Cargo Theft: Understanding the Rising Threat

Understanding the Growing Concern

Cargo theft is an escalating issue, posing significant challenges to those in the transportation and logistics industries. With a 27% increase in cargo theft activity across the U.S. and Canada, the time to take action is now. Every moment of inaction further exposes supply chains to threats, underscoring the necessity for heightened awareness and protection.

The Cost of Cargo Theft

• The average financial loss per theft is a staggering $202,364, a figure that highlights the severe impact on businesses' bottom lines.

Criminal Tactics and Targeted Commodities

• Criminals are becoming more sophisticated, employing methods like identity theft and fraudulent pickups to access high-value goods.
• There's been a notable shift in targeted commodities in the last year, with household goods and food/beverages becoming top targets. This shift comes at the expense of what were traditionally more common targets, such as engine oils, solar energy products, and energy drinks.

The Importance of Protection

In this climate, cargo protection has never been more crucial. Comprehensive cargo insurance can be a pivotal tool for businesses, offering a safeguard against both financial losses and disruptions in the supply chain. By investing in such insurance, companies not only protect their assets but also enhance their resilience against operational setbacks.

Taking Control

The rise in cargo theft is a serious issue, but by staying informed and utilizing effective strategies, such as comprehensive cargo insurance, you can protect your goods and operations. Remember, awareness and proactive measures are your best defenses against these costly threats.