Cargo theft can occur anywhere along the supply chain, affecting local logistics, transporters, storage yards, groupage operators, LCL consolidators, ports, depots, terminals, insurance, carriers, and freight forwarders equally. BSI Supply Chain Services and Solutions assesses that companies lose more than an estimated $76 million in the UK alone due to cargo theft, highlighting the seriousness of this issue.
Our report combines threat and intelligence data from BSI’s supply chain security risk intelligence tool, SCREEN, and Moovit’s insurance risk management and loss prevention insights. We aim to engage in a proactive approach to preventing cargo crime and minimizing the financial loss resulting from cargo crime.
Mike Yarwood, shipping & warehouse lead, Moovit
South America topped the regional analysis with a whopping median value of $77,000 per theft, followed by Europe, the USA, MEA, and Asia. While the research found commonalities in the modalities involved and in the commodities targeted, there was some variation in the median value of the cargo affected. In terms of the types of cargo theft itself, Slash and Grabs had the most considerable percentages, 26%, and hijackings accounting for 17%.
Hijacking was the most common method used in North and South America at 37% and 52%, respectively, whereas, in Asia, theft from a facility was the most common at 43% compared with just 19% from hijacking. This report has identified insider threat as a common vulnerability across the globe. As organizations evolve and become more and more secure in terms of cybersecurity, access controls, etc., the recruitment of insiders becomes a more attractive option for those attempting to gain access.