Shippers get serious about Cyber Threat
The NotPetya cyber-attack of June 2017 affected some 2,000 organizations across 65 countries, causing estimated economic losses of $2.5 billion to $3 billion and exposing vulnerabilities in the marine supply chain. The virus led shipping group Maersk to suspend operations as it was forced to reinstall 4,000 servers, 45,000 computers and 2,500 applications, causing congestion at a number of ports worldwide and resulting in business losses in excess of $300 million. The attack also disrupted operations at logistics company FedEx, resulting in $300 million in lost business and clean-up costs.
According to Volker Dierks, Head of Marine Hull Underwriting, AGCS Central & Eastern Europe, such attacks have increased awareness of the potential for cyber business interruption losses and physical damage to vessels arising from a cyber-attack. As a result, shipping companies are now engaged in more detailed discussions with insurers about how to protect against cyber exposures.
“Three years ago operators saw ships…
