The news about the Equifax data breach and the long list of data thefts in the previous years was very much on everyone’s mind. Knowing my approach to cybersecurity investments, someone asked me: Why does it keep happening?

I’ll focus on one industry out of the way, overseas shipping, for an explanation.

A “fingers crossed” cybersecurity plan

According to the BBC, a private security company called CyberKeel was launched three years ago with the idea of ​​raising awareness about viruses and data theft. The response from the big shipping lines, according to CyberKeel’s lead partner, was: Don’t waste your time. We’re pretty sure. There is no need.

That’s typical. Hacking attacks are like recessions: they’re not real until one happens to you.

It turned out that a carrier had a virus in its computer system that added a hacker’s bank account number every time the shipping company’s suppliers requested an electronic payment.

The hack extracted several million dollars, according to CyberKeel, before the carrier figured out why its suppliers weren’t getting paid.

The last straw was the NotPetya ransomware attack this summer. Danish shipping giant Maersk recently said the attack forced it to halt operations at 76 of its shipping terminals around the world, causing $300 million worth of business disruptions.

The Maersk CEO told the financial times that the attack was so damaging “we ended up having to use WhatsApp on our private phones [to communicate]. Frankly, it was quite a shocking experience.”

The point is that huge cyberattacks still happen when IT security is not a priority for a company.

It’s also a key reason why cybersecurity stocks will continue to be big winners for years to come.

The big challenge, even now, is getting companies to take the threat seriously.

If we own a physical business, a house or a car, security is always a priority, right? We make sure we have strong locks on the doors.

It doesn’t prevent a robbery, of course. But a good lock, fortified doors, and unbreakable windows make a thief’s job that much harder.

We pulled on the door handle a couple of times just to make sure the deadbolt was in place. We tell our employees and children to be sure to lock the doors when they leave.

Why it’s “Game On” for cybersecurity actions

However, just taking the shipping industry as an example, most companies do no such thing. Today’s shipping relies heavily on on-board computers and automation. That’s why vessels that once needed crews of dozens in decades past can now be operated with as few as 13 people.

And yet, when a British consultancy surveyed 2,500 merchant seafarers on cybersecurity at sea, they found:

• Forty percent of ship officers said they had sailed on a ship infected with a computer virus or malware.
• Eighty-seven percent of ship crews had no cybersecurity training.
• It takes an average of 146 days to detect an onboard data breach.
• Seventy percent of onboard data breaches go undetected.

Surveys like the one above demonstrate why cyber security stocks will continue to ride the spending spree in this sector, as business after business and industry after industry take notice of the threat.