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The Silicon Review Asia

Asia-Pacific ports severely unprotected; Cyber-attack could cause loss of $110bn

Asia-Pacific ports severely unprotected; Cyber-attack could cause loss of $110bn

The Asia-Pacific region plays home to nine of the busiest ports globally. With the massive volume of trade that these ports conduct, it is a surprise that they are not as insured or protected as is deemed necessary. A single cyber-attack in this region could cause a loss of more than a hundred and ten billion dollars. As maritime trade is very intricately connected, an attack on any single one of these regions (even if contained) would have an impact on trade globally.

“Cyber risk is one of the most critical and complex challenges facing the Asia Pacific maritime industry today. As this risk grows with the increasing application of technology and automation in the industry, collaboration and future planning by insurers and risk managers is critical. With nine out of ten of the world’s busiest container ports based in Asia, and high levels of under insurance in the region, this exposure must be addressed,” said Angela Kelly, Singapore country manager at Lloyd’s.

Bilateral trade with any of the regions that might have suffered a cyber-attack could end having a tentative loss of $27bn. Singapore and South Korea would have to face the most drastic effects considering their dependency on maritime trade.

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