ABS received the award for developing a new methodology to measure cyber security risk associated with operational technology, providing marine and offshore clients a calculated risk index for vessels, fleets and facilities. The index quantifies cyber security risk and gives owners and operators an actionable strategy. Other short-listed nominees for this category were: IQ Solutions, OSM OSERV and QinetiQ.

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Presenting the award Capt. Dimitrios Mattheou, CEO/ Managing Director, Arcadia Shipmanagement, said “It is with my great pleasure to give this significant award to ABS for its advanced solutions and developing a new methodology for managing cyber risk associated with operational technology. ABS’s team of experts have delivered solutions based on innovative and breakthrough approach in order to target cyber security”.

Accepting the award on behalf of ABS, Mr. Vassilios Kroustallis, Vice President, ABS Europe, stated “ABS no longer operates simply in an environment of structures or machinery and equipment – we operate in a world of data and consequently cyber security is of vital importance. We firmly believe that the ability to measure cyber risk and take action to reduce it will become the standard model for operational efficiency and safety.”

The FCI Cyber Risk™ Model is a groundbreaking new methodology developed by ABS to measure cyber security risk associated with operational technology. Until now, cyber risk assessment methods were largely qualitative, and characterized risk based on consequences, vulnerabilities and threats. ABS model requires risk practitioners to change how they think about risk with the quantification and control of specific risk contributors. To represent ‘Consequences, Vulnerabilities, and Threats’ as calculable elements of a risk equation for operating technology, ABS redefined them as ‘Functions, Connections, and Identities’ (FCI). The development follows ABS’ two-year research contract with the Maritime Security Center led by Stevens Institute of Technology, incl. the US Department of Defense. By using ABS FCI Cyber Risk™ Model, operators can take cyber security management decisions based on risk type and prioritize their risk management resource commitments.

ABS attracted the most votes by the end of the voting period which held online during a two-month period. SMART4SEA Awards are held annually within the scope of awarding industry’s outstanding practices for e-navigation, connectivity, energy efficiency, cyber security, training and smart shipping technology. Other winners of the 2019 SMART4SEA Awards are: NAVTOR for the e-Navigation Award, Marlink for the Connectivity Award, d’Amico for the Energy Efficiency Award, Magsaysay Maritime Corporation for the Training Award, StealthGas for the Technology Award, Mr. Peter Broadhurst, Inmarsat for the Personality Award and Mr. Mark O’Neil, Columbia Shipmanagement for the Leadership Award.

Find photos from the awards ceremony at Flickr and explore more about the nomination & voting procedure and the winners of 2019 SMART4SEA Awards at https://events.safety4sea.com/2019-smart4sea-awards/