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September 2016 - Transport & Infrastructure

Survey finds cyber security is the number one threat for the transport industry: A recent survey by global advisory, brokering, and solutions company, Wills Towers Watson, has revealed that cyber security and rapid technological advancements are amongst the top concerns for those in the transportation industry.

The survey also revealed that there was little consensus with regards to the most severe risks, between different modes of transportation or indeed, different countries.  Wills Towers Watson concluded that this disparity reflects the importance of local solutions irrespective of the increasing worldwide interconnectivity of the transport and logistics industry, as well as the ever-present threat of being vulnerable to cyber-attacks.

The survey findings show that there is a wide range of threats to the transport industry; however, there are a selection of risks which are believed to be difficult to alleviate, as well as very disruptive to a company’s operations and profitability.

As part of the survey, Wills Towers Watson’s researchers spoke to approximately 350 senior executives worldwide, to reveal that the transport industry’s leaders are usual more worried about the implicit and explicit risks of the rapidly digitalising world.

Being vulnerable to cyber-attacks generally was found to be of a higher concern than geopolitical and regulatory instability, talent management, business model insecurity and the complications of a worldwide workforce and ever-changing market dynamics.

According to the report, the top overall risk across all regions and modes of transport was the heightened security threat from cyber and data privacy breaches. Further to this, 50 per cent of transport executives’ concerns were cyber-related.

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