Maritime industry not prepared for cyber, data theft threat

Maritime industry not prepared for cyber, data theft threat
03-10-2018 https://www.intelligentinsurer.com/news/maritime-industry-not-prepared-f...

The maritime industry does not appear to be prepared for any of the major issues it faces, including the ones deemed to have potentially the biggest impact on the sector such as cyber-attacks and data theft.

This is according to a new report published today by the Global Maritime Forum, Marsh, and the International Union of Marine Insurance.

The Global Maritime Issues Monitor 2018 examined the impact and likelihood of 17 major issues based on research among senior maritime stakeholders across over 50 countries globally.

According to the report, senior stakeholders believe that the global maritime industry is not prepared to deal with major issues that are likely to impact it over the next ten years.

“Cyber-attacks and data theft’ appear to be the maritime industry’s Achilles’ heel,” said Marcus Baker, chairman of the global marine practice at Marsh. ”In addition to being ranked as the top issue that the industry is least prepared for, executives believe it has the highest likelihood of occurring and is only surpassed by a ‘global economic crisis’ and ´energy price fluctuations’ in terms of impact.

“Emerging digital technologies are challenging conventional business models and are creating new opportunities for the global maritime industry. But, along with its transformative power, this digitalization is creating rapidly evolving risks such as cyber-attacks and data theft. It is worrying that, despite recent high-profile attacks, the industry is failing to get to grips with cyber risk. By taking a more strategic approach, firms are better positioned to capitalize on these opportunities, while protecting their people and assets from digital threats,” Baker added.