Thanks to our friends at The Maritime Alliance, the IHS Markit’s 2017 Outlook on Maritime and Trade was brought to our attention. The report provided interesting insight on shipping services and cybersecurity. This sector of the industry will see much change in the coming year and will be looking to invest in innovation. Due to the current regulatory environment within the industry, shipping’s global commitment to reducing emissions into the air and water will drive investment in an array of areas, including abatement technology, cyber connectivity, cybersecurity, energy efficiency, and manpower training. Realism will set in that companies in step with these investments will benefit over companies leaving it to the last minute to comply.
Future investments in cybersecurity will not just be specific to the maritime industry. Global spending on cybersecurity products and services for protecting against cybercrime is projected to exceed $1 trillion cumulatively over the next five years, from 2017 to 2021, according to Cybersecurity Ventures’ 2016 Cybercrime Report. These investments are certainly needed as the firm predicts annual global cybercrime costs will grow from $3 trillion in 2015 to $6 trillion annually by 2021, which includes damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation and deletion of hacked data and systems, and reputational harm.
How real are cyber threats for this industry? According to an IHS/BIMCO maritime cybersecurity survey, one in five respondents acknowledged that they have been a victim of a cyberattack. Of those respondents who acknowledged that their systems had been compromised, 67% experienced IT downtime, 48% lost corporate data – email, personal data, payroll, human resource information, etc. – and 21% endured some form of financial loss. Also, a 2015 Futurenautics Crew Connectivity Survey revealed that nearly half of the 3,000 mariners worldwide surveyed had been on a vessel that experienced a cybersecurity incident.
There is significant state of the market industry demand for cybersecurity and maritime security solutions, both domestically and internationally. This demand includes automated tools that play offense – tools that can check every program, system, and piece of critical infrastructure for vulnerabilities and patch them. Cybersecurity service providers that seize initiatives, form unique partnerships, and ultimately avoid becoming static within a dynamic market will no doubt succeed as the IHS Markit report pointed out. Gnostech strives to be one of them in 2017.
About Gnostech Inc.:
Gnostech Inc. is an applied engineering and consulting company with expertise in information assurance and cybersecurity engineering, and major combat and space systems development and integration. For more information, visit www.gnostech.com, or stay connected by following us on LinkedIn or @GnostechInc on Twitter.