A new report from Thetius, CyberOwl, and HFW underscores the urgent need for the maritime industry to confront rising cyber threats. Titled “The Lifecycle Dilemma: Navigating Cybersecurity Risks Across Designing, Constructing and Operating a Vessel,” the report sheds light on the varied risks and fragmented cybersecurity approaches at each stage of a vessel’s lifecycle, from design to operation and maintenance. It also explores the roles, responsibilities, challenges, and common misconceptions held by different stakeholders in the industry.
As cybercriminals become increasingly sophisticated and system vulnerabilities grow due to heightened connectivity, the necessity of integrating cybersecurity from the initial design phase is clearer than ever. The report captures insights from over 150 industry stakeholders, including shipowners, charterers, original equipment manufacturers (OEMs), seafarers, insurers, and cybersecurity experts. It examines the current and future cybersecurity challenges the industry faces, emphasizing the importance of cohesive cybersecurity strategies at every lifecycle stage.
Key findings from the report highlight several trends within the maritime sector. Notably, the percentage of shipping companies paying ransom has dropped from 14% to 7%, and the average ransom amount has significantly decreased from $3.2 million to $100,000. Only 17% of shipyards feel they possess enough in-house cybersecurity expertise to create cyber-secure vessels, while a mere 10% of OEMs apply security-by-design in new systems.
Furthermore, 32% of shipowners incorporate cybersecurity specialists in their newbuild teams, leaving many smaller companies ill-equipped to handle related risks. With escalating cyber threats now a reality for the maritime industry, “The Lifecycle Dilemma” is positioned as a crucial resource to drive discussions and actions necessary for enhancing cybersecurity measures. The report will be officially launched on March 12 at 11:00 am (GMT).
Prior to the launch, an exclusive webinar will present key insights and allow for an interactive Q&A with experts. Industry leaders stress the importance of taking decisive action to protect against cyber threats. Tom Walters from HFW points out that with one in five shipping companies experiencing a cyber attack recently, understanding current industry trends is vital.
Daniel Ng from CyberOwl insists that a holistic, integrated approach to cybersecurity is needed as the industry evolves. Nick Chubb from Thetius adds that the report highlights the progress made but underscores the need for a unified approach that embeds cybersecurity throughout all aspects of vessel operations.