Kamal Chadha –
The past year proved to be a challenging time for ports, terminals, and maritime operations globally, with a surge in unwelcome cyber incidents. From a ransomware attack crippling a major ship software supplier in Norway to the disruption at Japan’s largest port and a cyberattack on a defence shipbuilder, the maritime sector faced significant cyber threats affecting operations and security.
The intricate web of systems supporting port efficiency, from cargo tracking to customs processing, is vulnerable to cybercriminal intrusion. The repercussions of such attacks are far-reaching, disrupting operations, compromising sensitive data, and impacting global trade flow.
Cyber threats continue to evolve, with cybercriminals targeting the maritime industry with increasing sophistication. Recognizing this escalating risk, the Biden administration introduced new regulations in early 2024 to address cybersecurity in the maritime sector.
To bolster their defences, port and terminal owners must enhance their cybersecurity measures and assess their cyber liability insurance coverage with expert guidance. Cyber insurance plays a vital role in protecting ports and terminals from the financial aftermath of cyber incidents, offering crucial support against losses from cyberattacks, data breaches, and other digital risks.
While cyber insurance coverage varies, it typically includes protection for business interruption losses, computer forensics, data recovery, and legal expenses. Port and terminal operators must carefully evaluate their cyber insurance policies to ensure comprehensive coverage tailored to their unique operational risks in the face of escalating cyber threats.
Marex Media