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
Delta and United call on Congress to immediately end government shutdown, pay air traffic controllers
A Delta Airlines plane takes off near the air traffic control tower at Ronald Reagan Washington National Airport (DCA) in Arlington, Virginia, US, on Tuesday, Oct. 28, 2025.
Samuel Corum | Bloomberg | Getty Images
Delta Air Lines and United Airlines called on Congress Thursday to reopen the U.S. government and pay air traffic controllers, with Delta urging senators to “immediately pass a clean continuing resolution.”
U.S. air traffic controllers missed their first full paychecks on Tuesday as the government shutdown drags on through a fourth week with no end in sight while Republican and Democratic senators remain at an impasse.
“Missed paychecks only increases the stress on these essential workers, many of whom are already working mandatory overtime to keep our skies safe and secure,” Delta said in a statement Thursday.
Delta CEO Ed Bastian had warned earlier this month that the airline could see impacts from a prolonged shutdown.
Vice President JD Vance and Transportation Secretary Sean Duffy hosted a roundtable at the White House Thursday afternoon with the lobby group Airlines for America, whose members include Delta, United, American Airlines and others.
United CEO Scott Kirby told reporters outside the White House that Congress should pass a clean continuing resolution, adding that the shutdown is putting stress on the economy.
United Airlines CEO Scott Kirby, joined by U.S. Vice President JD Vance and Transportation Secretary Sean Duffy, speaks to reporters outside the White House on Oct. 30, 2025 in Washington, D.C.
Kevin Dietsch | Getty Images News | Getty Images
Air traffic controllers and Transportation Security Administration officers are essential employees who are required to work through the shutdown even though they are not receiving regular paychecks.
The missed paychecks come as controllers grapple with a longstanding staffing shortage. There are 3,800 fewer fully certified controllers than the FAA’s target, according to Nick Daniels, president of the National Air Traffic Controllers Association.
“These additional distractions will compound the existing risks in an already strained system,” Daniels said in an opinion piece in The Hill on Tuesday.
“Every day the shutdown continues, the National Airspace System becomes less safe than it was the day before, as the controllers’ focus shifts from their critical safety tasks to their financial uncertainty,” he said.
The shutdown began on Oct. 1 after Senate Republicans and Democrats failed to reach an agreement to keep the government open.
Democratic senators are insisting that Republicans agree to extend enhanced Affordable Care Act health insurance subsidies before they will vote for funding to reopen the government.
The Congressional Budget Office estimated Wednesday that a four-week shutdown would cost the economy at least $7 billion by the end of 2026. A six-week shutdown would cost the economy $11 billion, and an eight-week shutdown would cost $14 billion, according to CBO estimates.
Flights have been delayed at several U.S. airports over the past month but the severe disruptions that preceded the end of the longest-ever shutdown, between late 2018 and early 2019, have not occurred.
— CNBC’s Leslie Josephs contributed to this report.
The FTSE 100 extended its winning run to nine, recouping early hefty falls, despite fresh problems for advertising group WPP.
The FTSE 100 index closed up just 3.92 points at 9,760.06, another record close.
The FTSE 250 ended down 171.99 points, 0.8%, at 22,276.28, and the AIM All-Share closed down 3.09 points, 0.4%, at 769.80.
WPP plunged 17% as it warned performance in the year-to-date was at the “low-end of expectations” as it cut the company’s outlook.
The London-based advertising agency firm said revenue in the third quarter fell 8.4% to £3.26 billion, and was down 3.5% on a like-for-like basis.
Revenue less pass-through costs slumped 11% to £2.46 billion, falling 5.9% like-for-like.
New chief executive Cindy Rose acknowledged that recent performance was “unacceptable” and pledged to take action to address this.
“There is a lot to do,” Ms Rose said, adding, “we are optimistic, energised and confident that we’re building the right plan”.
It is the latest in a series of troubled days for WPP investors with shares down 63% in the last 12 months.
In European equities on Thursday, the CAC 40 in Paris closed down 0.5%, while the DAX 40 in Frankfurt ended little changed.
Stocks in New York were mixed with a 9.7% fall in Meta Platforms weighing on the S&P 500 and Nasdaq.
The Dow Jones Industrial Average was up 0.5%, the S&P 500 index was 0.3% lower, and the Nasdaq Composite was down 0.8%.
Meta, which owns Facebook and Instagram, forecast increased investment and higher operating costs ahead after a third quarter distorted by a hefty tax provision.
Chief executive Mark Zuckerberg told investors he feels the right strategy is to “aggressively front-load building capacity”.
Investors also weighed hawkish comments from Federal Reserve chairman Jerome Powell who pushed back against market pricing for another interest rate cut in December.
Mr Powell, speaking after the Fed cut rates by a quarter point at its October meeting, said a reduction in December was not a “foregone conclusion” and a cut should not be assumed.
JPMorgan analyst Michael Feroli said: “By Powell’s standards, these were unusually blunt remarks.”
While Bank of America said Mr Powell pushed back “stridently” against market pricing of a December cut and drove the message home “several times” during the press conference.
The US rate call came ahead of central bank meetings in Japan and Europe.
The Bank of Japan kept interest rates unchanged, decided by a seven to two majority vote.
In a statement released by BoJ following the monetary policy meeting, it said interest rates were held at 0.5%, matching consensus cited by FXStreet.
“High uncertainties still remain regarding the impact of trade and other policies on economic activity and prices at home and abroad,” the BoJ said in a statement following the decision.
While in Europe, the European Central Bank left rates on hold for a third meeting in a row stating its outlook for inflation is broadly unchanged.
The decision by the Frankfurt-based lender leaves the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility unchanged at 2.00%, 2.15% and 2.40% respectively.
The widely expected decision is the third hold in succession by the ECB, following similar outcomes in July and September.
Prior to the hold in July, it had cut for seven meetings in a row.
Deutsche Bank Chief European economist Mark Wall said “despite the US tariffs, despite all the various sources of uncertainty, the European economy continues to eke out some growth”.
“Economic ‘resilience’ is keeping the ECB doves in check, and the policy pause on the rails,” he said.
Mr Powell’s comments put the dollar on the front foot and pushed bond yields upwards.
The pound was quoted at 1.3149 dollars at the time of the London equities close on Thursday, lower compared to 1.3236 dollars on Wednesday.
The euro fell to 1.1565 dollars from 1.1660 dollars.
Against the yen, the dollar was trading at 154.11 yen, higher compared to 152.10 yen.
The yield on the US 10-year Treasury was quoted at 4.09%, widening from 4.00% on Wednesday.
The yield on the US 30-year Treasury was quoted at 4.64%, stretched from 4.57%.
Back in London, lender Standard Chartered rose 1.9% after stating it expects to reach its return on tangible equity target in 2025 instead of by 2026.
Chief executive officer Bill Winters said progress was broad-based and highlighted strong double-digit growth in Wealth Solutions and Global Banking, alongside good momentum in Global Markets.
On the FTSE 250, Computacenter gained 5.0% as it said it performed strongly in the third quarter with continued momentum in North America, improvements in the UK, and a return to growth in Germany.
Ithaca Energy and Harbour Energy rose 4.6% and 3.3% respectively after a report in the Financial Times said the UK Government could scrap its windfall tax on the oil-and-gas sector one year earlier than planned.
Meanwhile, conditional dealing in lender Shawbrook Group began in London.
Shares closed at 396 pence, well above the 370p offer price, giving it a market value of just over £2 billion.
Unconditional dealing on the London Main Market will begin on Tuesday next week.
TT Electronics was a star performer, soaring 59% after accepting a £287 million takeover approach from Cicor Technologies.
Bronschhofen, Switzerland-based Cicor develops, and manufactures electronic components, devices, and systems.
Woking, England-based TT, which also manufactures electronic components, said the cash and shares offer values each share in TT at 155p.
Brent oil was quoted at 64.92 dollars a barrel at the time of the London equities close on Thursday, up from 64.52 dollars late on Wednesday.
Gold was little changed, trading at 3,998.00 dollars an ounce against 3,997.24 dollars on Wednesday.
The biggest risers on the FTSE 100 were Airtel Africa, up 6.4 pence at 274.8p, Auto Trader, up 15.2p at 808.8p, Centrica, up 3.3p at 179.8p, Standard Chartered, up 28.0p at 1,544.0p, and GSK, up 31.0p at 1,783.0p.
The biggest fallers on the FTSE 100 were WPP, down 61.7p at 298.85p, JD Sports Fashion, down 3.32p at 95.0p, Whitbread, down 80.0p at 2,967.0p, Segro, down 14.4p at 699.7p and Burberry, down 26.0p at 1,280.0p.
Friday’s global economic calendar has Canada GDP data, eurozone inflation figures and the Chicago PMI in the US.
There are no significant events scheduled on Friday’s UK corporate calendar.
– Contributed by Alliance News
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
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