Food and fuel top supply chain theft list
The BSI’s annual Supply Chain Risk Insights Report indicates that food and beverages remain the most commonly stolen commodity.
THE REPORT highlighted this increased considerably in 2022, increasing share by 2.8%.
The proportion of automotive and fuel thefts is also rising, whereas the proportion of electronics, agriculture and construction theft has fallen.
Thefts from hijacking fell as a proportion of cargo theft from 24.4% to 17%. These are now second to theft from facilities, which now account for more than a quarter of total thefts, having increased from 24.2% to 26.0%.
Another of the report’s key findings is that unprecedented price inflation, exacerbated by the Russia-Ukraine war, but also an enduring legacy of Covid-19-related shutdowns and the resulting prolonged shortage of key manufacturing components, has awakened governments to the importance of global supply chains to national interests.
This has led to the launch of new legislation such as the CHIPS Act and the Bipartisan Infrastructure Law in the US, and increased GPDR regulations across the EU, the combination of which is placing greater accountability on suppliers and purchasers. Government intervention spans efforts to bolster domestic supply chains, reduce carbon emissions, and enhance governance.
Monitoring rapidly changing regulatory agendas is highlighted as one business imperative that decision-makers need to be aware of if organisations are to succeed in the face of the ongoing global disruptions, says BIS.
The report identifies five additional imperatives that organisations will need to address:
• Leadership: Supply chain continuity requires investment from the top down and what organisations really need right now is strong buy-in from top level leadership.
• Digital: Organisations need to urgently address their digital risk, with 73% significantly concerned about the risks posed by the digitisation of supply chains, but not one organisation having resolved the risk.
• Self-knowledge: Organisations need to invest in tools and technology which help them form a comprehensive understanding of their supply chain environment, such as data analysis, IoT, cloud computing, information security and predictive analysis.
• A tailored approach: An awareness of the different, unique challenges facing each sector’s supply chain is key.
• New technologies: Data, the metaverse, and cybersecurity are segments of technology that will differentiate organisations’ approaches to building strong supply chains.
British Standards Institution (BSI) global intelligence program manager Jim Yarbrough, said: “Without intervention, businesses will see dramatic impacts on their bottom line, meaning that discussing supply chain issues at the C-suite level can help to ensure investments are funnelled to suppliers, building resilience to threats and supporting financial sustainability.”
