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Organizations Recognize Risks Posed By Supply Chains — but Don’t See that Risk in Reverse

Organizations are cognizant of and concerned about cybersecurity risks posed to them by their supply chain. However, according to a new survey, they are much less concerned about the risks they may pose to the third parties they work with. This is especially true for larger organizations.

“This is a perception gap that many organizations, especially large ones, need to address in order to effectively protect their supply chain ecosystem — embracing their own technological social responsibilities,” write the authors of the 2019 Global Cyber Risk Perception Survey from Marsh and Microsoft. “Every organization needs to understand, have confidence in, and play a role in the integrity and security of the components and software of its digital supply chains.”

US Adults Are On the Move Due to COVID-19

Source: Pew Research Center

As a result of the coronavirus pandemic, 22% of adults in the U.S. have either moved, had someone join their residence or become aware of someone whose living situation has changed, according to Pew Research Center

Young adults ages 18 to 29 were the most likely to have moved or known someone who moved at 9%, followed by 30- to 45-year-olds at 3%. Earlier this year, Pew found that one-quarter of young adults lost their jobs from the virus, making them one of the most economically affected groups. 

Those who moved did so mainly to reduce their risk of contracting COVID-19. Six-in-10 adults moved back into a family member’s house, says Pew, while 18% moved for financial reasons, including job losses. 

The pandemic could lead to longer-term population shifts, as companies grapple with when to open their offices and whether to offer permanent remote working options.

China Is the Only Major Economy Expected to Have GDP in Positive Territory in 2020

Source: Euler Hermes, “Coping With COVID-19 in Differing Ways”

China is tracking toward 1.5% growth in GDP for 2020 (2019: 6.1%) — despite the global disruption coronavirus has inflicted on its economy. It is the only major economy expected to maintain a positive GDP this year, according to research by Euler Hermes.

China’s GDP growth is expected to reach 7.6% in 2021, the highest growth rate among the major economies. The U.K., whose lockdown mandates have been longer and more severe than many other countries, shows a significant drop in GDP for the year — 13.3%, but it is expected to rebound with GDP at rates ahead of Germany and the United States. 

The report warns of “false restarts” if second waves crop up and notes that a return to pre-crisis GDP levels should be seen in China and the U.S. by the end of 2021. Due to the extent of the crisis in Europe and the “more limited stimulus response,” Europe isn’t expected to reach its pre-crisis levels until 2022-2023.

New Model Shows Many More US Homes Face Large Risk of Flooding

Source: First Street Foundation

Nearly 70% more properties in the United States are at risk of flooding than official government estimates suggest. A new model by First Street Foundation, a nonprofit research and technology firm, shows that a total of 14.6 million properties across the country are at substantial risk — 5.9 million of these properties are unaware of, or underestimating, the risk. FEMA only classifies 8.7 million properties with substantial flood risk.

The model predicts that large swaths of the Midwest and inland Western are at risk of flooding; however, the risk is greatest for coastal states. West Virginia, Louisiana, Florida, Idaho and Montana are showing the greatest proportion of properties categorized as substantial risk.

Data for the model includes areas that FEMA does not, as well as current and future climate risks which helps predict how flood risk will change over the next 30 years. By 2050, the nonprofit predicts the number of properties with substantial risk across the U.S. will increase by 11% to 16.2 million. 

Global Flight Activity Rose in June, But Has a Long Way to Go to Full Recovery

Source: Flightradar24

The global aviation industry saw a rise in activity in June, yet total flights are still down 42% this year compared to 2019, as a result of the coronavirus crisis. Commercial flights are down by 62% compared to last year, however they did increase by 32% in June 2020 compared to May, according to Flightradar24, a global flight tracker.

A recent report by Airlines for America predicts that it will take until 2023 to see a return of pre-COVID passenger volumes within the U.S. The pandemic has already forced the airline industry to cut tens of thousands of jobs — and more layoffs are expected to happen in the upcoming months.

American Airlines plans to add 2,000 flights a day starting in July, while United Airlines will be adding 25,000 flights in August. American Airlines is facing criticism for allowing full-capacity flights, despite the recent uptick in coronavirus cases in the U.S. The U.S. administration has not mandated mask-wearing, social distancing or temperature checks at airports or on flights.

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