The transport industry expects cybercrime and data breaches to become a major risk over the next ten years. This is according to research among 350 drivers from the transport sector.
In the survey preceding the 2016 Transportation Risk Index, drivers from the maritime, aviation and land transport sectors rated 50 specific risks, with drivers expressing particular trepidation about the risks associated with growing digitalisation. Indeed, cybercriminals are said to be becoming increasingly skilled and inventive. As supply chains, both digital and physical, become increasingly interdependent, the risk of cybercrime and data breaches is growing.
Geopolitical instability
Besides digital risks, global geopolitical instability is seen as the biggest risk over the next decade. This is about the impact of global events on the operational activities and profitability of transport companies. An associated risk is the actions and policies of governments, regulators and the judiciary in response to these events.
Risk strategies
The industry says it wants to be more resilient against such risks. "The transportation industry is evolving rapidly, so risk strategies need to be responsive and flexible to implement," said Mark Hue Williams, Head of Transportation Industry at Willis Towers Watson, responsible for the survey. "Regulation and technological developments require new operational models. At the same time, there are increasing attacks from hostile players looking to capitalise on the industry's strategic role in the global economy. All this is taking place against an unstable geopolitical and economic backdrop, while there is also a growing demand for new skills in the workplace. Knowing how to shape your risk strategy in the face of these shifting forces is essential, and this is an excellent opportunity for those at the forefront of providing a response."
Different risks per sector
The individual sectors also rated the risk factors within their own industry. This shows that aviation drivers see the potential failure of critical IT systems as the biggest risk. For land transport, the proliferation of safety regulations and environmental legislation is a major risk, causing higher costs and greater operational complexity. Compared to the other two sectors, the maritime industry struggles more with the risks associated with the globalisation of its customer base.
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