Innovation in all industries is moving at lightning speed, and transportation systems are no different. Intelligent transportation systems (ITS) are created with a single goal: to improve the existing infrastructure of systems. Because of the major changes happening these days, traditional education and expertise in construction or civil engineering are no longer enough. Officials also have to be well-versed in technology. Sophisticated ITS systems are used to acquire and manage vast amounts of valuable data. This data is used to craft intricate technical specifications to optimize organisational flow.

Fraught with Danger

While ITS systems are invaluable to improving infrastructure, using ITS systems is charged with security risks. These threats have to be identified, understood, and correctly managed. Risks include:
– Loss of data
– Lost revenue
– Disclosure of sensitive information
– Electronic asset theft
– Service interruption
– Introduction of malicious software
– Cyber extortion
– Cyber terrorism

According to recent research, nearly 800 data breaches were tracked in the US in 2015. To avoid being a statistic, transportation firms need to improve security policies through risk assessment and due diligence procedures.

Identifying Risk

Although ITS may be responsible for data breaches, digital security issues also come from employees who may be negligent, steal data, lose or steal company equipment, or inadvertently install malware onto systems. Transportation agencies should ascertain where vulnerabilities lie, assess risks, and implement robust security programs.

The Problem with Insurance

As awareness of cyber liability grows, the demand for cyber insurance increases. It is important to note the deficiencies of standard commercial insurance. When it comes to cyber security, policy-holders are not thoroughly covered. Transportation officials can mitigate risk by requesting contractors to provide coverage for some of the risks, for example:
– Exposing confidential digital data
– Installing computer viruses
– Loss of service
– The criminal use of a computer system

With this kind of coverage, transportation officials may be able to recover some of the expenses that come with identified cyber and technology threats like fines and penalties, legal costs, losses due to identity theft, fraud, and data loss.

Insurance is Not Enough

Besides the recent revamp in the insurance world, there is also an increased awareness of cyber risk around the globe. This is creating a better understanding of the risks and how it can be managed. As research is done and reports are compiled ,it is becoming obvious that there is an enormous challenge in using ITS technologies to optimize transportation. Assessing cyber risks should be a priority when it comes to planning 21st century transportation projects. Even though cyber liability does not currently form part of the average transportation official’s vocabulary, it is an unavoidable reality.

Steps to Contain Cyber Risk

Transportation companies should start by identifying the issues, and then applying the following vital steps:
– Take a proactive approach to cyber safety
– Maintain insurance requirements with insurance companies and contractors
– Create cyber security protocols and policies
– Train staff members to be cyber-alert
– Maintain vigilance in all aspects of cyber risk, particularly in the IT department

By observing these guidelines, transportation companies can become equipped to manage the dangers of the cyber world as effectively as possible.

Summary
The Reality of Cyber Risk in Transportation
Article Name
The Reality of Cyber Risk in Transportation
Description
Find out how the cyber safety of the transportation industry is at risk and how the threats can be addressed.
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Cybertalk blog
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