As the maritime industry becomes increasingly connected, cyber security is no longer just an IT concern – it’s a business and supply chain challenge.
That was the central theme of the latest Maritime Risk Focus webinar, hosted by Achilles in partnership with BIMCO. Grant Hunter, Chief Digital Officer at BIMCO, interviewed Rick Ackermann, Head of Procurement at BW LPG, who shared practical insights into how procurement teams are adapting to an increasingly complex risk landscape.
The discussion explored how cyber threats, fraud and digital transformation are changing the way maritime organisations manage suppliers, and why procurement is becoming a critical function in building resilient supply chains.
Cyber risk extends beyond your own organisation
Modern shipping operations depend on a vast network of suppliers, contractors and technology providers. While many organisations continue to strengthen their own cyber defences, the webinar highlighted that vulnerabilities often exist throughout the wider supplier ecosystem.
As vessels, ports and shore-based operations become more digitally connected, a single weak link in the supply chain can create significant operational and financial consequences. Managing cyber risk therefore requires organisations to look beyond their own systems and take a more holistic approach to supplier assurance.
Procurement has a vital role to play
Rick Ackermann explained how procurement has evolved from a commercial function into a strategic partner in managing organisational risk.
Supplier selection is no longer based solely on cost, quality and delivery performance. Increasingly, procurement teams are also assessing suppliers’ cyber maturity, governance and ability to meet growing regulatory and customer expectations.
Rather than carrying out one-off due diligence during onboarding, organisations are moving towards continuous supplier monitoring, enabling them to identify emerging risks before they impact operations.
Traditional verification methods are under pressure
One audience question sparked a particularly interesting discussion around supplier onboarding and whether long-established verification processes are still fit for purpose in the age of artificial intelligence.
Many organisations continue to rely on bank confirmation letters followed by telephone verification to validate supplier bank details. However, advances in generative AI and deepfake technology are fundamentally changing the threat landscape.
As bank verification experts Diro explained:
“The real question is not how to improve the existing process, but how to future-proof supplier onboarding.”
Documents, emails and even voice calls can now be convincingly manipulated, making traditional verification methods increasingly vulnerable to sophisticated impersonation and payment fraud.
Instead, organisations should consider adopting direct-source verification.
“Instead of relying on information that can be altered or impersonated, organisations should verify bank account details directly with the bank through a secure, consent-based connection. This provides stronger assurance while reducing turnaround times from weeks to hours.”
This approach not only strengthens protection against payment fraud but also significantly improves the supplier experience by reducing onboarding times from weeks to hours.
As Diro concluded:
“The Achilles bank verification solution addresses both of the industry’s biggest challenges: improving the supplier experience while significantly strengthening protection against modern impersonation and payment fraud.”
The discussion highlighted how advances in verification technology can help organisations stay ahead of increasingly sophisticated fraud while making it easier for legitimate suppliers to do business.
Collaboration is key to resilience
Another recurring theme throughout the webinar was that cyber resilience cannot be achieved in isolation.
Effective supplier risk management requires close collaboration between procurement, IT, compliance, finance and operational teams, supported by suppliers themselves. Sharing information, adopting common standards and embracing digital technologies will all play an important role in strengthening resilience across the maritime sector.
Technology alone is not the answer, but it can provide organisations with greater visibility, faster decision-making and more proactive risk management than traditional manual processes.
Looking ahead
As shipping continues its digital transformation, organisations will need to rethink how they assess and manage supplier risk.
The webinar reinforced that cyber security, fraud prevention and supplier assurance are becoming increasingly interconnected. Procurement teams are uniquely positioned to drive this change by embedding stronger risk management into supplier onboarding, qualification and ongoing monitoring.
Those organisations that embrace continuous supplier assurance, modern verification methods and closer collaboration across their supply chains will be best placed to navigate the evolving risk landscape—and build more resilient maritime operations for the future.
Missed the webinar? Complete the form to watch the recording to hear the full discussion between Grant Hunter and Rick Ackermann.
