A cyberattack can cost fleets and owner-operators literal millions -- and the aftermath can take months or years to clean up. So how can fleets safeguard their data, technology and drivers? It's time to buckle up for today's edition of The Inside Lane.
**Inside today's newsletter**
💸 Cyberattacks can cost millions🚚 EV truckers spill their thoughts📈 Red Sea slowdowns continue‼️ TIA addresses lawmakers over fraud⛔ The increasing effects of road rage
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The astronomical cost of cyberattacks on fleets
The NMFTA has told carriers to be more proactive about cybersecurity threats, warning that a single attack could cost them $10m.
With scammers constantly finding new ways to disrupt businesses, the association has outlined emerging threats in its 2024 Trucking Cybersecurity Trends Report, and suggested ways for fleets to avoid them.
What are the biggest threats to fleets? According to the report, phishing scams are the most common in the trucking sector. These are typically e-mails which trick people to open links or attachments that create a back door into computer systems, enabling a ransomware attack.
The association notes that training is vital - briefing staff about suspicious e-mails or phone calls is a good first line of defense.
What other vulnerabilities should carriers consider? Many fleets use APIs (application protocol interfaces) to integrate their software with other packages, and these can be vulnerable to attacks if they are outdated.
Scammers are hiding URLs for malicious websites within QR codes, and the NMFTA has warned that AI could be a looming threat too.
🙂 GOOD DAY:
Experts are predicting a stable year for diesel prices, with steadier demand rises met by additional supply from oil-producers. Pump prices averaged $3.876 per gallon at the start of the 2024, which is 15.4% lower than January 2023.
🙁 BAD DAY:
Two-thirds of drivers have been victims of ‘road rage’ according to a new study. The results suggest Millennials (between 29 and 43 years old) are the worst offenders.
TIA asks lawmakers for better fraud protection
The FMCSA is under fire from freight broker group the Transportation Intermediaries Association (TIA) for its failure to protect the logistics sector from a “rampant” increase in fraud.
Testifying to the U.S. House Transportation and Infrastructure committee, a TIA spokesperson said fraud has become an $800m problem for trucking. The association is launching quarterly reports, starting in Q2 this year, highlighting the scale of the problem and calling for more enforcement.
How dash cams accelerate legal proceedingsDash cameras have had a mixed reception from truckers, but the legal system is increasingly aware of their value for settling cases quickly and fairly. There are privacy implications for carriers to overcome, and state rules differ, but it’s a small investment which could protect fleets from increasingly expensive verdicts - as well as thefts and fraud.
Red Sea conflict delays hit close to homeEscalating conflict in the Red Sea is beginning to impact international supply chains, disrupting a shipping route that carries 12% of global container traffic.
Production at Tesla and Volvo plants will be suspended later this month due to a lack of components, while U.S. retailers Target and Tractor Supply have announced long delays for some products as ships are re-routed around South Africa.
Quote of the Day:
“We do not feel that the federal government, FBI or local policeare understanding the extent of fraud that happens in the supply chain industry. Fraud costs victims an estimated $500 million to $700 million in freight payments annually.” - Anne Reinke, TIA president and CEO
A big thank you to the readers who are keeping me updated on what is happening in their fleets -- including owner-operators. All of your insight helps us shape each edition of The Inside Lane.Safe travels,
