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
US markets today: Wall Street drifts near record highs as Big Tech results; Trump-Xi trade talks pull investors in both directions – The Times of India
US markets ended mixed on Thursday, with investors juggling upbeat and cautious signals from Big Tech earnings and renewed optimism around US-China trade ties.The S&P 500 slipped 0.2% from its all-time high earlier this week, while the Nasdaq composite lost 0.6%. The Dow Jones Industrial Average, however, gained 199 points, or 0.5%, by mid-morning trade, AP reported.Markets were reacting to comments from US President Donald Trump, who called his meeting with Chinese President Xi Jinping a “12 out of 10” and announced plans to reduce tariffs on Chinese goods. Analysts, however, warned that despite the warm rhetoric, structural trade tensions remain unresolved.“The result was fine, but fine isn’t good enough given the expectations going in,” said Brian Jacobsen, chief economist at Annex Wealth Management. “The results were more like small gestures instead of a grand bargain.”Big Tech weighs on sentimentTech stocks saw sharp divergences after earnings. Meta Platforms tumbled 11.3%, wiping off part of its 28% gain this year, as investors reacted to higher spending plans for 2026. Microsoft fell 2.5% despite reporting stronger quarterly earnings and revenue, with concerns about slower Azure growth and rising investment costs.Alphabet bucked the trend, rising 5.3% after reporting better-than-expected profit and revenue. Together, Alphabet, Meta, and Microsoft make up nearly 14.5% of the S&P 500’s total market value — meaning their moves can swing the broader market.Broader movers and macro watchChipotle Mexican Grill slumped 18% after trimming its sales growth forecast, citing “persistent macroeconomic pressures.” In contrast, Eli Lilly rose 1.7% as strong sales of its diabetes and obesity drugs Mounjaro and Zepbound boosted profits, prompting an upward revision to its annual guidance.Sherwin-Williams gained 2% after beating profit estimates despite a “softer for longer” demand outlook, while Visa advanced 1.5% on stronger-than-expected results.Fed caution lifts bond yieldsThe 10-year US Treasury yield rose to 4.09% from 4.08% the day before, after Federal Reserve Chair Jerome Powell said a December rate cut “is not a foregone conclusion.” Traders still expect a rate reduction later this year, but with less certainty, according to CME Group data.In Europe, France’s CAC 40 dropped 0.9% and Germany’s DAX shed 0.2% after the European Central Bank held rates steady. Japan’s Nikkei 225 closed nearly flat after the Bank of Japan also kept its policy unchanged
Former Asda boss Roger Burnley is to join the board of Marks & Spencer.
He will become a non-executive director of the high street giant from December 1, the company told shareholders on Thursday.
The retail veteran was the boss of rival Asda from 2017 until 2021, when he left the business following its £6.8 billion takeover by the Issa brothers and TDR Capital.
He was retail operations director at Sainsbury’s before moving to Asda and is currently a non-executive director at Pets at Home.
Mr Burnley will become the latest supermarket heavyweight to join the business, after former Sainsbury’s boss Justin King stepped down earlier this year.
Mr King left the board in September after around six years.
The appointment comes after a turbulent year for Marks & Spencer after it was hit by a major cyber attack which forced it to shut down online sales for around six weeks.
It said the attack has cost the company around £300 million.
Mr Burnley said: “M&S is a much-loved brand which I have always admired as setting the standard in UK retail, and it is a privilege to be joining such an engaged board.
“Much progress has been made through the reshaping for growth strategy, but there remains so much opportunity, and I am looking forward to supporting the leadership team to capitalise on that in the years ahead.”
M&S chairman Archie Norman said: “Roger brings extensive experience in the food retail industry and supply chain transformation which will be invaluable as we enter the next phase of our plan to reshape M&S for growth.
Business
Ashwini Vaishnaw Approves Plan For 76 Passenger Areas At Railway Stations To Enhance Travel Comfort
New Delhi: Union Minister for Railways Ashwini Vaishnaw has approved a plan for developing 76 new passenger holding areas at various railway stations across the country ahead of the 2026 festival season. The decision was taken following the success of the passenger holding area at New Delhi Railway Station, which enhanced the pre-boarding comfort for travellers, according to an official statement issued on Thursday.
The new holding areas planned across the country will follow a modular design and will be constructed keeping in view local conditions. The Union Minister has directed that all holding areas should be completed well before the 2026 festival season, the statement said.
The New Delhi station managed the extremely heavy rush of passengers during Diwali and Chhath with the help of its newly developed holding area, which was completed within four months.
The Yatri Suvidha Kendra (permanent holding area) at New Delhi Railway Station is designed to accommodate approximately 7,000 passengers at any given time, significantly enhancing pre-boarding comfort and passenger flow.
The facility is strategically divided into three zones – Ticketing, Post-Ticketing, and Pre-Ticketing – to streamline passenger movement. The New Delhi station holding area can accommodate over 7,000 passengers and is equipped with 150 toilets, each for men and women, ticket counters, automatic ticket vending machines, and free RO water facilities.
Indian Railways had also run as many as 7,800 extra trains to clear the surge in passenger traffic for Diwali and Chhath, and set up War Rooms to monitor the festive rush.
Vaishnaw paid a surprise visit to the New Delhi Railway Station and conducted an on-ground assessment of the arrangements made for passengers during the festive season.
Indian Railways established a dedicated “War Room” at Rail Bhawan to monitor and manage the massive influx of festive travellers. This command centre enabled real-time monitoring and allowed officials to quickly address congestion, passenger complaints, and potential incidents, the minister said.
The war room has evolved into an effective system overseeing the entire Indian Railways network, as over 80 war rooms were active at the Railway Board, zonal, and divisional levels, according to an official statement.
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