TT Club Warns of Cyber-crime Risks

  • Date: 30/06/2014
TT Club Warns of Cyber-crime Risks

Speaking at TOC Europe’s Container Supply Chain Conference in London, freight insurance specialist TT Club’s Mike Yarwood has warned of the increasing dangers posed by ‘cyber-criminals’ targeting carriers, ports, terminals and other transport operators. Examples of computer hacking affecting organisations, companies and individuals are numerous.  Data and information used to focus on high value cargo and susceptible loads.
As invasive cyber-technology becomes more widely available, a greater risk to legitimate trade is emerging, exposing operators in the supply chain to economic and commercial damage.  Whilst advances in IT systems undoubtedly provide greater opportunities for carriers, transport operators and cargo handling facilities to mitigate their exposure to theft and fraud, unfortunately such increased sophistication also benefits those with criminal intent.

As a leading provider of insurance and risk management services to the freight transport industry, TT Club is well-placed to observe and analyse both the nature and effect of such ‘cyber-crime’.  Insurance claims expert Mike Yarwood has made a particular study of the fast-growing trend. “We see incidents which at first appear to be a petty break-in at office facilities. The damage appears minimal – nothing is physically removed,” reported Yarwood in his TOC presentation. “More thorough post incident investigations however reveal that the ‘thieves’ were actually installing spyware within the operator’s IT network.”.
More commonly targets are individuals’ personal devices where cyber security is less adequate.  Hackers often make use of social networks to target operational personnel who travel extensively and truck drivers to ascertain routing and overnight parking patterns.

The type of information being sought and extracted may be release codes for containers from terminal facilities or passwords to discover delivery instructions.  “In instances discovered to date,” revealed Yarwood “There has been an apparent focus on specific individual containers in attempts to track the units through the supply chain to the destination port. Such systematic tracking is coupled with compromising the terminal’s IT systems to gain access to, or generate release codes for specific containers.  Criminals are known to have targeted containers with illegal drugs in this way however such methods also have greater scope in facilitating high value cargo thefts and human trafficking.”

Yarwood and TT Club are strenuous in their advice to operators to be vigilant. Simply identifying the value of the data held by an organisation or individual is a starting point when assessing potential exposure to cyber crime. “Awareness is often the first step,” commented Yarwood.  “Education of employees across all disciplines of the organisation is crucial.  Making them aware of robust risk management policies designed to defend the organisation from cyber-crime. Often the level of threat is dependent on an organisations’ own culture,” concluded Yarwood.

Through Transport Mutual Insurance Association Limited and TT Club Mutual Insurance Limited, trading as the TT Club. TT Club Mutual Insurance Limited, registered in the UK (Company number: 02657093) is authorised by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority and Prudential Regulation Authority. In Hong Kong, TT Club Mutual Insurance Limited is authorised and regulated by the Hong Kong Insurance Authority, in Singapore by the Monetary Authority of Singapore and in Australia by the Australian Prudential Regulation Authority. In the United States, TT Club Mutual Insurance Limited is approved as a surplus lines insurer in all states and is accessible through properly licensed surplus lines brokers. The registered offices are: 90 Fenchurch Street, London, EC3M 4ST.

Through Transport Mutual Insurance Association Limited, registered in Bermuda (Company number: 1750) is authorised and regulated in Bermuda by the Bermuda Monetary Authority. 

The UK VAT Identification number for Through Transport Mutual Insurance Association Limited is: GB 564 5244 35 and for TT Club Mutual Insurance Limited is: GB 564 3375 30. The Italian VAT Identification number for TT Club Mutual Ltd is: 03627210101.

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