News 01 Aug, 2022 Are shipowners covered against likely cyber-attacks? When it comes to cyber-attacks, shipowners should assume the worst and expect to be hit at some point. Download PDF Bill Egerton Chief Cyber Officer (Astaara) These concerns are backed by a report from March 2022 showing that shipping companies pay an average US$3.1 million in cybersecurity ransom payments per incident due to gaps in their risk management. Attacks on the maritime industry range from phishing and ransomware to targeting infrastructure or ship systems for financial or political reasons. More than half of shipowners spend less than $100,000 a year on cybersecurity management, which the organisations behind the report – maritime consultancy firm Thetius, law firm HFW and shipping cybersecurity company CyberOwl – believe isn’t enough. Additionally, around two-thirds of respondents aren’t sure whether their insurance covers cyber-attacks. Other eye-raising results show that only 55% of industry suppliers are asked by shipowners to prove they have cyber-risk management procedures in place, while 25% of seafarers don’t know what’s expected of them if involved in a cyber incident. The big worry is that shipping companies haven’t invested enough time or money to shore up their defences, leaving them exposed to attack and short of meeting IMO 2021, the International Maritime Organization’s requirements for cyber-risk management.   Cyber-attacks and vessel safety Failing to establish safeguards against any cyber risks to vessels, personnel and the marine environment can prove damaging to shipping companies from an operational perspective. The rapid pace of maritime digitalisation provides shipowners huge benefits in terms of improved efficiency, safety and asset tracking. Such technology has been around for some time and is now an established part of vessel operation. One example can be found in navigation. Paper charts have long been replaced with digital alternatives on most vess