Cyber criminals exploit vulnerabilities in shipping industry

In a recent Castor Vali intelligence report we highlighted an incident where Cyber criminals, posing as bunker suppliers, purportedly scammed a Cyprus-based shipping company, stealing USD644,000. The unidentified company had made a purchase of marine fuel from an Africa-based bunker supplier, however hackers managed to pose as the supplier and e-mailed the shipping company an invoice with instructions to send payment to a new bank account based in Poland. The shipping company arranged two transfer payments but only realised the invoice was fraudulent after the legitimate supply company requested payment.

While local Cypriot authorities and Interpol conduct investigations into the scam, reportedly the shipping company’s computer had  been hacked twice before and during this incident had been persuaded to transfer money to a new Polish account. The incident revealed the company’s vulnerability to attacks and highlights the increased cyber threat faced by the shipping industry.

Castor Vali provide risk management services to a variety of sectors including shipping and oil & gas. This includes Cyber Security Health Checks and Audits as well as advice to company boards to develop an effective Cyber strategy, policy and processes. We also provide Cyber training and e-learning with access to CESG accredited training packages. See www.castorvali.com for more details.