The Cyber Risk Management (CyRiM) project report explores a hypothetical cyber-attack on major ports across APAC, in which a computer virus infects 15 ports. The report also shows the global economy is underprepared for such an attack, with 92% of the total economic costs uninsured, leaving an insurance gap of US$101bn.<\/p>\n
‘Shen attack\u2019 depicts a plausible scenario in which an attack is launched via a computer virus carried by ships, which then scrambles the cargo database records at major ports and leads to \u201csevere disruption\u201d, explained the report from CyRiM project, the Singapore-based public-private initiative that assesses cyber risks, of which Lloyd\u2019s of London is one of the founding members.<\/p>\n
Substantial economic damage<\/strong><\/p>\n The report shows how an attack of this scale would cause substantial economic damage to a wide range of business sectors globally due to the interconnectivity of the maritime supply chain.<\/p>\n The scenario estimates that transportation, aviation and aerospace sectors would be the most affected (US$28.2bn of economic losses in total), followed by manufacturing (US$23.6bn) and retail US($18.5bn).<\/p>\n Productivity losses affect each country that has bilateral trade with the attacked ports. \u201cAsia would be the worst affected region,\u201d set to lose up to US$27bn in indirect economic losses, followed by $623m in Europe and $266m in North America, stated the report.<\/p>\n The Port of San Diego, Port of Barcelona, Cosco Shipping Lines and APM Terminals are amongst maritime organisations which have suffered cyber attacks<\/p>\n","protected":false},"excerpt":{"rendered":" A new report estimates that losses of up to US$110bn would occur in an \u201cextreme\u201d cyber-attack scenario involving Asia-Pacific (APAC) ports.<\/p>\n","protected":false},"author":8,"featured_media":799,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[64],"tags":[],"sponsor":[],"class_list":["post-798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-terminal-operations"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/posts\/798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/comments?post=798"}],"version-history":[{"count":1,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/posts\/798\/revisions"}],"predecessor-version":[{"id":800,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/posts\/798\/revisions\/800"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/media\/799"}],"wp:attachment":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/media?parent=798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/categories?post=798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/tags?post=798"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/sponsor?post=798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}