This year, one of the questions posed is “How should the industry respond to a deceleration of growth in US shipping?” With regard to the US shipping industry, this question defies a simple answer. This is primarily because the industry is not a monolith, but a varied system composed of entities including, but not limited to, cargo interests, cargo transportation service providers, marine terminal facilities, rail providers, motor carriers and cargo storage providers. A deceleration of growth will impact stakeholders in different ways, and decelerations are not always linear.
That said, the best approach any business can take to prepare for a deceleration in growth is to seek enhanced efficiency in all aspects of its operations. Efficiency is often sacrificed during challenging times. Lulls provide an opportunity to assess procedures, practices and policies, especially as they relate to information technology, data sharing, and cybersecurity. Cargo-handling stakeholders should learn from the challenges experienced in 2022 and assess what they can do better to provide more efficient service during high-volume times. Key to that is ensuring that cyber systems are assessed for known and anticipated risks. However, that is not enough. A comprehensive cybersecurity assessment should also include planning for recovery in the event of an incident.
Notwithstanding safety risks to vessels and facilities that could result from a cyber incident, delays in cargo deliveries can trigger significant financial losses throughout the supply chain. Accordingly, IT professionals should be working with their operations teams on recovery plans to mitigate the impact of a breach that can provide alternative means of continuing operations. This may involve redundant cloud-based systems as well as preparing and maintaining a fleet of alternative computers to utilize after an incident. These are measures that cannot be undertaken during a cybersecurity incident but need to be planned and implemented prior to such an event.