LG Electronics is boosting its supply chain security by engaging CargoNet, a division of Verisk's new ISO Crime Analytics unit.
The company's strategy includes the development and implementation of best practices, the employment of cutting-edge securities and security technologies, alongside a bid to improve cargo theft information sharing with law enforcement.
"The protection of the LG supply chain is a critical and strategic issue because security breaches impact our operational effectiveness and our brand," said LG’s head of logistics, Larry Monaghan.
Monaghan added that CargoNet, a secure, central channel, would allow the firm to quickly share cargo crime data and analysis.
"We must break down the barriers that have allowed ineffective information sharing to play into the hands of criminals," he added.
According to a recent report in the Guardian, supply chain security is a top priority for many businesses, with breaches of security often costing vast sums of money, as well as being damaging to a company's reputation.
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