What we OUGHT to be doing via our government/civil servants/diplomats is working with the governments of the countries that these pirates come from to stop them at source. If we don't do that, the problem just escalates as others see their success and also turn to crime.
The big problem with Somalia is that there is no central government in total control of the country - its a complete mess!!!
So the only way to deter the pirates is take away the money!!! if that means paying no ransoms then so be it. If it means having armed teams on every merchant ships in the area with the risk that involves, then so be it.