Maritime Market

The Most Fascinating Sector for Cyber Risk

Steve Williams partner, Governance, Risk & Assurance, at consultancy Moore Stephens said that the industry was at present the most “fascinating” sector for cyber risk.Steve Williams partner, Governance, Risk & Assurance, at consultancy Moore Stephens said that the industry was at present the most “fascinating” sector for cyber risk.

News ID: 75428

Date: 06 August 2017 - 10:36

Steve Williams partner, Governance, Risk & Assurance, at consultancy Moore Stephens said that the industry was at present the most “fascinating” sector for cyber risk.

According to MANA, I spoke to a conference on maritime cyber security in 2011 and was scathing,” he said. “I said that the industry’s risk management was non-existent and was told that if the worst happened they could go back to navigating with a compass and sextant.

However, Williams said that while it has been behind the curve compared to some industries the maritime sector is making progress.

As new technology plays an increasing part in the maritime sector and global supply chains become ever more complex, Williams said, the temptation for many businesses was to see the benefits technology can bring and fail to give the necessary attention to the risk that came with it.

“We are seeing greater ship to ship communication and with that will come new risks,” explained Williams. “With new technology ships can open themselves up to the internet and the threats that can bring.”

However, He said the industry was waking up to the threats.

“I think there had been little progress since 2011 up until BIMCO published its guidance early last year and the IMO has moved quickly on the issue. The maritime sector has made progress and it is getting there.”

Williams added, “The issues the industry needs to look at is not the ‘Hollywood’ style catastrophic event risks but the day to day threats that have the ability to cause damage and loss.”

“The maritime market is the most fascinating sector for cyber risk at present because of the speed of change it is undergoing, and will continue to experience.”

For marine insurers, the issue remains how to define the risk.