Freight forwarding has become increasingly reliant on digital systems, from online booking to real-time tracking. That’s great for speeding up the processes and reducing human errors, but hiding in the digital landscape is a frightening foe…
Cybercriminals.
We’re not talking about dodgy people sitting behind screens in their dark bedrooms, far from it. Cybercrime can be sophisticated and targeted, and the potentially devastating consequences of a cyberattack for freight forwarders and clients are high.
Feeling worried? Read on to find out about cybersecurity in freight forwarding and see what steps we take to counter the threat.
Cyber Threats Facing Freight Forwarders
Traditional freight forwarding is quickly being replaced by digital platforms and processes, and this brings with it many benefits. You can read about them in our blog here.
Unfortunately, utilising technology comes with a big downside. Here are the different types of cyber threats facing freight forwarders.
Ransomware
Ransomware poses a significant threat to freight forwarders the world over. It is a type of malicious software that becomes covertly installed on the user’s system, encrypting files or locking the user out of it until a ransom is paid.
Data Breaches
We hear a lot about data breaches in the news, but what does the term mean for cybersecurity in freight forwarding?
Data breaches mean unauthorised access to and theft of confidential data, including customer information and financial records. Recent breaches that made the headlines include the Welsh Rugby Union, which leaked thousands of fans’ personal information, and Northern Ireland’s Police Service, which is facing a potential £750k following a breach in 2023.
Freight forwarders face huge potential legal and financial liabilities in case of a data breach, not to mention the likelihood of having to shut down operations while the breach is being managed.
DDoS Attacks
When a service or system is targeted and disrupted by a flood of web traffic, it is called a DDoS attack. DDoS stands for ‘Distributed Denial of Service’; an attacker performing a DDoS attack on a freight forwarder remotely sends an overwhelming amount of data to the forwarder’s website, significantly slowing it down or crashing it, rendering it unusable to legitimate customers.
Brandjacking
Impingements in cybersecurity in freight forwarding include impersonation. Freight forwarders are at risk of having their digital presence impersonated; cybercriminals can steal both fees and cargo by copying a forwarder’s website. Not only does this leave a forwarder high and dry, but it negatively affects a brand’s reputation.
Bill Of Lading Ransom
This element of cybersecurity in freight forwarding directly affects a forwarder’s clients. By posing as a forwarder, criminals extort businesses by withholding the Bill of Lading once the cargo is shipped, stopping the supply chain until their demands are met.
Why Freight Forwarders Are Vulnerable
But the whole world’s going digital, we hear you say. Why are forwarders easy targets?
Let’s take a look.
A Wealth Of Data
Freight forwarders process a huge amount of sensitive customer information. This makes them ripe for cybercriminals looking to get their hands on the goods and means cybersecurity in freight forwarding is crucial.
Supply Chain Size
Supply chains tend to involve multiple moving parts. Throughout a supply chain, there are several entry points for attackers to target.
Outdated Systems
Our industry is still digitising, and it’s an ongoing process. Forwarders using outdated technology may not be fully protected against cybercriminal activity.
We’re All Human
Across the board, we all make mistakes. Cybercriminals are clever; malicious links and phishing scams are made to look realistic to reel us in. By learning more about the threats, we are better protected.
Proactive Measures We Take To Strengthen Cybersecurity
Millennium works hard to strengthen cybersecurity across our organisation. Here’s how.
Antivirus And Anti-Malware Software
Millennium keeps on top of cybersecurity in freight forwarding activities by ensuring we run the best antivirus and anti-malware programs. These detect and remove malicious software before it becomes a problem.
Email Filtering
Email filtering technologies scan incoming and outgoing emails for spam, phishing attempts and other threats.
Strong Passwords & Multi-Factor Authentication (MFA)
To keep our business and your information safe and secure, we only use complex passwords and MFA. MFA is a security mechanism, requiring users to provide more than one form of verification as proof of identity upon signing in to our website and systems.
Regular Software Updates
We are always checking for updates and keep a consistent eye on technology that’s due to become unsupported.
Training
Knowledge is power. Our whole team is educated on cyber security in freight forwarding, the risks we’re up against and best practices to keep us safe from attack.
Secure Networks
Millennium use firewalls, intrusion detection systems, and data encryption to protect data in transit.
Incident Response Plan
Whilst we’ve got every barrier in place to prevent cybercriminal activity, should an event occur, we have a strong incident response plan in place to deal with an attack.
Cyber Attacks Are An Ongoing Threat To Forwarders
Cybersecurity is not a one-time fix but an ongoing process that requires vigilance and adaptation. Making sure the forwarder you choose to work with takes cybersecurity seriously will keep you, your business and your customers safe from potentially devastating consequences.
Looking for a freight forwarder you can rely on? You’ve found one. Contact Millennium today.