Business
Why hackers are targeting the world’s shipping
Emma WoollacottTechnology reporter
Getty ImagesLawyer Henry Clack sadly knows a lot about Nigerian criminal gangs.
Mr Clack, a solicitor at London-based commercial law firm HFW, has to deal with them when he is representing global shipping firms that have found themselves victims of cyber attacks.
“Of the cases which HFW have been involved in, the most common counterparties that we’ve encountered are Nigerian organised criminal organisations,” he says.
“They have been responsible for perpetrating several high value ‘man-in-the-middle’ frauds in recent years.”
This type of fraud involves a hacker being able to intercept the communication between two parties, such as emails. The criminal then impersonates both in order to try to steal sensitive information, such as log-in details or financial data, or even to take control of a company’s computer system.
The cyber criminals then demand money to give back what they have stolen, or to give up their command of a firm’s computers.
HFW’s data shows that such hacking is a growing problem for the shipping sector, both attacks on ships and ports. It says that between 2022 and 2023 the cost of dealing with an attack doubled to an average of $550,000 (£410,000).
Meanwhile, in cases where cyber security experts cannot easily remove the hackers, HFW says the average cost of a ransom payment is now $3.2m.
Henry ClackAround 80% of world trade is carried by sea, and disruption can greatly increase shipping firms’ costs, and leave them short of capacity.
This, says John Stawpert, manager for environment and trade in the marine department of the International Chamber of Shipping (ICS), makes the maritime industry a prime target for cyber attacks, from both criminal gangs and hostile countries.
“Cyber security is a major concern for the shipping industry, given how interconnected the world is. Shipping has been listed as one of the top 10 targets for cyber criminals globally,” he says.
“The impact can be quite significant if cyber criminals manage to disrupt your operations or, for example, carry out a ransomware attack.”
And the rate of attacks is rocketing. A research group at the Netherlands’ NHL Stenden University of Applied Sciences compiled data on shipping cyber attacks over the last few years, and found that the number shot up from just 10 in 2021 to at least 64 last year.
Many incidents, says Jeroen Pijpker of the university’s Maritime IT Security research group, are linked to the governments of four countries – Russia, China, North Korea and Iran.
“What we saw with one example was that equipment was being shipped to Ukraine, and then on a Telegram channel we see people giving information about what kind of targets to attack to get some kind of disruption in the logistical chain [of that delivery].”
Other attacks are purely for financial extortion, be it gangs from Nigeria or elsewhere.
Getty ImagesOne reason for the recent rapid rise in cyber attacks is that there are now simply more routes for hackers to use.
Over the last few years, the industry has become more digital, while new communication technologies, Elon Musk’s Starlink satellite service, for example, have meant that ships have become more connected to the outside world. And therefore more hackable.
In one incident last year, a US Navy chief was relieved of her duties after she had installed an unauthorised satellite dish on her combat ship, so that she and other officers could access the internet.
Meanwhile, much of the official digitisation in the maritime industry has happened in a piecemeal way, and involves technology that can go rapidly out of date. The average cargo ship, says Pijpker, is around 22-years-old, and shipping companies can’t afford to have them out of the water too often to update.
Digitisation has brought other risks, too, including GPS jamming and “spoofing”.
“GPS spoofing means sending the navigation system a false location, and this means that the ship takes a completely different route – it can even be damaged physically if it gets into shallow waters,” says Ark Diamant of security firm Claroty.
In May it was widely reported that a container ship called MSC Antonia had run aground in the Red Sea after a suspected GPS spoofing attack.
While no suspect was accused in the reporting, Yemen’s Houthi rebels have physically attacked other cargo ships in the area. Other examples of GPS targeting in the Baltic Sea have been blamed on Russia.
Getty ImagesDefending against GPS jamming and spoofing is difficult and expensive, but “anti-jam” technology is available.
Meanwhile, another weakness for cargo ships is the increased use of sensors to monitor their emissions. These often transmit the data, so offer hackers another possible line of entry and attack.
The good news is that the industry is working to tighten up security. In 2021, the International Maritime Organization (IMO) regulator added new cyber security provisions to its global safety management code for merchant shipping.
“These provisions brought into law more specific cyber risk management requirements to be incorporated into the ship safety management system, to address deliberate cyber-attacks, and to prescribe risk management practices into the operation of compliant merchant ships,” explains Tom Walters, another shipping specialist at HFW.
Ship management systems are now required – rather than simply advised – to include increasingly stringent cyber security measures, ranging from basic security hygiene to more technical operational and IT measures.
“Personally, I think the industry is in a good place to deal with the threat – certainly compared with six or seven years ago,” says Mr Stawpert.
“There’s hugely increased awareness across the industry of cyber attacks and cyber crime, and that will increase over the coming years.”
Back at law firm HFW, how exactly do they communicate with the criminal gangs? Henry Clack says it is via electronic text, and kept as brief as possible.
“When it does happen, it is more often than not in the context of ransomware ransom negotiations. Communication is via online messaging services, maybe one message, no more than a couple of sentences, each day.”
Business
Monzo bank says issue affecting its mobile app resolved
Monzo says it has resolved an issue affecting its mobile banking app on Tuesday afternoon after thousands of customers reported difficulties accessing it.
Platform outage monitor Downdetector saw more than 4,000 reports from users complaining of problems shortly after 15:00 GMT.
The company earlier acknowledged an issue affecting its app – telling customers who tried to use it that it would “not be fully functional” while it investigated.
A Monzo spokesperson said “customers can now use the app as normal.”
“For a short period today, we activated Monzo Stand-in – our fully independent backup bank – while we investigated an issue,” they told the BBC.
“Customers were always able to make payments with their card, withdraw cash, freeze their card and send and receive bank transfers.”
Many attempting to open the app after 15:00 GMT on Tuesday were met with a notice telling them “we’re experiencing issues”.
This said the app would not function as normal but other services, such as viewing account details and moving money between accounts, would be available.
However, some users attempting to access the app took to social media to complain to Monzo that they could not view funds, recent payments or make bank transfers.
In posts seen by the BBC, some X users also told Monzo they had been unable to use their card or withdraw money.
The BBC has asked Monzo for comment about these complaints.
The company has more than 14 million personal and business customers across the UK.
It has previously highlighted its back-up banking infrastructure as a way it avoids large-scale outages and issues for customers – many of which were seen across other UK banks during a spate of online outages last year.
About 1.2m people in the UK were affected by banking outages occurring on what was pay day for many in early 2025.
Business
New Birmingham-Manchester rail link to be proposed
The government is set to announce its intention to build a new rail link between Birmingham and Manchester, the BBC understands.
Previous plans for the HS2 high-speed rail line had included a line between the two cities, but that part of the project was scrapped by Rishi Sunak’s government.
On Wednesday, the government is also expected to confirm proposals for new and improved rail links across the North of England in a scheme known as Northern Powerhouse Rail (NPR).
Little detail about a new Birmingham to Manchester route is anticipated, other than the intention to build it after NPR is completed, meaning it may not happen for decades.
Plans to bring high-speed rail to the north of England were first put forward by former Conservative chancellor George Osborne in 2014.
The existing West Coast main line is very crowded and ministers acknowledge the need to increase capacity at some point.
Mayor of Greater Manchester Andy Burnham has supported the idea of an alternative new line between Birmingham and Manchester.
A new rail line between Liverpool and Manchester is seen a central piece of the overall Northern Powerhouse rail project, which is aimed at cutting travel times between northern cities and towns as well as boosting the UK economy outside of London.
But expected announcements from the current government were put on ice several times last year due to cost concerns.
Insiders said an extended review process of the project was under way in a bid to avoid mistakes made with HS2, which has been dogged by problems and costly delays.
HS2 is currently tens of billions of pounds over budget and around a decade behind schedule.
Reports state that the now-shortened line between Birmingham and London could cost £81bn.
Accounting for inflation, that would mean at least £100bn will be spent but only 135 miles of railway built.
HS2 Ltd, the company created by the Department for Transport, has accepted it failed to keep overall costs under control and said delivery has not matched what it described as the unrealistic early expectations.
The Conservatives said Labour had “no ability to follow through on its promises”.
Shadow Rail Minister Jerome Mayhew said: “Labour have spent months talking up Northern Powerhouse Rail, yet today they’ve put back any plans to actually deliver it and rewritten timetables on the fly.
“Northern Powerhouse Rail could have been transformational, empowering regional growth and regeneration.
“Under Labour it risks becoming a permanent mirage that is endlessly redesigned, downgraded and never delivered.”
Business
JPMorgan Chase says banks could fight Trump credit card rate cap: ‘Everything’s on the table’
JPMorgan Chase CFO Jeremy Barnum hinted Tuesday the industry could fight President Donald Trump’s demand for credit card price controls, saying “everything’s on the table.”
“If you wind up with weakly supported directives to radically change our business that aren’t justified, you have to assume that everything’s on the table,” Barnum said on a call with reporters following JPMorgan’s fourth-quarter earnings report. “We owe that to shareholders.”
Barnum was responding to a question about whether banks would choose to litigate to block Trump’s demand, made late Friday, that card companies cap interest rates at 10% for a year. Last year, the industry successfully fought efforts by the Consumer Financial Protection Bureau to cap card late fees.
Banks and industry insiders say that an interest rate limit would result in fewer credit card accounts for Americans and a dip in spending for the U.S. economy, as companies would simply pull accounts rather than offer them at an unprofitable level.
The average credit card rate nationally is 19.7% as of this month, according to a weekly survey from Bankrate.com, while rates for subprime borrowers and store-specific cards are typically higher.
“Our belief is that actions like this will have the exact opposite consequence to what the administration wants for consumers,” Barnum said. “Instead of lowering the price of credit, we’ll simply reduce the supply of credit, and that will be bad for everyone: consumers, the wider economy, and yes, at the margin, for us.”
The CFO declined to directly answer a question on whether JPMorgan would comply with Trump’s demand, which has a proposed Jan. 20 start date. Banks that don’t follow the directive are “in violation of the law,” Trump told reporters Sunday.
Still, it’s unclear how Trump’s mandate would be enforced. There is no U.S. law capping card rates, though a bill was introduced last year from Sen. Josh Hawley of Missouri and Sen. Bernie Sanders of Vermont that would limit card APRs at 10% for five years. That bill is stalled in Congress.
Other voices in the corporate and political realms began addressing the possible impact of Trump’s rate cap on Tuesday.
Beyond banks, airlines and retailers rely on revenue from card partnerships to bolster profit. For instance, Delta Air Lines said Tuesday that its American Express partnership produced $8.2 billion in revenue last year.
Delta CEO Ed Bastian said on an earnings call that the cap would “upend the whole credit card industry … I don’t see any way we could even begin to contemplate how that would be implemented.”
House Speaker Mike Johnson struck a note of caution when asked about the issue at a news conference.
“We have a lot of work to go [on] consensus around it, but you got to be very careful as we go forward in that in our zeal to bring down costs — you don’t want to have negative secondary effects,” Johnson said.
— CNBC’s Emily Wilkins and Leslie Josephs contributed to this report.
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