Last 12 Months: One in Five Shipping Companies Hit by Cyberattacks

A new report issued by research firm Thetius suggests that one in five shipping companies has been the victim of a cyberattack over the last 12 months. 

The research surveyed 150 people from the maritime industry - including shipowners, charterers, OEMs, seafarers, insurers, shipyards, and cybersecurity experts.

Key findings from The Lifecycle Dilemma: Navigating Cybersecurity Risks Across Designing, Constructing, and Operating a Vessel include: 

• 7% of those surveyed had paid a ransom at some point over the last 12 months.
• The cost of ransom is declining, with those surveyed paying an average of $100k, a significant drop from the $3.2m average paid in 2023.
• Of the shipyards surveyed only 17% felt they had adequate in-house cybersecurity expertise.
• Only 10% of OEMs incorporate security-by-design into the new systems.
• Only 32% of shipowners include cybersecurity in their newbuild teams.

Commenting on the findings of the report, Guy Platten, the secretary general of the International Chamber of Shipping, said: 

“Designing a cyber-secure vessel is no longer a choice but a necessity. Cybersecurity cannot be an afterthought. Instead, it must be integrated from the outset, ensuring that vessels are secure-by-design rather than relying on costly and complex retrofits later. 

This requires a shift in mindset from all stakeholders, particularly shipowners, shipyards, OEMs, and regulators, who must collaborate to build cyber resilience into every layer of a vessel’s architecture”.

Sale, Purchase and New Builds at Shearwater Law

Vessels of all kinds are increasingly becoming larger and more complex. But, so too are the costs of disputes relating to their construction, sale and purchase.

Whether you are considering commissioning a new build, refit or thinking about purchasing or selling a vessel, make Shearwater Law your first port of call.

Or, if you are already embroiled in a dispute, then Shearwater Law can help you with that, too.

Speak to the Shearwater Law team today