by Tom Walters, Partner, HFW, and Daniel Ng, CEO, CyberOwl

While the shipping industry is maturing and digitalisation is increasing, so too is the level of threat.

The cost of cyber attacks is overwhelmingly on the rise. Recent research by Thetius, in collaboration with CyberOwl and HFW, indicates that within the last 18 months, the average cost of cyber attacks has risen by a frightening 200%.

The volume of ransom demands has increased 357% since 2022, and the average price paid for ransom is now 3.2 million US dollars. On average, cyber breaches cost organisations $550k over the last three years.

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