NMFTA

Insurance woes weigh down Knight-Swift earnings

Insurance woes weigh down Knight-Swift earnings

(Source: Knight-Swift)

Q4 earnings are in for Knight-Swift, which recorded a $71.7M operating loss from its third-party insurance business.

This might be a future business school case study on risk management. Back in 2021, Knight-Swift launched Iron Truck Services. The press release described it as “an organization that brings together services essential to transportation carriers and includes insurance, equipment maintenance, fuel purchasing,...

https://www.freightwaves.com/news/insurance-woes-weigh-down-knight-swift-earnings

6 things you’ll learn at NMFTA’s Digital Solutions Conference on Cybersecurity

In the trucking industry, business infrastructure, data and workflows increasingly only exist in online environments. Your business depends heavily on your digital ecosystems’ security, but is it prepared to handle emerging cyberthreats that could lay siege to both your enterprise systems and vehicle networks?

Even the best-equipped companies are vulnerable to security blind spots where increasingly sophisticated cybercrimes can go undetected until it’s too late.

October is Cybersecurity...

https://www.freightwaves.com/news/6-things-youll-learn-at-nmftas-digital-solutions-conference-on-cybersecurity

Ransomware a threat to the trucking industry

Ransomware is a type of malware that infects your system, files or data, then encrypts it, blocking your access to it until you pay a sum of money.

Though such a nightmarish situation may sound exceedingly rare or like a threat only large companies need to be concerned with, ransomware is all too common and impacts businesses of all sizes, including trucking and logistics companies. In fact, transportation businesses are prominent targets of ransomware attacks, along with health care...

https://www.freightwaves.com/news/ransomware-a-threat-to-the-trucking-industry

Creating a more cyber secure supply chain requires group effort

Trucks are often seen as the lifeblood of both the logistics industry and the entire American economy. Despite the critical role these assets play in keeping the nation running, security concerns surrounding these vehicles are often overlooked. This is especially true when it comes to cybersecurity.

When people think about cybersecurity, they tend to think about industries like banking and healthcare, not trucking and logistics. This is a mistake, however, as heavy duty trucks are particularly...

https://www.freightwaves.com/news/creating-a-more-cyber-secure-supply-chain-requires-group-effort

Making big insights count through little data

As the physical world becomes more interconnected with the digital sphere through the convergence of information technology (IT) and operational technology (OT), there is a growing overlap between technology, data and people.

OT and IT convergence are “creating friction around risk, around safety, because we’re merging two things that have, historically, been very different,” said Mollie Breen, CEO and co-founder of Perygee.

The Internet of Things (IoT), or a network of hardware devices that are...

https://www.freightwaves.com/news/making-big-insights-count-through-little-data

How to protect your business from enterprise and vehicle network breaches

Cybersecurity breaches are an increasingly common threat to the trucking industry that cause devastating financial harm that is often hard to come back from.

“Almost all breaches end in a lawsuit. On average, those lawsuits are upwards of $10 million per company just to get back on your feet,” said Antwan Banks, director of enterprise security at the National Motor Freight Traffic Association (NMFTA), “not to mention how much business you may lose because of loss of brand recognition.”

The NMFTA...

https://www.freightwaves.com/news/how-to-protect-your-business-from-enterprise-and-vehicle-network-breaches

You’ve already digitized — now it’s time to protect your assets

The transportation industry is a critical part of the U.S. economy and as such, organizations large and small within the industry could be appealing targets to cybercriminals. 

In recent years, as the industry has undergone a digital transformation, the number of vulnerabilities that bad actors can exploit has only grown.

“The more you digitize, the greater the potential for disaster,” said Debbie Ruane Sparks, executive director for the National Motor Freight Traffic Association (NMFTA). 

The...

https://www.freightwaves.com/news/youve-already-digitized-now-its-time-to-protect-your-assets

Security gaps put your business at serious risk

Leaving vulnerabilities in your enterprise systems unpatched is like keeping your front door open all the time. It invites unwanted guests looking to do damage or steal your valuables.

But securing the systems and networks that you rely on to run your business is a little more complicated than protecting your home by locking your doors and windows and installing an alarm system.

Addressing security weaknesses in your operating systems is accomplished through vulnerability management, a proactive...

https://www.freightwaves.com/news/security-gaps-put-your-business-at-serious-risk

What is NMFTA and what does it do?

The National Motor Freight Traffic Association (NMFTA) is a nonprofit trade group that publishes the National Motor Freight Classification (NMFC). The NMFC is essentially a coding system that universally identifies differences in commodities for freight shipments being transported interstate, intrastate and abroad.

Freight classes and codes are determined by “density, handling, stow-ability and liability,” establishing the “transportability” of a commodity, the organization states.

There are 18...

LTL rating group begins overhaul of classification system

ABF Freight truck on highway

The organization that oversees pricing in the less-than-truckload industry, in what it has called a major overhaul of its antiquated shipment rating system, said it will consolidate or eliminate a large volume of irrelevant classifications that make LTL transport a nightmare for shippers, carriers and intermediaries.

The National Motor Freight Traffic Association (NMFTA) said it has launched what it calls the “Classification Reimagination Project.” Under the initiative, NMFTA will maintain the...

https://www.freightwaves.com/news/ltl-rating-group-begins-overhaul-of-classification-system

+ More