I'm reading Dangerous Waters, a very interesting book on the modern scourge of piracy. The author, after getting boarded and robbed on his sailboat by M16-wielding goons in the Straits of Malacca back in '92, set out to investigate pirates and their effect on oceangoing commerce. He interviewed survivors of pirate attacks, talked to prevention and recovery specialists, rode along on tankers and patrol boats. It's just a fascinating in-depth look at the whole thing.
It also ties neatly into this post by Billy, since the author pointed out that Russian and Israeli flagged vessels aren't often 'jacked.
The solutions, (which aren't going to be implemented until something truly horrible happens), are more active defense of commercial vessels combined with the kind of aggressive patrolling by the world's major navies that drove piracy almost to extinction by the 19th Century.