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cyber physical systems

Cybercrime gets physical

Cyber-physical systems (CPS), such as operational technology (OT), the Internet of Things (IoT), building management systems (BMS) and connected media devices have now become a prime target for ransomware attacks. According to security firm, Claroty, cyber-physical attacks are now placing significant financial strain across organizations in several key sectors. Almost half of the respondents, 45 percent, to an independent survey commissioned by Claroty report financial losses of $500,000 or more over the last 12 months from cyber-attacks affecting CPS. Over a quarter, 27 percent, report losses of $1 million or more. “The most financially impacted sectors are chemical manufacturing, power and energy, and mining and materials, with 54-55 percent of respondents in each sector reporting more than $500,000 in losses from incidents in the last 12 months,” says the report, The Global State of CPS Security 2024.

Cyber attacks on commercial shipping

Cyber-piracy on the high seas

Escalating geopolitical instability in the South China Seas and The Red Sea are being seen as the root cause behind a rapid rise in cyber-attacks on commercial shipping, as well as a sharp increase in cyber-assisted piracy. “The risk has escalated significantly in the past year due to heightened geopolitical tensions and increased cyber capabilities of threat actors…The average cost per data breach now exceeds $545,000 for a shipping organization,” says Freight Right Global Logistics CEO Robert Khachatryan. According to C. Todd Doss, Senior Managing Director at Guidepost Solutions: “Over the past year, these risks have escalated notably. Reports indicate that cyber-attacks on maritime infrastructure and vessels increased by over 20% in 2023 compared to the previous year .”

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