Cyber Risk Management
Shipping is an industry as old as history itself. The ancient city of Troy, located at the mouth of the Dardanelles, shows that regular maritime trade occurred at least 5,000 years ago. If seafarers have been managing operational and business risks since the Phoenicians traded their purple dye, the increasing use of cyber technology promises vast unchartered waters.
Cyber technology is the use of computer or digital systems to store, manipulate, or transmit data, or potentially to control or monitor physical processes or conditions. A key aspect of cyber technology is that cyber systems can be connected to other systems, providing an opportunity for unauthorized persons to intercept, access, or change data and the underlying software. Cyber security is concerned with maintaining the confidentiality, integrity, and availability of this data.
However it is defined, cyber technology is ubiquitous in society and is slowly but surely making its way into the traditional world of shipping. From digitized bills of lading and letters of credit to the navigation, propulsion, and cargo systems onboard ships, cyber...
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