The maritime industry in 2015 experienced its safest year in a decade, but it is keeping an eye on evolving threats such as cyber risk, piracy, exceptional weather events, and mega ship salvage.
A report by Allianz points to an industry trying to come to terms with how best to cope with the scope and nature of cyber risk beyond data theft. It highlights a cyber incident that caused the closure of an oil platform and another that infiltrated a cyber system in a port to locate and remove containers with illegal drugs.
“Shipping is still a long way from where it needs to be in terms of protection and security,” said Captain Rahul Khanna, global head of marine risk consulting at AGCS.
“While we as insurers can try to raise awareness and provide insurance solutions, generally the risk is not well understood and the consequences can be disastrous.”
The report says pirates also are beginning to identify vulnerabilities in cyber defenses.
According to Captain Andrew Kinsey, senior marine risk consultant at AGCS, pirates may have caught on to the possibilities of abusing holes in cybersecurity to target orders for specific cargoes.
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