The global shipping industry—responsible for transporting around 80% of world trade—is experiencing a significant surge in cyber attacks, which jeopardize operational stability and financial resilience across the supply chain.
According to law firm HFW, Nigerian criminal gangs are behind many high-value “man-in-the-middle” frauds, where hackers intercept communications to steal payment data or gain control of systems. Average cyber incident costs for shipping firms doubled to US$550,000 between 2022 and 2023, with ransom demands now averaging US$3.2 million.
High-risk Infrastructure
Recent attacks included GPS jamming and spoofing—sometimes steering vessels off course. Ports and ships are additionally exposed because of outdated onboard systems, poorly secured satellite internet, and the growing use of connected sensors.
How Can Global Buyers & Suppliers Enhance Their Cybersecurity Measures?
For global buyers and suppliers, this trend raises serious concerns:
- Cost Risk: Cyber disruptions could increase freight rates and insurance premiums.
- Supply Chain Risk: Attacks that disable ports or reroute cargo could delay deliveries of raw materials or finished goods.
- Compliance Burden: With stricter International Maritime Organization (IMO) rules, firms may face new requirements when contracting shipping services.
With ship management systems now required – rather than simply advised – to include increasingly stringent cyber security measures, here are some advices to global traders:
- Integrate cyber risk into supply chain planning well before cyber attack incidents
- Reassess logistics resilience with third-party logistics services providers
- Conduct due diligence and prioritize partnerships with carriers that demonstrate strong cybersecurity measures
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