THE UNSEEN STORM: A CRITICAL REVIEW OF CYBERSECURITY THREATS AND THEIR ECONOMIC IMPACT ON GLOBAL MARITIME TRADE

Abstract

The maritime industry, the silent engine of global trade, is undergoing a profound digital transformation, often referred to as Shipping 4.0 (Mesa et al., 2024). This significant shift involves the widespread adoption of digital, interconnected operating environments known as Cyber-physical Systems. While this technological leap has brought about remarkable improvements in efficiency and competitiveness, it has also, ironically, exposed the sector to a new wave of complex cybersecurity threats. This critical review paper delves into the rapidly changing landscape of maritime cyber threats and, crucially, assesses their tangible economic impact on global maritime trade. Our investigation begins by mapping out the primary vulnerabilities found in both shipboard and port-side systems. We pay special attention to mission-critical technologies like the Electronic Chart Display and Information System (ECDIS), GNSS, and automated cargo-handling infrastructure. Key real-world incidents, such as the devastating NotPetya attack on A.P. Moller-Maersk, are analysed not only to illustrate the threat but also to provide an empirical basis for quantifying the full spectrum of costs. These costs include staggering direct financial losses, widespread trade disruption, significant reputational damage, and an inevitable rise in insurance premiums across the sector. Furthermore, the study critically reviews existing global policy and regulatory frameworks, specifically examining the effectiveness of instruments like the IMO Guidelines on Maritime Cyber Risk. This analysis highlights critical gaps in their practical implementation, particularly the persistent lack of economic incentives needed to encourage robust, industry-wide security investments. Ultimately, this paper concludes by offering strategic, economically sound recommendations designed to foster strong cyber-resilience, which is vital for protecting the integrity and efficiency of the critical maritime supply chain in this fast-evolving digital age.