Modern maritime piracy in supply chain risk management

Today's business environments are fraught with unforeseen risks that seem to evolve as quickly as business processes they disrupt. One of those insidious risks that were often overlooked in the past, but received more attention lately is maritime piracy. To increase the awareness and preparedness for maritime piracy, this paper uncovers the major sources of maritime piracy, assesses its impact on global supply chain operations, and then proposes potential remedies that can mitigate supply chain risks associated with maritime piracy. In so doing, this paper chronicles the past incidents and then maps out the affected areas while developing practical guidelines that can make the multinational firm's global supply chain more resilient in the presence of maritime piracy risks.