Executive Briefings

Cargo Theft Rates Reach Record Highs In 2009

Cargo theft rose by 12 percent in 2009, to an average of 72 cargo theft incidents per month, according to FreightWatch International's 2009 Annual Cargo Theft Report. This is the highest level of thefts ever recorded. Electronics, the industry most heavily hit by cargo theft, accounted for 23 percent of total theft activity, with an average loss value of $806,000 per incident. It was closely followed by the pharmaceutical sector.

"Over the last year, we have seen companies increase their proactive security measures," says Barry Conlon, CEO of FreightWatch. "This, combined with a decrease in total shipping during 2009, primarily due to decreased global demand resulting from the recession, has forced cargo theft gangs to become more aggressive and increase their active targeting unprotected high-value loads."

The research conducted by FreightWatch shows that the average loss per incident for virtually every commodity group increased in 2009. Analysis of cargo theft in the United States includes theft rates per state, most common locations for thefts, areas with the highest risk, and more.

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Cargo theft rose by 12 percent in 2009, to an average of 72 cargo theft incidents per month, according to FreightWatch International's 2009 Annual Cargo Theft Report. This is the highest level of thefts ever recorded. Electronics, the industry most heavily hit by cargo theft, accounted for 23 percent of total theft activity, with an average loss value of $806,000 per incident. It was closely followed by the pharmaceutical sector.

"Over the last year, we have seen companies increase their proactive security measures," says Barry Conlon, CEO of FreightWatch. "This, combined with a decrease in total shipping during 2009, primarily due to decreased global demand resulting from the recession, has forced cargo theft gangs to become more aggressive and increase their active targeting unprotected high-value loads."

The research conducted by FreightWatch shows that the average loss per incident for virtually every commodity group increased in 2009. Analysis of cargo theft in the United States includes theft rates per state, most common locations for thefts, areas with the highest risk, and more.

Read Full Article