OFSI

Ransomware Attacks In The Shipping Industry

Cyber hackers continue to hone in on the shipping industry, considered a vulnerable and highly lucrative target, as demonstrated by the 400% increase in attempted cyber hacks on maritime companies between February and June 20201 , reports Lexology.

Cyber risks

Ransomware attackers are reported to have made at least USD 350 million worth of cryptocurrency in 20202, a steep rise from under USD 50 million in 2018. With these numbers in mind, maritime sector participants, from the smaller shipping...

https://mfame.guru/ransomware-attacks-in-the-shipping-industry/

Sanctions and the maritime industry: Part 1 – Overview of OFAC and OFSI advisory notes

Sanctions and the maritime industry: Part 1 – Overview of OFAC and OFSI advisory notes

In this first in a series of articles on sanctions and the maritime industry, we provide an overview of the recent advisory notes issued by OFAC and OFSI, the US and UK bodies responsible for the implementation and enforcement of their respective sanctions, and look at what they mean for the maritime and commodities industries.

The shipping and commodities industries have found themselves at the forefront of...

https://www.allaboutshipping.co.uk/2020/08/05/sanctions-and-the-maritime-industry-part-1-overview-of-ofac-and-ofsi-advisory-notes/

OFSI releases guidance on sanction compliance for maritime industry

OFSI releases guidance on sanction compliance for maritime industry

2020 has seen the maritime industry move to the front and centre of the increasing focus of sanctions enforcement bodies on the role that seaborne trade plays in the world economy. With over 90% of world trade carried by sea, regulators have focussed in recent months on the role played by shipowners, charterers, insurers and traders in the industry and set their expectations of how these key industry participants comply with...

https://www.allaboutshipping.co.uk/2020/07/28/ofsi-releases-guidance-on-sanction-compliance-for-maritime-industry/