According to NBC News analysts, hacker attacks threaten global trade. This time, cybercriminals have targeted seaport websites which are extremely vulnerable to hacking.
Experts note that the COVID-19 pandemic has posed significant challenges for the global supply chain. Cargo shipping companies have taken the hardest hit. At the moment, they are at increased risk of being hacked. In 2021, the shipping industry with the total revenue topping $100 billion became a target for ransomware attacks, analysts emphasize. Thus, the heavily computerized ports receiving cargo ships suffered.
The global shipping industry relies largely on the smooth functioning of digital systems in ports, cities, and trading companies. Many of these systems are not protected from computer hacking. At the same time, halted operations caused by cyber attacks lead to delays that push back shipments by weeks, experts point out.
Ransomware attacks on maritime trade have become more frequent lately. Last July, hackers disrupted the operations of South African state logistics firm Transnet running the country’s major ports. This, in turn, provoked prolonged delivery delays.
At the moment, most cyber attacks on infrastructure companies cause damage just to their business networks rather than to their software. However, digital maritime trade operations are still under threat. Ransomware has been growing in popularity over the years. With the help of this malicious software, fraudsters lock and encrypt a victim's computer data, then demand a ransom to restore access. Thus, Colonial Pipeline shut down its massive oil pipeline after a ransomware attack took some of its systems offline. This example demonstrates that such a form of malware threat is a time bomb for key infrastructures.
Following this incident, US President Joe Biden declared a state of emergency. The shut-off of the pipeline resulted in gasoline and diesel fuel shortages in the coastal states of the country. To restore its stolen data, the management of Colonial Pipeline had to pay its extortionists roughly 75 BTC, or nearly $4.5 million at that moment. Later, the FBI managed to recover the lion's share of the ransom by gaining access to DarkSide's bitcoin wallet password.
