International transport and logistics insurer, TT Club and global provider of supply chain intelligence, BSI produced their first regular Semi-Annual Global Cargo Theft Intelligence and Advisory Report late last year but this second edition is the first to cover a complete twelve-month (2018) period.
TT Club’s Mike Yarwood, explains the rationale behind the initiative, “Our report brings together threat and intelligence data from BSI’s supply chain security country risk intelligence tool, SCREEN and TT Club’s insurance risk management and loss prevention insights.
The report, which is available as a free download https://www.ttclub.com/loss-prevention/publications/tt-club-bsi-cargo-theft-report-2018/ analyses cargo theft by modality, theft type (modus operandi), commodities targeted and the value of losses across the major regions of the world.
While the research found a consistency across the regions in terms of the most common modality involved (road transport) and in the commodities targeted, there was some variation in the median value of the cargo affected. This ranged from just under $19,000 in Asia, to around $60,000 in both Europe and North America to a high of $77,000 in South America.
The methods used in the majority of cases, however varied significantly across the regions. The global aggregation resulted in Slash and Grab at 26% topping the list, with Theft from Vehicle (19%) and Hijacking (17%) making up second and third spot. In North and South America Hijacking was the most common method at 37% and 52% respectively. In Asia methodology was quite different with Theft from a Facility being the most common, at 43% compared with just 19% from Hijacking.
The report includes several pieces of loss prevention advice to counter the identified threats. The risk mitigation advisory sections have been co-authored by BSI’s Advisory Supply Chain Security team and the TT Club’s claims and loss prevention team.
Yarwood goes on to say “In particular we would wish to emphasise The Insider Threat. As security measures become more sophisticated and widespread in practice, criminal organisations are increasingly recruiting employees of targeted companies to gain data, cargo information, delivery routes and destinations and access to IT systems. Due diligence in recruiting and managing staff is paramount. In general full or part-time salaried staff are less of a security risk than sub-contractors.