Cyber criminals are getting smarter and the cost of attacks is skyrocketing.
Last week, casino and entertainment company MGM Resorts confirmed that an attack back in September 2022 is likely to cost the organisation around US $100 million.
Attackers stole an unknown quantity of customers’ personal information. MGM shut down its systems as soon as it realised it was under attack. But the damage was already done.
According to MGM, this hit is expected to significantly affect its third-quarter results.
As cyber criminals become smarter and seek new thrills, the niche maritime industry provides the perfect balance of easy access and the potential for big payouts.
According to Thetius’ latest research, the average cost of cyberattacks has risen by a frightening 200% within the last 18 months.
We’ll be sharing our full findings very soon. Until then, here are some stats you might find interesting:
Cyber attacks have cost organisations more than US $545,000 over the last three years.
The frequency of ransom payments is up by 357%.
33% spend less than US $100K per year on cyber security management.
Roles and responsibilities are changing. Especially across risk management, IT and cyber management, and fleet technical and safety management teams. New risks are emerging and this means that roles must evolve to incorporate cyber risk management in key decision making processes.
We’re hosting a webinar on 12 October with HFW and CyberOwl to chat about all things cyber and how to mitigate risk. Sign up here to ensure you don’t miss out!
In other cyber security news this week, the University of Plymouth’s Cyber-SHIP Lab team visited Australia to showcase its research and the capabilities of the university’s Cyber-SHIP Lab during an interactive workshop and cyber attack scenario presentation.
In digital technology, ship management company OSM Thome is to implement electronic logbooks from nauticAi for its managed fleet of Finnish-flagged tankers. thyssenkrupp and Wilhelmsen have launched a joint venture company, Pelagus 3D, which will be a one-stop, on-demand digital manufacturing partner for the maritime and offshore industries.
In voyage optimisation and management, Copenhagen-based Aries Bulk has agreed a new deal with voyage management systems provider GeoServe to deploy its range of software tools across the carrier’s fleet of dry cargo vessels. Predictive analytics firm ioCurrents has also partnered with Hornblower Group to help optimise vessel operations in Hornblower’s role as operator of NYC Ferry.
In satellite communications, Eutelsat has combined its geostationary satellite business with OneWeb’s low Earth orbit (LEO) constellation. Turkey-based Beks Shipmanagement & Trading has begun a new project to deploy Elon Musk’s Starlink connectivity system across its fleet of 40 bulkers and tankers.
In decarbonisation news this week, Samsung Engineering (SECL) and Carbon Clean have signed a Joint Development Agreement (JDA) to explore opportunities for Onboard Carbon Capture solutions (OCCS) projects.
If you would like to stay on top of the latest maritime headlines, check out Thetius IQ. It’s a one-stop shop for all maritime news, research and in-depth articles, and features a comprehensive organisation database.
We’re on an ambitious mission to enable innovation in the maritime industry and to do so, we’ve compiled a list of 150 innovative maritime organisations.
Some of these companies develop fuels or technologies that can help to meet emissions targets, and some provide services to help navigate the complex environment.
We want to showcase the work of the organisations around the world that are pushing the industry forward, whether they are suppliers or customers, big or small, venture-funded or bootstrapped, commercial or not for profit.
Thetius tracks the leading innovators in the maritime industry. Follow this link and have your organisation’s profile within the reach of the industry’s top decision makers.
In the last year, the maritime media has been awash with headlines announcing new products, major technology investments, partnerships, mergers, and acquisitions.
Many of these announcements have been tied to the chartering and voyage management of vessels. To determine what’s been happening, why, who’s been involved, and what this could mean for the future, Thetius has taken a deep dive into activity over the last 12 months. Analysing 93 industry headlines relating to technology used for chartering and voyage management and 130 different organisations, Thetius has identified the key areas that have captured the market’s investment and innovation. Keep reading...
Subscribers to the Thetius Intelligence Platform can access all of our reports and content here.
Want to know how to develop a practical strategy for maritime decarbonisation? Our free Decarbonisation toolkit is here to help you!
Regardless of size or specialism, all shipping companies looking to stay compliant, relevant, and competitive in the years ahead, must put ideas into action and build an effective energy transition plan.
In this guide, we examine some of the best tools for yielding results and those which have the potential to extend the economic lives of maritime assets and increase business value and resilience over time.
Modern businesses, including maritime businesses, are increasingly integrating process automation into their operations. As digital transformation permeates our lives, organisations adopt computer-based tools to streamline their workflows. In just one year from 2019 to 2020, Deloitte found the percentage of organisations using automation technologies increased from 58% to 73%. Keep reading...
People often confuse digitalisation, automation, and digital transformation. They are actually separate concepts with discrete objectives. Digitalisation is a broad term that refers to the use of digital technology to transform business processes, products, and services. Automation, while it often relies on digitalisation, is the use of technology to streamline processes, increase efficiency, and enhance transparency and reporting capabilities. Keep reading...
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