The acceptability of maritime security risk George Psarros & Rolf Skjong & Magnus S. Eide Received: 21 August 2009 / Accepted: 15 September 2009 / Published online: 29 September 2009 # Springer Science + Business Media, LLC 2009 Abstract The cost-effectiveness of security measures is of paramount importance to how society’ s resources are spent to protect against a range of possible future threats. Resources are limited and the challenge arises when deciding where to invest scarce resources in order to maximise benefits. In this respect, a criterion of averting a fatality is proposed for evaluating the effectiveness of maritime regulations concerning security issues. This criterion is derived in the same context as the one used when adopting safety regulations for the maritime industry. It is demonstrated that such kind of a decision criterion can be proposed with a value of $6 million. Keywords Maritime security . Acceptance criteria . Risk assessment . Formal safety assessment . Maritime regulations Maritime security Armed attacks on merchant vessels transiting worldwide have increased in frequency over the past months. There were 206 approaches and at least 52 vessels were actually detained by pirates in 2008 (IMO 2009a). Ships which have been taken over, in order to get released, the ransom paid has been set typically up to $3 million (Parker 2009). Such acts have usually been conducted with the use or threat of violence which can be particularly traumatic for those directly involved as well as their families. The main objective of maritime security is to minimise casualties, injuries, illnesses and economic losses due to piracy and terrorism, thus ensuring the flow of commerce and continuity of business. While piracy is predicated on financial gain, terrorism is motivated by political goals beyond the immediate act of attacking J Transp Secur (2009) 2:149–163 DOI 10.1007/s12198-009-0033-4 G. Psarros (*) : R. Skjong : M. S. Eide Det Norske Veritas AS, DNV Research & Innovation, Veritasveien 1, NO-1322 Høvik, Norway e-mail: George.Psarros@dnv.com