The news about Equifax’s data breach, as well as the long line of data thefts within the years before, was very much on everyone’s mind. Knowing my concentrate on cybersecurity investments, someone asked myself: Why does it keep happening?
I will focus on one out-of-the-way industry – overseas shipping – for an description.
A “Fingers Crossed” Cybersecurity Strategy
According to the BBC, a private security company named CyberKeel launched three years back with the idea of bringing a higher level of awareness about viruses and information theft. The answer from big delivery companies, according to CyberKeel’s senior partner, was: Don’t waste your time. We are going to pretty safe. There’s no need. Here is more on latest cybersecurity news have a look at our own webpage.
Gowns typical. Hack attacks are like recessions – they’re not real till one happens to you.
It turns out one shipper had a virus in its computer system that added a hacker’s bank account number each time the shipping carrier’s suppliers requested electronic payment.
The particular hack extracted several million bucks, according to CyberKeel, before the shipper realized why its suppliers weren’t obtaining paid.
The final straw was the NotPetya ransomware attack this summer. The large Danish shipping firm Maersk recently said the hack forced this to halt operations at 76 from the ocean terminals around the world, causing $300 million worth of disruptions to its business.
Maersk’s CEO told the Financial Times that the attack was so damaging “we wound up having to use WhatsApp on our personal phones [to communicate]. It was, frankly, quite a shocking experience. ”
The thing is, huge cyberhacks keep happening whenever computer security isn’t a top priority for the company.
It’s also a key reason why cybersecurity stocks will continue to be huge winners for years to come.
The big challenge – nevertheless – is getting companies to take the threat seriously.
If we own the physical business, a home or a vehicle, security is always a priority, right? We all make sure we have strong locks on the doors.
It doesn’t prevent a break-in, of course. But a good lock, fortified doors and unbreakable windows sure make the thieves’ job a lot harder.
We pull on the door deal with a couple times just to make sure the deadbolt is set. We tell our workers and children to make sure to lock the doors when they leave.
Why It can “Game On” for Cybersecurity Stocks and shares
Yet – just taking the shipping industry as one example – most companies do no such thing. Sea shipping today is highly dependent on onboard computers and automation. That’s why ships that once needed crews associated with dozens in decades past can be operated with as few as 13 individuals.
And yet, when a British consulting company surveyed 2, 500 merchant seamen about at-sea cybersecurity, they found:
Forty percent of ships’ officials said they had sailed on a ship infected with a computer virus or spyware.
Eighty-seven percent of ships’ deck hands had no cybersecurity training.
It takes an average of 146 days to detect a shipboard data breach.
70 % of shipboard data breaches move undetected.