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Cyber Piracy To Menace Global Transport,says Survey Findings

TG Forwarder Co.,Ltd | Updated: Apr 22, 2016

TRANSPORT gateways are facing increased risk in the next 20 years from attacks from cyber pirates hacking into supply chain systems and the real threat of piracy in key ocean trading lanes,said a survey of 80 executives by PricewaterhouseCoopers consultants.

Terrorist and piracy attacks on supply chains are expected on transport gateways according to over half of respondents,said the PwC report entitled Transportation&Logistics 2030 Securing the Supply Chain.

The cost of piracy in the Gulf of Aden and Suez Canal alone is costing Egyp annual losses of $640 million.Security costs will rise in the logistics industry particularly in regard to IT systems.

Executives from 25 countries said hacker attacks were more troubling than physical ones,with more complex chains vulnerable to accidents,said Klaus-Dieter Ruske,parner and Global Transportation and Logistics leader at PwC,reported Newarks Journal of Commerce.

A hacker could infiltrate the flight control system,for example,and randomly let airplanes fall from the sky.Or re-set the tracks in rail traffic and let trains crash.said one respondent in the survey.

The worlds gateways’ are concentrated at 39 regions with one such as Hong Kong-Shenzhen region handling 14.8 per cent of global oceam and air freight traffic creating hightly sensitive flows at thesechokepointssuch as Suez and Panama canals,and Strait of Hormuz.

If only a single one of these hubs fails,the economic consequences could be enormous after just a short period of time,and affect most economies around the globe,Mr Ruske added.

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