Cyber attacks still a risk to service disruption, financial loss

The many cyber related attacks and incidents within the last 12 months indicates that there is still good reason for the industry to be better prepared in the future.

The result of a cyber security survey launched by BIMCO, Fairplay and ABS Advanced Solutions shows the number of attacks within the last 12 months has declined.  However, protective measures, training and awareness need to improve.
According to the survey, more than a fifth reported that they had been the victim of an attack. In addition, 72% of these mentioning that their own company was a victim in the last 12 months.  More than 350 individuals responded to the survey.

Insight and greater awareness

“The many cyber related attacks and incidents within the last 12 months indicates that there is still good reason for the industry to be better prepared in the future,” says BIMCO’s Head of Maritime Technology and Regulation, Aron Frank Sorensen.
He said that 27% of respondents reported that they had never received cyber security training.  Only about half of respondents have a business continuity plan in place.  In contrast, 31% of respondents had none.
Another finding was that 49% of respondents reported service disruption as the result of the attack.  It also caused financial loss for 25% of respondents. In addition, only 16% had the breach covered by insurance while 84% did not have the attack covered.
BIMCO and Fairplay launched the annual survey for the third time in June.  The aim is to gather insight and greater awareness on how the industry prepares for and handles cyber attacks.
According to the survey, respondents widely used BIMCO’s guidelines on cyber security.
Sorensen concluded that they are improving their guidelines and preparing the third version of right now. The survey allowed them to gather knowledge about cyber risks and attacks that would normally never be reported. BIMCO will help the industry to be more prepared and better protected in the future.

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