Information has become a critical asset in all types of corporations including the maritime industry. Protection against potential cyber threats to ships is nowadays essential in an environment where information is highly vulnerable to premeditated attacks.
In recent years, there have been many cyber-attacks examples like the virus which affected Maersk causing congestion in several ports, with an estimated cost of 255 million euros, as well as the reputational damage the shipping company suffered. Last year in 2020, another set of incidents happened to companies like MSC and CMA CGM in France. After disrupting their services, hackers even targeted the well-known IMO (International Maritime Organization) shipping’s global regulatory body. Following the IMO’s statement, “there was a disruption in their service caused by a cyber-attack”. To curb this and other cases, companies must implement a cyber risk culture as well as an efficient cyber security management. In recent years, various guidelines have been developed by both national and international bodies, however, due to their complexity and increasing risk, it is necessary for maritime industry players, to accelerate and prioritise their own cyber management to comply with the various international legal obligations and to be able to continue their business efficiently.
At Atlantic, we believe that in the last year there have been three key factors, which have led shipowners to seek risk transfer to cover their cyber exposure.