Prevention as the Best Safeguard Against Cargo Theft

Prevention as the Best Safeguard Against Cargo Theft

The severity of cargo theft in the United States is widely known. It’s a dangerous, multi-billion dollar criminal industry often controlled by organized crime syndicates executing highly sophisticated attacks. It is serious enough to garner attention from both the FBI and the United States Department of Justice.

There are international enforcement resources available to combat this growing concern. C3 and Falvey can leverage our relationships with these organizations to benefit the policyholder. In collaboration with you and your company, we can assist in implementing unique, creative, and effective solutions to limit your risk- and should a cargo loss event occur, C3 and Falvey can advise on the right policy to financially protect your company against this major threat.

We at C3 and Falvey Insurance Group build policies to address the ever evolving cargo landscape. We will be here if a loss occurs and ensure the policy responds in a timely manner to limit profit loss, minimize cash flow issues, and mitigate any other resulting issues.

Our Process

1. Listen and Learn

We believe prevention is the best practice. As such, our process starts with a comprehensive conversation discussing your company’s current controls against cargo theft. Based on what we learn from you, we gather and assess strengths and potential weaknesses in terms of your unique risk protection needs.

2. Design and Implement

Armed with insight from our joint discussions, our experts design a custom plan for your operation that addresses your specific needs and risks. We look at a layered approach including vetting practices for transporters, tracking technology, access controls, tamper-evident packaging, data protection, and many other tactics. Our team then assists in implementing protective measures to minimize your exposure to theft.

3. Support and Resolve

Our loss prevention and risk management personnel will work to build robust and state-of-the-art risk mitigation and prevention strategies and in the event a loss still occurs, the policy is there to protect your financial interest. Our team understands protocols to follow and as your partner, works with your company in lockstep to resolve the issue.

Cybersecurity Measures in Place

Industry experts reported unprecedented levels of cargo theft across the United States and Canada in 2024 with a 27% increase over 2023 reports. As criminal attacks become more sophisticated, cybersecurity breaches play a larger role in cargo theft. More than a trend, cargo theft through cybersecurity means is increasingly common and we expect an ever-changing landscape of risk on this front along with an increase in its prevalence.

However, together we can implement many controls to mitigate risk. For instance, consider the extent of shared data necessary for cargo shipment. A framework should be in place to protect sensitive information. What are the control processes of all parties involved in your logistics network? Do all involved parties have protective cybersecurity measures in place? Knowledge of systems to protect your cargo and information – how is the network secured, what access controls are in place, how is data encrypted, etc. – are all imperative to securing your products and information. Knowing what to ask, what to look for, and what to expect is part of the expertise we bring and information we handle to mitigate risk.

As with any complex system that functions effectively, robust practices need to provide protection at multiple levels. Past losses are a tool to help mitigate exposure, meaning that risk prevention will often help provide coverage. A good partner will work with you to deftly manage risk through advice and employment of best practices at no extra cost to you and through a culture of transparency and collaboration.

With C3 and Falvey, you have committed partners to expertly assist you in resolving any claim you may encounter. But more importantly, our aim is to prevent that claim from happening in the first place. With our background and expertise in the space, as well as our commitment to you, we manage your individualized risk and mitigate exposure before it happens. We have the know-how to help you employ best practices at no extra cost and achieve our common goal – protecting your business. Our loss prevention and risk management services are included in the premium and are part of our partnered approach. Reach out to learn more about our evolving industry and what we can do for you.