Taking the industry’s temperature

Making predictions about shipping is often as volatile as the industry itself. Yet with the benefit of hindsight, Nick Shaw, of Reed Smith, looks back on some of the key issues affecting the industry for the past year and those which look set to remain priorities in the year ahead

Cyber security - In the wake of high-profile cyber attacks, such as the Petya ransomware attacks this summer, cyber security has risen up the agenda for the boards of all shipping companies. Often, these attacks are initiated by email. However, as ships become more reliant on electronic devices such as GPS, automatic identification systems (AIS) and electronic chart display and information system (ECDIS) to operate, it becomes more important than ever that owners prioritise security. Cyber attackers posing as brokers or third parties, such as solicitors, are becoming increasingly common. As a result, charterers paying freight for example must take care to ensure the authenticity of emails containing invoices or payment demands.