Highway Robbery

A significant increase in cargo theft incidents, leading to substantial financial losses for companies has been reported lately. Despite the staggering amount of stolen goods recovered in warehouses nationwide, the true extent of the problem remains elusive due to underreporting and a lack of mandatory reporting requirements.

In 2023 alone, cargo theft incidents surged by 57% compared to the previous year, resulting in nearly $130 million worth of stolen goods, according to data from CargoNet, a Verisk company. However, experts believe the actual losses are much higher due to the difficulty in accurately tracking and reporting stolen items.

One of the main challenges faced by company leadership is the lack of granular visibility into their supply chains. Without comprehensive data on inventory movement and security measures, it becomes challenging to pinpoint the exact causes of losses. Some may attribute losses to organized retail crime or inventory mismanagement, but the root causes often remain unclear.