Institute Of Engineering And Technology Publishes "Code Of Practice – Cyber Security For Ships"

Cyber-attacks and data breaches pose a serious threat to corporations. Recently there have been a number of high profile attacks.  Perhaps the most notable of which for the marine industry was the cyber-attack on Maersk, which reportedly affected all business units at Maersk, including container shipping, port and tug boat operations, oil and gas production, drilling services and oil tankers^[1].  Maersk estimated that the cyber-attack negatively impacted its third quarter  results by approximately USD200m- 300 million.^[2]

Shipping companies face the same risks as any other company, e.g.: data breaches including loss of or damage to data, software and essential IP; reputational damage; business interruption from network downtime; and financial loss due to extortion and "man in the middle" or "mandate fraud" i.e. redirection of payments.