Senior maritime stakeholders deem industry not prepared to deal with global issues

Senior stakeholders believe that the global maritime industry is not prepared to deal with major issues that are likely to impact it over the next ten years. This is according to the Global Maritime Issues Monitor 2018, published today by the Global Maritime Forum, global insurance broker and risk adviser Marsh, and the International Union of Marine Insurance (IUMI).

The report examines the impact and likelihood of 17 major issues based on research among senior maritime stakeholders across over 50 countries globally. According to the research, the maritime industry does not appear to be prepared for any of these issues.

“The difference between a risk and an opportunity is how soon you discover it. The Issues Monitor shows that there is a need for a greater awareness of the long-term forces shaping our decision-making and the Global Maritime Issues Monitor can in this perspective be seen as a modest contribution to a thorough understanding of the current state of affairs,” said Peter Stokes, chairman of the Global Maritime Forum.

The five issues that the maritime industry appears to be least prepared for are ‘cyber-attacks and data theft, ‘global economic crisis’, ‘geopolitical tension’, ‘air pollution’ and ‘governance failure’.

“Cyber-attacks and data theft appear to be the maritime industry’s Achilles’ heel,” the forum stated in a release today. In addition to being ranked as the top issue that the industry is least prepared for, executives believe it has the highest likelihood of occurring and is only surpassed by a global economic crisis and energy price fluctuations in terms of impact.

“Emerging digital technologies are challenging conventional business models and are creating new opportunities for the global maritime industry. But, along with its transformative power, this digitalization is creating rapidly evolving risks such as cyber-attacks and data theft. It is worrying that, despite recent high-profile attacks, the industry is failing to get to grips with cyber risk. By taking a more strategic approach, firms are better positioned to capitalize on these opportunities, while protecting their people and assets from digital threats,” said Marcus Baker, chairman of global marine practice at Marsh.

The Global Maritime Forum is an international not-for-profit foundation.

The full report can be accessed by clicking here.