As new cases of coronavirus continue to pop up and with the recent knowledge that almost 5 million residents left Wuhan before the lockdown, it is becoming clear that more and more businesses will be affected by the illness.

In the last several decades, globalization has made it necessary for many companies to build supply chains that cut across national borders, making economies much more interconnected. China, the world's second largest economy, is at the heart of many such supply chains.

Already, the coronavirus, recently dubbed COVID-19 is making it more difficult for companies to source parts. Auto parts shortages have forced Hyundai to close plants in South Korea and caused Fiat Chrysler to make contingency plans to avoid the same result at one of its plants in Europe. And in the UK, Jaguar Land Rover has warned it could run out of car parts at its British factories at the end of next week due to lack of supplies from China.