Maritime and offshore system cyber risk management specialists, CyberOwl have successfully secured US$5.1M of investor funding to support the accelerated adoption of their Medulla cyber risk monitoring solution.
Research undertaken by the independent maritime research organisation, Thetius, the market-leading shipping legal firm, HFW and CyberOwl and published in the report entitled ‘The Great Disconnect’, found that shipowners pay more than $3 million on average in ransom on cyber-attacks.
The maritime sector has recently experienced one of the greatest periods of profitability in history and is heavily reinvesting these profits in digitalisation and the increased connectivity of their vessels. This makes shipping companies an attractive target for cyber-attacks. Therefore, there is an increasing urgency for improving the cyber security of shipboard systems.
Daniel Ng, CEO of CyberOwl
However, securing shipboard systems is challenging due to the particular nature of shipping systems, the presence of legacy systems onboard ships, constraints in bandwidth, intermittent internet connectivity, the lack of cyber security knowledge and, talent within the sector.
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