Technology is fully integrated into the trucking industry. From electronic logging devices to GPS tracking, blockchain tracking on shipments, and larger logistics systems, technology is unavoidable. Everyone from the individual driver on up to large supply chain organizations uses technology that seems to connect to everything. It should come as no surprise then that the trucking industry is one of the top industries targeted for cybersecurity threats.
Cybersecurity Threats Are Rising
Back in 2015, the trucking industry experienced roughly 800,000 cybersecurity threats and suspicious activity. That number is rising, and in 2018, the number of cybersecurity threats against the trucking industry spiked to roughly 800 million, according to a panel discussion at the ATA’s Management Conference last month. The motive for cybersecurity threats can be broken down into two categories. First, the trucking industry drives the economy of the United States. Every sector relies on the trucking industry for shipments to keep commerce moving. If supply lines are disrupted or hijacked by cuber threats, then every industry suffers. Second, the trucking industry generates roughly $800 billion annually. That much yearly revenue makes the trucking industry a big target for people who want to siphon off revenue or prevent trucking companies from getting paid through cyber attacks.
Lightning Strikes Twice
J&M Tank Lines had the misfortune of being the target of two major cybersecurity threats over the course of one year. In the first case, the carrier was hacked and their systems were held ransom by malicious software until they paid $250,000 in cryptocurrency to the hacker. During that time, J&M Tank Lines was unable to process invoices and pay its drivers. The second attack was in June, but due to their preparedness, the attack only disrupted business for a few hours.
Cybersecurity threats do not always come from people who have a vendetta, and usually the attackers cannot be identified except by the FBI and organizations that specialize in defending against cyber attacks. The only commonality is that the targeted businesses in the trucking industry present a vulnerability that attackers can exploit for a profit.
Secure Invoice Processing
Being unable to process invoices due to cybersecurity threats can disrupt cash flow and cause payroll to go unpaid. At Express Freight Finance, we use the most secure methods to factor invoices for trucking companies as shipments are completed. This means carriers can still access cash even in the unfortunate event that they experience a cyber attack. Contact Express Freight Finance today to learn more about our freight factoring services.