Gearbulk IntegratedReport 2024 Paperturn - Flipbook - Page 55
INTEGRATED REPORT 2024
OUR INPUTS
Financial Capital
Manufactured Capital
Human Capital
Social and Relationship Capital
Intellectual Capital
Natural Capital
8 LOSS AND INTEGRITY OF DATA
9 PIRACY RISK
10 DOING BUSINESS WITH SANCTIONED ENTITIES
Cyberattacks are becoming more
frequent and the risk of data loss is
increased leading to both 昀椀nancial and
non-昀椀nancial losses. The company can
be exposed to ransomware scenarios or
system unavailability.
With increased geopolitical tension
across the globe, trade routes Gearbulk
operate in increases the risk of possible
piracy where vessels are taken hostage
for ransom.
Sanctions imposed by multiple countries, including the EU/EEA, pose a risk
to Gearbulk. Engaging with sanctioned
entities can result in reputational
damage, disrupt commercial relationships, and lead to 昀椀nancial losses.
The possibility of data loss and compromise of confidential information,
resulting in 昀椀nancial losses and reputational damage.
Increased risk on operational losses and
possible loss of lives should a ransom occur.
Operational disruptions, revenue
loss, reputational damage, liquidity
risks, 昀椀nes, and potential litigation
may impact Gearbulk’s value.
Robust business continuity plan is to be
implemented together with mitigation of
昀椀nancial impact by insurance providers.
Various approvals are required in high
risk trade routes together with additional security measures in these trade
routes. Gearbulk follows strict policies
and procedures in accordance with
requirements of the IMO.
Gearbulk adheres to strict policies and procedures surrounding
risks from possible sanctioned
entities. These include third party
risk management procedures, risk
assessments by the compliance
committee, contractual protection
and assessments by G2O.
Investing in robust cybersecurity
measures enhances data protection,
builds trust with stakeholders, and
ensures compliance with regulatory
requirements, providing a competitive
edge in the evolving digital landscape.
Increased geopolitical tensions present
an opportunity for Gearbulk to enhance
maritime security measures and invest
in advanced tracking technologies. By
proactively addressing piracy risks, the
company can strengthen its operational
resilience and ensure the safety of its
vessels and crews.
Sanctions present an opportunity for
Gearbulk to strengthen compliance
frameworks and enhance due diligence processes when engaging with
partners. By proactively managing
risks associated with sanctions, the
company can protect its reputation,
maintain strong commercial relationships, and ensure 昀椀nancial stability.
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