JERSEY CITY, N.J., May 25, 2010 — Verisk Analytics (NASDAQ:VRSK) announced today that LG Electronics is engaging CargoNetTM as part of LG’s supply chain security strategy. The strategy consists of developing and implementing best practices, employing cutting-edge security technologies, and improving cargo theft information sharing with law enforcement. CargoNet is a division of Verisk’s new ISO Crime Analytics unit.
“The protection of the LG supply chain is a critical and strategic issue because security breaches impact our operational effectiveness and our brand,” said Larry Monaghan, head of logistics at LG. “A vital part of our strategy is to work closely with our transportation providers to ensure they are aware of our policies and effective resources to combat theft.”
Monaghan cited information sharing about cargo theft as “a critical factor in our industry.”
“We must break down the barriers that have allowed ineffective information sharing to play into the hands of criminals,” said Monaghan. “CargoNet is a secure, central channel to quickly share cargo crime data and analysis with law enforcement.”
A national database will only work if a critical mass of carriers uses the system, according to Monaghan, who encourages all carriers to be actively engaged in an additional level of security and collaborate in the success of the initiative. “With broad industry support, we can severely deter cargo crime and send a strong message of support to the law enforcement officials we often turn to when thieves strike,” he said.
“We’re excited to collaborate with LG as it embarks on a farsighted review of security and operational effectiveness,” added Maurizio Scrofani, managing director of CargoNet. “When managing risk within the supply chain, we expect to see positive results through a comprehensive ‘layering’ of security efforts and standards.”
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a global force and technology leader in consumer electronics, home appliances, and mobile communications. In the United States, LG Electronics sells a range of stylish and innovative home entertainment products, mobile phones, home appliances, and business solutions, all under LG’s “Life’s Good” marketing theme. For more information, please visit www.LGusa.com.
A division of Verisk’s ISO Crime Analytics unit, CargoNetTM helps prevent cargo theft and increases recovery rates through secure and controlled information sharing between theft victims, their business partners, and law enforcement. CargoNet is centered on a national database and information sharing system managed by crime analysts and subject-matter experts. CargoNet applies an integrated, layered approach that exploits the weakness of cargo thieves at multiple points and includes integrated databases, a theft alert system, task force and investigations support, a tractor/trailer theft deterrence program, the TruckStopWatchTM program, driver education and incentives, secondary-market monitoring and interdictions, crime trend analysis and loss control services, and training and education. More information on CargoNet can be found at www.CargoNet.com or email@example.com.
About Verisk Analytics
Verisk Analytics (NASDAQ:VRSK) is a leading provider of risk assessment solutions to professionals in insurance, healthcare, mortgage, government, and risk management. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on vast industry expertise and unique proprietary data sets to provide predictive analytics and decision-support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and many other fields. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets.
MWW Group (for Verisk Analytics)
Eva Huston, Head of Investor Relations
Verisk Analytics, Inc.