FreightWatch International, a global logistics security solutions provider, said cargo theft was rated the top concern for supply chain risk over the next five years, according to supply chain professionals participating in the 2011 FreightWatch supply chain survey. According to the survey, 81 percent of all respondents – which comprises all levels of management from manufacturing, third-party logistics firms, transportation providers, insurance companies and others – stated that cargo theft was a major concern for supply chain operations over the next five years, surpassing terrorism, which only 11 percent of respondents listed as a major concern.
“We were extremely pleased with the rate of responses in this year’s supply chain survey,” says Barry Conlon, chief executive officer of FreightWatch. “The information and data collected are invaluable in fully understanding what keeps supply chain professionals up at night and what is necessary to combat the risks their companies face.”
FreightWatch says that while the rate of cargo theft has grown every year since it began collecting data in 2006, specific industries have seen fluctuations in both rates of theft and average loss values. According to the company, the ability to gain a further understanding of how industry professionals view cargo theft in relation to other risks is critical in deploying customizable solution and procedures designed to mitigate the risks faced.
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