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Inside job becomes thieves No 1 MO in cargo theft, says insurance study

CRIMINALS are recruiting employees of targeted companies to gain data, cargo information, delivery routes and destinations and access to IT as security measures become more sophisticated, according to a cargo theft reports produced by marine insurer TT Club and the British Standards Institution (BSI).

"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," said their Global Cargo Theft Intelligence Report for 2018.

Findings include that theft from trucks once more accounts for the highest proportion at 84 per cent. Slash and grab the largest type of cargo theft at 26 per cent globally, but with significant regional variations.

The combination of food, beverage, alcohol and tobacco making up the most common commodity group at 34 per cent and South America topping the regional analysis of median value for each theft at US$77,000.

Said TT Club's Mike Yarwood: "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."

Theft from trucks median value of the losses ranged from $19,000 in Asia, to $60,000 in Europe and North America to a high of $77,000 in South America.

Slash and grab at accounted for 26 per cent - topping the list - with theft from trucks came in at 19 per cent, hijacking at 17 per cent.

In North and South America hijacking was the most common method at 37 per cent and 52 per cent respectively. In Asia methodology was quite different with theft from a facility being the most common, at 43 per cent compared with just 19 per cent 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.

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.

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