TT Talk - Global cargo theft intelligence
In conjunction with BSI Supply Chain Services and Solutions and TT Club has launched the first joint 2018 Semi-Annual Global Cargo Theft Intelligence and Advisory Report. The 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.
Several key findings from the TT Club/BSI report highlight the severe impact which cargo theft has on global supply chains. As highlighted in the report, the Food and Beverage sector suffers from the highest rates of cargo crime across the globe, accounting for 27% of all incidents with Consumer Products and Hi-Tech Electronics industries also suffering high rates of cargo theft. Transport by road is the most often targeted mode for cargo crime across the globe, attributed attributing to over 75% of all cargo theft incidents.
BSI and TT Club have authored this report to demonstrate their shared goal of educating the transport and manufacturing sectors about the dynamic cargo theft risks present across the globe. With the enhanced awareness, industry will be able to engage in a proactive approach in preventing cargo crime and also minimising the financial loss and brand reputation damage that results from cargo crime.
Furthermore, the report includes several pieces of loss prevention advice to counter the identified threats outlined in the report. The risk mitigation advisory sections have been co-authored by BSI’s Advisory Supply Chain Security team and TT Club’s claims and loss prevention team.
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We hope that you have found the above interesting. If you would like further information, or have any comments, please email us, or take this opportunity to forward to any colleagues who you may feel would be interested.
We look forward to hearing from you.
Risk Management Director, TT Club
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BSI Supply Chain Services and Solutions and leading international transport and logistics insurer, TT Club launch the first joint 2018 Semi-Annual Global Cargo Theft Intelligence and Advisory Report. The 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.
TT Club and BSI have issued the second edition of their report on global cargo theft, the first to cover a full year. Highlighted findings include: theft from road vehicles once more accounts for the highest proportion at 84%; Slash and Grab the largest type of cargo theft at 26% globally but with significant regional variations; the combination of food, beverage, alcohol and tobacco making up the most common commodity group at 34% and South America topping the regional analysis of median value for each theft at $77,000.
The second annual report on cargo theft worldwide, issued today by leading international transport and logistics insurer, TT Club and global provider of supply chain intelligence, BSI confirms the overwhelming targeting of cargo trucks compared to all other modalities.
Cargo theft continues to blight the international supply chain, giving rise to disruption, unpredictability and widespread financial exposures. Whilst there are obvious commercial impacts, the loss of cargo and ensuing insurance claims for example, studies continue to develop a greater understanding of the overall impact of cargo theft, both economic and societal. It is widely believed that organised criminal gangs are often the orchestrators of cargo theft and that the proceeds inevitably support other illicit trades.