As transport equipment becomes increasingly connected, top executives in Asia's transportation industry now see digital vulnerability as their primary business risk, according to a new study from global advisory firm, Willis Towers Watson.
Willis Towers Watson's 2016 Transportation Risk Index uses feedback from 350 senior executives that work for air, sea, rail and road-transport companies to shed light on the top perceived threats over a 10-year horizon.
“Digitalisation's impact is felt across business sectors, and the transport sector is no exception when you consider the growth of internet of things, artificial intelligence, driverless cars, robo-workers and smart cities,” said Mark Hue Williams, Head of Transportation Industry for Willis Towers Watson.
The report revealed that transportation executives in Asia feel the need to elevate cyber threat management to a board-level responsibility as supply chains are becoming increasingly digitalised and interconnected, prompting tighter regulation of data protection and disclosure of breaches.
“Cyberattacks and resulting breaches have broad technical, financial, operational and reputational consequences. Organisations need to take a holistic view — one that includes their organisational culture — and form strategies accordingly at a corporate level,” said Williams.