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Transport sector warned about risks from cyber attacks

cyber attacks transport and logistics
Cyber attacks change risk profiles of organisations

Cyber attacks are very real and an insurance giant has warned the transport sector regarding automation risks.

Transport and logistics businesses must address risks that come with increased use of robotics, artificial intelligence and other new technologies, Aon says.

While their adoption brings business efficiencies, there are downsides such as exposure to cyber attacks.

Global shipping giant Maersk lost about $US300 million ($417 million) in last year’s NotPetya cyber attack.

“The opportunities from both a financial and operational perspective are clear,” Transport and Logistics Practice Leader Mark McNab said. “However, enterprises need to keep a close eye on the impact of automation on risk.

“Incorporating technology vastly changes the risk profile of the business, and traditional insurances such as property, liability and marine, for example, simply do not respond to these new risks.

“In many instances we see organisations incorporating newer technologies without adequately assessing the risk, inadvertently creating an uninsured balance sheet exposure.

“Risk advisers and insurers must keep pace and cater to the needs of our clients who continue to invest in technologies.”

Aon has set up the Transport and Logistics Industry Practice Group to help clients tackle such evolving risks.

AMSJ has previously reported that the industry needs to ask questions asked by buyers of automated systems about system security and automation.

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AMSJ April 2022