Top ten biggest threats to logistics: theft

Top ten biggest threats to logistics: theft

Continuing with our ‘top 10 biggest threats to logistics’ as given by industry experts, this week we’re looking at theft.

During the Supply Chain Risk Management and Mitigation Workshop F&L Conference in Gothenburg in May last year, the audience were asked from their own business perspective, what they thought were the biggest threats to the supply chain.

Theft

Theft can occur in many forms from the physical removal of goods at the various stages of the supply chain to the theft of intellectual property.

A particularly vulnerable point in the supply chain is cargo theft, especially when the cargo is in transit.

A 2018 study of cargo theft reveals that violent truck hijackings account for 24% of incidents globally, while the food and beverage industry is the most targeted sector.

The joint report published BSI Supply Chain Services and Solutions and international transport and logistics insurer, TT Club, highlighted the severe impact which cargo theft has on global supply chains.

The food and beverage sector suffers from the highest rates of cargo crime across the globe, accounting for 27% of all incidents, whilst the consumer products and hi-tech electronics industries suffer high rates of cargo theft as well.

Transport by road is the most often targeted mode for cargo crime across the globe, attributed to over 75% of all cargo theft incidents, with warehousing being the second most vulnerable target (19%).

Even with a high rate of cargo crime, at each stage of the process through manufacture to delivery, opportunities exist for criminals to exploit vulnerabilities.  

It is recommended that companies exercise due diligence by examining their processes and procedures to ensure that risks are minimised as much as possible, whilst the operational activities are not impacted upon significantly.

Suitable checks and balances will minimise risk and identify quickly where issues have occurred and maximise the chances of identifying the perpetrators and recovering any property.

Measures such as putting in place inventory management can help reduce the risk, as well as prevent stolen goods from going unreported.

If you’d like to find out more on how to protect your logistics business, learn about how Secure Supply Chain Scotland can help by clicking here.

Top Ten Threats to Logistics

Threat 1 – Insider Threat

Threat 2 - Theft

Threat 3 – Unexpected Incidents

Threat 4 – Terrorism

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