The biggest risk for the transport sector is cyber threats

The biggest risk for the transport sector: cyber threats: the consulting, brokerage and business solutions company Willis Towers Watson, the comprehensive report announced the 2016 Transport Risk Index. The report prepared by taking the opinions of the senior managers, draws attention to the current risk environment in the transportation sector. According to the report, the biggest risk for the sector is cyber attacks and data privacy violations.

ISTANBUL, Willis Towers Watson announces the 2016 Transport Risk Index, a comprehensive report demonstrating the current risk environment in the transport sector. According to a survey conducted with 350 senior executives working in the air, land and sea sectors of the sector, increased cyber attacks and data privacy violations are the biggest risks for the sector.

The key findings from the study highlighted the key risks expected to shape the industry over the next 10 year:

The biggest threat facing transport managers today is the cyber area. Technological developments ranging from automation to the Internet of things mean that supply chains are as interconnected as they are to date and are almost in need of technology.
Managing this complex risk environment, where companies are as strong as the weakest business partners, requires all stakeholders to act together.
Although cyberspace is leading, all top-level risks are ranked very close to each other.
The inseparable linking of risks means that the risk environment becomes increasingly complex. This requires companies to take a holistic approach to risk management.
While proactive strategies to reduce risk remain important, it is critical to be prepared and respond to the social media era in which news is spreading rapidly.
Every region and industry is looking at risks from different angles. Therefore, each of the responses must be evaluated separately. This complex risk environment requires customized solutions to suit your needs.

Risk strategies must be dynamic and flexible

Transport stating that a rapid transformation of the world of Willis Towers Watson's Risk and Corporate Brokerage Manager Tariq Turkey Serpil "Risk strategies also need to be flexible and dynamic in this direction. While those who want to take advantage of the strategic role of the sector in the global economy organize attacks, legal regulations and technological developments require the development of new business models. The executives who participated in our research, 10 graded 50 for a different period of time according to different risk impact levels and the difficulty of risk management. Accordingly, we find it worth noting that cyber threats take the first place and show how the sector is intertwined with technology. Buna

Turkey continued its promises in terms of evaluating the table Serpil Tariq, "the world's global experiences we learn in our country as part of a transport overlap with the rest of the world. In Turkey, they are guided by risk management strategies and an important component of current developments in the world of transportation is a powerful way, "he said.

Willis Towers According to the Watson 2016 Transport Risk Index, the first 10 risk in the transportation sector is:

Increased cyber security concerns caused by cyber attacks and data privacy violations
Failure of critical IT systems
Addiction to third-party suppliers
Third party vulnerabilities and digital supply chain flexibility
Inspections related to competition / anti-monopoly laws associated with merger and acquisition activities
Increased complexity of regulations
Failure to keep up with the pace of change and technological developments
Threats from new and emerging competitors
Extreme addiction to national infrastructure
Loss of value of existing transport infrastructure due to new technologies

According to the senior executives of the transport sector, it is possible to collect significant changes in the sector within the next 10 year under the 5 megatrend:

Uncertainty of geopolitical instability and regulation:

Uncontrollable events such as war, terrorism and forced migration caused 2015 billion dollars to be added to supply chain costs in 56. The results of this and similar events have been mentioned with millions of dollars until recently, and today, billions of dollars are spoken.

Complex business models:

The interconnectedness of physical and digital global supply chains requires companies to bear the consequences of risk. Even the never-ending growth desire drags transport companies into volatile new markets and uncomplicated collaborations, and even companies in a position to deal with challenges are affected by the weaknesses of third parties.

Digital vulnerabilities and rapid technological advances:

The increasing connectivity of the digital marketplace requires a collective resolution of the risk-related problems. Very few companies can fully control the effectiveness of their solutions in this area. While the pace of technological changes continues to increase, the resistance to risk can be achieved through communication and innovation.

Talent management and complexities of global workforce:

While the "Baby Boomer" generation is preparing to retire, the transport companies are about to remain alone with the shortage of talent. While technological developments bring about transformation in companies, the focus of management is shifting from finding enough people to finding the right people with the right set of skills and creating a business environment where these competences can be held in a market where competition is growing.

Changing market dynamics and business model insecurity:

Pressures to improve more dynamic business models on the managers of transport sector are increasing. When traditional barriers such as commodity price fluctuations and interest rates, competitive capital availability, emerging markets and variable consumer demands are combined with non-traditional competitors, there is distrust in the sector about existing business models.