Law firm Norton Rose Fulbright released a new report revealing that over the next five years, an increase in cyber-attacks is expected due to digitalisation. More than 80% of the participants in a survey agreed that we will see more cases of hackers in the coming years.
This week, Maersk Line, one of the world’s largest container shipper, was hit by the global Petya cyber attack affecting the smooth operation of its IT systems. The malicious software has spread through large firms in many sectors from Europe to US. According to this survey and other online security experts this week’s cyber attack is just the beginning.
Apart from cyber security in the transport sector, the Norton Rose Fulbrigh report also investigates how big data and emerging technologies will drive the change to the transport sector and provide opportunities.
The ‘way ahead Transport survey’ from Norton Rose Fulbright found that the mood across the sector is optimistic as respondents looked more positive than in previous years related surveys. 43% of them believe that big data will be a significant disruptor for change.
Asia is the most popular region for investment for aviation, shipping and logistics respondents compared with Europe for rail. However, political uncertainty and global recession pose threats to sector.
The survey showed that confidence in the shipping industry appears to be improving. This year, 37 percent report that current market conditions are positive for the shipping industry, compared with 15 percent in 2016, 33 percent in 2015, and 69 percent in 2014. Asia Pacific is the region thought to offer the best investment opportunities overall, by 45 percent, the law firm said.
When participants were asked for which regulation has had the greatest impact on the shipping industry over the past decade, 43 percent pointed to increased environmental regulation, followed by 18 percent who highlight the impact of trade and financial sanctions, and 12 percent who point to fragmented global regulation.
“The way ahead” survey included 196 responses from a range of companies involved in aviation, rail, shipping and logistics globally including financiers, owner/operators, manufacturers, government entities and professional services firms, during April 2017.