An anonymous reader shares a report: In February 2019, a large container ship sailing for New York identified a cyber intrusion on board that startled the US Coast Guard. Though the malware attack never controlled the vessel’s movement, authorities concluded that weak defenses exposed critical functions to “significant vulnerabilities.” A maritime disaster didn’t happen that day, but a warning flare rose over an emerging threat to global trade: cyber piracy able to penetrate on-board technology that’s replacing old ways of steering, propulsion, navigation and other key operations. Such leaps in hacking capabilities could do enormous economic damage, particularly now, when supply chains are already stressed from the pandemic and the war in Ukraine, experts including a top Coast Guard official said.

“We’ve been lucky so far,” said Rick Tiene, vice president with Mission Secure, a cybersecurity firm in Charlottesville, Virginia. “More and more incidents are happening, and the hackers are getting a better understanding what they can do once they’ve taken over an operational technology system. In the case of maritime — whether it be the ports or the vessels themselves — there is a tremendous amount that could be done to harm both the network and physical operations.” Rear Admiral Wayne Arguin, the Coast Guard’s assistant commandant for prevention policy, said shipping faces cyber risks similar to those in other industries — it’s just that the stakes are so much higher given that almost 80% of global trade moves on the sea. While Arguin declined to put a number on the frequency of attempted break-ins, he said “I feel very confident that every day networks are being tested, which really reinforces the need to have a plan.” “That universe includes not just ship operators but port terminals and the thousands of logistics links in global supply chains that are increasingly interconnected,” the story adds.

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Source: Slashdot – Cyber Pirates Prowling Ship Controls Threaten Another Big Shock

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, said on CNBC’s Squawk Box that the only token he would lump in with commodities was bitcoin. From a report: Gensler pointedly declined to name any cryptocurrency other than the original one, notable because the market has been operating under the assumption that there is a sort of wink-and-nod understanding that ether is also not a security. “Many of these financial assets, crypto assets, have the key attributes of a security… some like bitcoin, and that’s the only one, Jim, I’m going to say, because I’m not going to talk about any of these tokens, my predecessors and others have said they’re a commodity,” Gensler said. He made the comment as he discussed the importance of collaborating with the Commodity Futures Trading Commission (CFTC).

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Source: Slashdot – Bitcoin is the Only Coin the SEC Chair Will Call a Commodity