Insurance Gaps Leave Shipping Exposed to Growing Cyber Threats

Willis Towers Watson (NASDAQ:WLTW), an insurance broker, said shipping companies grappling with the threat of cyber attacks on vessels are finding insurance policies often fall short, a risk that could feed through into global prices. Digitalization means electricity networks, emergency services, industry and agriculture are all vulnerable to hacking by criminal gangs for extortion or, for political reasons, by militant groups or foreign states.
As quoted in the press release:

But ships are also exposed to interference through electronic navigation devices such as the Global Positioning System (GPS) and lack the backup systems airliners have to prevent crashes.
With 90 percent of world trade transported by vessels, the stakes are high. Gaps in insurance for ship owners and the disruptions that could cause have the potential to drive up both industrial and consumer prices.

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