Could Cyber Attacks Spell Doom for the Maritime Industry?

Could Cyber Attacks Spell Doom for the Maritime Industry?
Eric Manning June 12, 2021

Do you know how truly massive the global maritime industry is? Billions of tons of vital goods like food, medicine, and oil are shipped around the world every year, and any interference with these ships can cause massive economic impacts. We saw these economic impacts earlier this year when a shipping vessel lodged itself in the Suez Canal, blocking the passage of other vessels. This blockage cost the world nearly $10 billion in trade each day it was stuck.

Needless to say, the maritime industry is vital, and the latest concern among experts is cybersecurity. You’re probably aware of the general importance of cybersecurity. You might have some well-known programs installed on the very device you’re reading this article on, but you may not be aware of just how important cybersecurity is in the maritime industry.

The world’s reliance on the maritime industry is greater than ever. We see the shipping prices and demand going up and companies are riding this change to expand, buying new vessels, upgrading systems, and improving business processes,” said Alon Ayalon, the vice president of R&D at Cydome, a maritime cybersecurity company, in a recent interview.

As the industry grew, it needed to rely much more heavily on technology to follow COVID-19 guidelines. As is the case in any industry, the more technology used, the greater the opportunity for cyberattacks. It’s estimated that attempted cyberattacks on maritime vessels increased by 400% in the first few months of the pandemic.

Some of the problem lies in the fact that the tech these vessels often rely on is ancient. “We see systems that are brand new and high-tech, alongside the 1980s fax next to it,” said Alon. Most security systems for the maritime industry don’t cover these complicated systems that rely on old technology. Since these vessels carry such important cargo, significant cyberattacks could easily cause millions, even billions of dollars in economic damage, should they hold up the trade of these goods. That’s what Cydome is trying to change.

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