Spot Bolsters Security Measures, Joins Verisk's CargoNet to Combat Cargo Theft

Rhea-AI Summary

Spot, a prominent logistics company in North America, has joined forces with Verisk's CargoNet to enhance its cargo theft prevention measures. This collaboration arises in response to a dramatic 57% increase in cargo thefts in the U.S. during 2023. Verisk's CargoNet, a data-driven initiative, has been instrumental since 2010 in recovering over $100 million worth of stolen cargo and assisting in multiple arrests. By integrating CargoNet's advanced risk analysis and secure data sharing, Spot aims to better protect its customers' shipments and support law enforcement efforts. Spot's Vice President of Operations, Kreg Hunter, emphasized the alignment of this partnership with Spot's commitment to superior logistics services.

Positive

• Spot joins Verisk's CargoNet, enhancing cargo theft prevention.
• Cargo theft in the U.S. increased by 57% in 2023, highlighting the need for advanced security measures.
• Verisk's CargoNet has recovered over $100 million in stolen cargo since 2010.
• CargoNet aids law enforcement with dozens of arrests using its extensive database.
• Spot's integration with CargoNet will provide enhanced security for customer shipments.

Negative

• Significant surge in cargo theft by 57% in the U.S. during 2023, indicating increased risk in the logistics sector.
• The need for Spot to join CargoNet suggests potential vulnerabilities in its existing security measures.

INDIANAPOLIS, May 16, 2024 /PRNewswire/ -- Spot, a North American logistics leader, has joined CargoNet^®  from Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, to fortify its defenses against a surge in cargo theft. This strategic alliance leverages secure data sharing, investigative expertise, and advanced risk analysis to safeguard Spot's customers and maximize cargo recovery rates. Cargo theft in the United States skyrocketed by over 57% in 2023 compared to 2022, according to CargoNet, a Verisk business, with a further 68% increase in the fourth quarter alone.

Since its launch in 2010, Verisk's CargoNet has helped its clients recover over $100 million in stolen tractors, trailers, and cargo. In addition, the solution has successfully aided law enforcement with dozens of arrests, using its 24/7/365 command center and cargo crime database. At its core, Verisk's CargoNet allows transportation companies like Spot and the carriers they work with to reduce their risk of becoming victims of cargo theft and have a better chance at recovering stolen freight.

"At Spot, we are committed to providing our customers with the highest level of security for their freight. By joining Verisk's CargoNet, we are gaining access to a comprehensive suite of cargo security solutions and information sharing that will help us further protect our customers' shipments from theft, provide critical information to law enforcement, and report suspicious activity," said Kreg Hunter, Spot's Vice President of Operations. "CargoNet's layered approach to security aligns perfectly with our commitment to providing best-in-class logistics services."

Leveraging a national database and information-sharing system managed by crime analysts and subject-matter experts, CargoNet offers a comprehensive approach to cargo theft prevention and recovery. This includes recovery support, implementation of deterrence measures, and facilitating real-time communication between theft victims and law enforcement agencies.

"We are pleased to welcome Spot to the CargoNet program," said Ryan Shepherd, director and general manager of supply chain and equipment solutions at Verisk. "A company such as Spot, which already has a robust and committed security program in place, understands that CargoNet membership provides an added layer of protection to their existing prevention and recovery strategies."

Spot was founded in 2009 by Andrew Elsener and Andy Schenck, and recently celebrated its 15th anniversary by unveiling its redesigned innovative website and ground-breaking technology platform, MySpot. You can learn more at www.spotinc.com, or hear from industry experts on the Company's podcast, More Than A Broker, available on Spotify, Apple Podcasts, and other major platforms. 

About Spot
As a leading third-party logistics provider in North America, Spot is built on relationships, combining 24/7 support with a proven, passionate, and dedicated team of logistics professionals. Spot provides custom, tailored logistics solutions for shipping challenges through relentless effort, industry knowledge, and advanced technologies. Established in 2009 with the vision that there is a better way to move freight, Spot has more than 500 employees across its U.S. locations in Indianapolis, Indiana; Charlotte, North Carolina; Tampa, Florida; Tempe, Arizona; and Chicago, Illinois. For more information, visit Spot's website at spotinc.com and follow Spot on social media: Facebook (Spot), Twitter (SpotFreight), LinkedIn (Spot Freight), Instagram (spotfreight), and TikTok (spotfreight). 

MEDIA CONTACT:
Brandon Evans
Communications Manager
317-550-7100
Bevans@spotinc.com

About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

Contacts: 
Mary Keller
Verisk
339-832-7048
mary.keller@verisk.com

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SOURCE Spot Freight

FAQ

What recent security measures has Spot implemented to combat cargo theft?

Spot has joined Verisk's CargoNet to enhance its cargo theft prevention strategies.

How much did cargo theft increase in the United States in 2023?

Cargo theft in the United States increased by over 57% in 2023.

How much stolen cargo has Verisk's CargoNet recovered since its inception?

Verisk's CargoNet has recovered over $100 million in stolen cargo since its launch in 2010.

What benefits does Spot gain from joining CargoNet?

Spot gains access to CargoNet's advanced risk analysis, secure data sharing, and enhanced recovery support for stolen shipments.

How does CargoNet support law enforcement in combating cargo theft?

CargoNet supports law enforcement through its extensive cargo crime database and 24/7 command center, aiding in dozens of arrests.