Navigating the Complex Landscape of Maritime Security: A Deep Dive into Piracy and Cyber Threats

Piracy Incidents Decline, But Horizon Isn’t Clear

Maritime piracy in the first half of 2022 is at its lowest level since 1994, the International Maritime Bureau (IMB) says, with 58 incidents, down from 68 for the same period last year. Nevertheless, the organization cautions against complacency.

The Costly Peril of Piracy in the 21st Century

Many people outside the maritime and insurance industries don’t realize that piracy remains a costly peril in the 21st century. Global insurer Zurich estimates the annual cost of piracy to the global economy at $12 billion a year. In its 2022 Safety and Shipping Review, global insurer Allianz reports that piracy comes behind machinery damage or failure, collision, and contact, in terms of number of loss-causing incidents globally – and that total losses have fallen 57 percent over the past decade.

The Growing Threat of Cyber Attacks in the Maritime Industry

According to a recent industry survey, Allianz says, 44 percent of maritime professionals reported that their organization has been the subject of a cyber-attack in the last three years. Accumulations of cargo exposures at mega ports have been rising – and, with ports increasingly reliant on technology, an outage or cyber-attack could effectively close a port. In February 2022, India’s busiest container port was hit by a ransomware attack, following incidents at U.S. and South African ports in recent years.

To navigate this complex landscape, maritime organizations should prioritize regular cyber security training and develop robust cyber-response plans. Investing in advanced security technologies and fostering a culture of vigilance can significantly mitigate the risks associated with piracy and cyber threats.