The coming into force of the regulations of the ISPS code was cause for significant hope. The new safety system based on the ISPS code created an international framework for cooperation aimed at detecting threats and undertaking appropriate preventative measures within the scope of protecting vessels, ports, and port facilities against potential terrorist attacks. Additionally, the ISPS code should have ensured the effective and rapid flow of all information regarding threats. During the implementation of the new safety system, many legal and practical problems arose which rendered the effectiveness of the system highly doubtful. The continuing inflation of regulations and the bureaucracy of the entire system will lead to the conclusion that, the regulations of the ISPS code are de facto a system of 'paper safety', the implementation and maintenance of which are costly and incommensurable to the benefits of applying the new safety standards.