Digital interconnection will boost productivity but also make hubs, carriers, and forwarders more attractive targets for cybercriminals.
The demand for more connections across IT, OT, and IoT technologies, as well as multiple suppliers, has driven the sector to new heights of fleet efficiency, route optimization, and profit margins. But it comes with greater risks, according to Singapore’s cyber security expert.
“The marine industry has been under great pressure from the Covid-19 outbreak and the Russia-Ukraine conflict. Another factor stressing the system is the world’s ever-increasing of cyber-attacks.
Because of its role as a maritime hub port, the maritime industry is one of the most targeted sectors in Singapore regarding ransomware cyber-attacks on vital infrastructure and the shipbuilding and logistics sub-sectors, according to the cyber security expert Cyber Threat Landscape 2022 study.
A cyber-attack can have far-reaching implications that continue to affect businesses long after the assault has ended, such as a logistics firm and its legal dispute with an affected client.
In 2021, ransomware damaged a freight logistics company’s container and transportation operations, while additional repercussions discovered by the cyber security expert included data theft, which might be sold, and major interruption.
Cybercriminals imitating a legal freight forwarding firm by replicating its website are one of the threats for freight forwarders. The goal is to steal freight forwarding fees or any goods that they get into control of. Such approaches, known as “brandjacking,” are frequently used to damage a brand’s reputation.
Ship collisions in the maritime industry may occur due to hacked e-navigation and other systems, resulting in ship loss or damage, personnel injury, cargo loss, pollution, and business interruption. Port operations might also be targeted, causing interruption and delays.
In addition, there are considerable costs associated with reacting to a cyber-attack. Suppose employee or customer personal data is breached, for example. In that case, massive legal expenses may be necessary to respond to the breach, pay the fines, inform the data protection authorities and data subjects, and face possible legal procedures.
While it is difficult to protect against all cyber-attacks, businesses may fortify their defenses. They may start by utilizing the cybersecurity sector for threat information and encouraging increased intelligence sharing to establish early warning systems.
Businesses should examine and improve their incident and crisis management strategies and playbooks. They can also conduct activities to test the organization’s confidence in business recovery.