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Allianz Report Piracy Grows & Evolves as Potential Cyber Risk

There was an increase in the number of piracy attacks (246) during 2015.

Progress continues in Africa with incidents down in Nigeria and Somalia, although the risk remains high.

Attacks in South East Asia continue to increase, with the region accounting for 60% of global incidents and Vietnam a new hotspot.

The maritime industry’s reliance on interconnected systems poses risks as well as bringing benefits. Threats can result from improper integration and interaction of cyber systems/updates or attacks from external sources and are not always detected. More needs to be done to educate companies.

Piracy evolves as potential cyber risk: There are also indications pirates may be abusing holes in cyber security to target specific cargoes.There have already been a number of notable marine-related cyber incidents. The industry needs more robust cyber technology in order to monitor the movement of stolen cargoes.

Read the full report here

#Insurance #PI #Piracy

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