F24 Resilience News Digest – September Edition

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Welcome to the F24 Resilience News Digest for September 2023. With every issue, we present you with the latest noteworthy news and updates on events spanning the globe. Stay informed about the latest insights and and catch up on the latest news in the world.

Geopolitical Forces Shape G20’s Role in Global Economic Cooperation

The G20, a global economic cooperation forum, is increasingly influenced by geopolitics, notably the Russia-Ukraine conflict and tensions between the United States and China. The recent New Delhi leaders’ summit showcased the G20’s struggle to maintain its relevance amidst deep global divisions. China’s absence at the summit raised concerns about the G20’s future. Geopolitical motivations are driving major outcomes, such as the India-Middle East-Europe Economic Corridor, potentially in response to China’s Belt and Road Initiative. The inclusion of the African Union as a permanent member reflects efforts to address global debt challenges and maintain global rules. The G20 also aims to reform international financial institutions to address climate and development goals. However, challenges like protectionism and geopolitical tensions continue to undermine the G20’s effectiveness in global policy coordination.

Cybersecurity Alert: Teen Hackers Amplify Threat with Ransomware Alliances

Recent cyberattacks on Caesars Entertainment and MGM-owned casinos are believed to have been orchestrated by a group of teens and young adults aligned with a prominent ransomware gang. This trend has raised concerns among cybersecurity experts and corporate network defenders. The group, known by various names, including Scattered Spider, has been active for the past two years and mainly targets large companies using stolen employee credentials and social engineering tactics. They have evolved from cryptocurrency thefts to infiltrating businesses providing third-party services. Notably, they are now deploying ransomware, collaborating with a hacking group called ALPHV, and have been identified as “Star Fraud,” part of a larger criminal community known as the “Com.” Their activities include SIM-swapping to bypass two-factor authentication and attracting recruiters from Russian gangs. The FBI is actively pursuing these criminals and their affiliates.

Is your company prepared for a cyber attack?

Connecting the Dots: Natural Disasters and Climate Change in a Changing World

The recent surge in global natural disasters, including earthquakes, wildfires, floods, and flash floods, has raised questions about the role of human-induced climate change in these events. While some classify these events as “natural disasters,” the impact of human interference and global warming cannot be ignored. For example, Maui’s devastating wildfires, which killed dozens and caused significant damage, were exacerbated by factors like increased drought severity, high wind conditions, and non-native grasses that provided fuel for the fires. Additionally, an electric accident on a dry landscape contributed to the disaster. The continuous cycle of global disasters, often overshadowed by the 24-hour news cycle, hinders meaningful efforts to address climate change. The long-term effects of such disasters extend beyond immediate cleanup, impacting the environment, culture, and economy. To address these issues, supporting relief efforts and taking local action to reduce carbon emissions is crucial.

OPEC Warns of ‘Energy Chaos’ Amid Calls to Abandon Fossil Fuels

The Secretary-General of OPEC, Haithman Al-Ghais, has expressed serious concerns about the growing campaign to abandon fossil fuels, warning that such a move could lead to “energy chaos on a potentially unprecedented scale” with dire consequences for economies and people worldwide. This comes in response to the International Energy Agency’s (IEA) recent statement that oil demand may plateau this decade as consumers shift towards renewables to combat climate change. The clash between OPEC and the IEA reflects ongoing tensions between the organizations. Additionally, research suggests that the World Bank may have provided billions of dollars in trade finance to fossil fuel projects in 2022, despite promises to focus on a low-carbon economy. Campaigners call for increased transparency and measures to exclude fossil fuel funding from World Bank lending.

Supply Chain Resilience: Morgan Li’s Success Story Post-Warehouse Fire

Custom fabrication company Morgan Li faced a massive fire that destroyed 230,000 square feet of finished-goods warehouse space. Despite this setback, the third-generation family business managed to rebuild and grow by leveraging key supply chain strategies. Morgan Li’s blended onshore/offshore manufacturing process allowed it to maintain flexibility and redundancy, enabling them to respond to changing market conditions. They prioritized items lost in the fire, ensuring customers were not impacted, and moved fast to beat shipping deadlines. Experts emphasize the importance of proactive supply chain contingency planning, diversifying suppliers, improving relationships, and increasing visibility to create resiliency. Additionally, they recommend conducting supply chain vulnerability audits and leveraging data analytics. Preparing for disruptions may not yield immediate benefits, but it is crucial for long-term success.

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