Most of the maritime sector may feel it can handle a horrific cyber-attack but individual companies are not so sure, according to an analysis released today.
"Our survey revealed that the US maritime industry has a false sense of preparedness," US law firm Jones Walker said in an inaugural Maritime Cybersecurity Survey.
The 14-page audit of 126 senior executives shows that 69% of the industry is confident it can handle a "potentially devastating" incident but only 36% say their own companies are prepared.
In an attempt to include key industry segments, the survey included 75 shipowners, 28 port operators and 23 shipping companies.
Almost half -- 58 -- of the businesses were mid-sized companies with 50 to 400 employees while 36 small outfits employed less than 50 and 23 large entities had over 400.
All of the large companies said they felt prepared an attack, partly because 97% carried data breach insurance.
"The larger the company, the greater the sense of cyber preparedness," the study said.
More that one out of three companies affected
More than a third -- 38% -- of the respondents said their companies experienced successful or attempted data breaches in the past year.
Still, companies spend up to only 6% of their budgets on cybersecurity yet 92% of small businesses plan to increase spending on cyber preparedness, according to the survey.
Meanwhile, 92% of medium-sized companies expect to increase their investment while 59% of large companies plan on spending more to protect their digital assets.
Most are not prepared
The survey revealed that most maritime businesses are ill prepared against a significant attack, with only 45% using encrypted data.
Further, 20% have undergone a data security systems audit in the past year and only a third conduct annual testing.
While all large companies report regular cybersecurity training for employees, only 11% of small firms and 57% of medium-sized ones say they offer such guidance.
"While they certainly increase efficiencies and competitiveness, rapidly evolving technologies also present significant risks, the report said.
