Cyber crime and labour shortages are among the top five emerging risks for the Australian maritime industry, according to Gallagher.

“While the extent of the cyber threat is well appreciated by those in the international maritime industry, it receives comparatively little attention in Australia,” the broker says in a report.

Shipping company Svitzer Australia revealed this year it was the victim of a data breach, while in 2012 criminals hacked a system used by importers to track cargo movement through ports.

“We recommend all companies in the marine industry, large or small, seek standalone cyber insurance to ensure they’re sufficiently covered,” Gallagher says.

“In this day and age, cyber-crime extensions to existing cover just won’t cut it.”

Australia’s maritime industry also faces a looming skills shortage. About 65% of industry professionals are aged at least 45, and 98.9% are male.

“Attracting more women to the industry will help alleviate the impact of skills shortages, but very little is done to encourage more women to consider seafaring, and other related jobs, as a viable career,” the report says.

Other emerging risks include cargo accumulation due to the growing size of ships and storage facilities.

Climate change will cause more frequent extreme weather events, while melting ice caps will create new shipping routes and may make others inaccessible. Regulations regarding emissions and ship design will add costs.

Geopolitical tensions, particularly in waters around southeast Asia, could disrupt global trade.

Piracy and an escalation of disputes in the South China Sea could directly affect Australian marine, cargo and logistics companies, Gallagher says.