A VERY MODERN FORM OF PIRACY: CYBERCRIME AGAINST THE SHIPPING INDUSTRY – PART 2: RANSOMWARE

On 7 April, Clyde & Co published an article saying that cyber hackers continue to hone in on the shipping industry, considered a vulnerable and highly lucrative target, as demonstrated by the 400% increase in attempted cyber hacks on maritime companies between February and June 2020.  It warns that a ransomware attack not only encrypts a business’ IT system, crippling it operationally, but it is also often accompanied by a threat to publish sensitive information publicly or to the highest bidder on the dark web. The implications of this “double extortion” could be potentially damaging, even catastrophic.  The article offers legal and practical considerations, including a caution over sanctions implications (if, for example, the cyberhackers are from North Korea).  The article concludes that ransomware is becoming increasingly sophisticated. Attacks are likely to continue rising in the maritime sector aided by greater vulnerability following the move toward remote working triggered by the pandemic. The legal and regulatory landscape will continue to evolve as will the list of international sanctions.

https://www.clydeco.com/pdfgeneration/A%20very%20modern%20form%20of%20piracy%20Cybercrime%20against%20the%20shipping%20industry%20Part%202%20Ransomware%20-%20Clyde%20and%20Co?relativeURLToGenerate=%2Fen%2Finsights%2F2021%2F04%2Fa-very-modern-form-of-piracy-cybercrime-against-th&lastModified=2021-04-08T12:27:33.2696345

CYBERCRIME AGAINST THE SHIPPING INDUSTRY – PART 1: RAPIDLY DEVELOPING RISKS

On 23 March, Clyde & Co had published the first in the series of article concerned with cybercrime threats to the shipping industry.  It says that cyber-attacks pose a serious threat to corporations generally and those involved in shipping are no exception.  It was the first in a series of 4 articles to consider some of the key issues surrounding the threats posed to the shipping industry and highlight some of the most important steps that can be taken to mitigate that risk. The first article will consider examples of the risks and vulnerabilities that particularly affect the shipping industry as well as highlighting the importance of reacting to developments in market knowledge by reference to contract of carriage claims. 

https://www.clydeco.com/pdfgeneration/A%20very%20modern%20form%20of%20piracy%20cybercrime%20against%20the%20shipping%20industry%20-%20Part%201%20Rapidly%20developing%20risks%20-%20Clyde%20and%20Co?relativeURLToGenerate=%2Fen%2Finsights%2F2021%2F03%2Fa-very-modern-form-of-piracy-cybercrime-against-th&lastModified=2021-03-23T14:05:27.4278498

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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