As we already know, no-one is safe from cyberattacks… and with vessel owners and operators also likely targets – given greater interconnectivity between shore-based and on-board systems – the need for coverage and more robust risk management has never been more evident. Enter Beazley, which has introduced its “Cyber Defence for Marine” offering to complement the specialist insurer’s existing marine products and cyber cover for information technology systems. Available as either a standalone product or as a package inclusion, the new proposition provides insurance for physical damage and loss of hire in the event a vessel’s operational capabilities are hit by a cyber incident. “Ship owners and operators are dealing with the increased threat of cyberattack as well as the impact of human error and increasingly interlinked vessel operating technology and IT systems,” noted Richard Young (pictured), Beazley’s head of hull and war. “Our preparation services reduce the risk of an incident occurring and the indemnity provides owners with clear cover and limits. Should the worst happen and a cyber incident impacts the smooth running of vessels, clients can be confident they are protected with affirmative cyber cover.” The risk management component of the new product features a self-assessment questionnaire, a cybersecurity workshop, and an on-board cyber survey. As per the forthcoming International Maritime Organisation (IMO) guidelines, ship owners and operators must incorporate cyber risk mitigation into their existing risk management processes.
Insurer Beazley has created a cyber offering for the marine industry to integrate with its existing marine and cyber products. The coverage will cater for physical damage and loss of business if a marine vessel is incapacitated by a cyber attack. The product will also include risk management features, including self-assessment tools, a cyber security workshop, and an on-board assessment. Regulations from International Maritime Organisation stipulate that ship operators must take include cybersecurity in their overall approach to risk management.