenses, but they can lack a structured understanding of cyber risk in terms of potential damages, their specific monetary implications, and the best way to allocate funds and resources to contain cyber threats. A risk management approach backed by effective governance and communication can help companies mitigate risk while optimizing their cyber security investments.
Trade environment changes — Tariffs
As of December 2018, the Trump administration has imposed tariffs on over US$200 billion of goods imported from China, and China has responded in kind with tariffs on US$50 billion worth of goods on the US.23 The size and scope of these tariffs are unprecedented. These actions are affecting a large number of chemical manufacturers, their customers and suppliers. The long-term impact is not yet clear.
What can be acknowledged, however, is that chemical companies are closely watching changes occurring on a near-daily basis and, in some cases, already taking steps to reconsider their investment and growth strategies, so they can better address both immediate and long-term consequences.
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