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Maritime Cyber Security – Size matters – small does not mean safe!!

May 20, 2020 MARITIME CYBER SECURITY

High-profile cyber-attacks on very large shipping companies such as Maersk, COSCO, MSC, Stenna and Svitzer to name but a few have raised awareness of the growing threat of cyber-crime in the shipowner/operator industry sector.  If it can happen to these shipping sector goliaths with the budgets they have to defend themselves, it can absolutely happen to you.

However, recent surveys conducted by the U.S. Small Business Administration suggest that many small business owners are still operating under a false sense of cyber security based on their company’s size.

When it comes to cyber-attacks, small does not mean safe. In fact, a cyber-attack could be even more detrimental to a small business than to a large corporation.

The National Cyber Security Alliance reports that 60 percent of small and mid-sized businesses go out of business within six months of an attack.

According to Cybersecurity Ventures, costs related to ransomware demands and damages are estimated to reach $20 billion per year by 2021, with the average breach cost to the SME business running at $500k.

Imagine receiving the call from your head of IT to advise that your defenses have failed and ‘they are in’ and have control of your IT and OT systems. Suddenly it’s happened to you, how you respond matters as time is your enemy. Are you prepared for this inevitability, where most are not?

Don’t leave it to chance. Don’t put off the decision to transfer this risk out of your company any longer, Shoreline can provide an affordable maritime cyber insurance solution. Why continue to run this invasive risk when you don’t have to.

Source: https://www.shoreline.bm/news/maritime-cyber-security-size-matters-small-does-not-mean-safe/