It is known that the maritime industry is marking a sharp increase in cyber-attacks. As a result, cyber security and safety are becoming of major importance when it comes to the ships’ protection.
To remind, the IMO has adopted a resolution which requires companies, no later than the first annual verification of their Document of Compliance (DOC) after 1 January 2021, to demonstrate that cyber security is an integral part of the safety management system.
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However, in an effort to assist Members respond to a cyber-attack on their vessels, while insure them for any loss of income the vessel incurs as a result, Steamship Mutual announced the launch of a new Marine Cyber cover.
According to the club, the ability to react quickly and effectively to any breach of cyber security is vital to ensuring the cyber safety of the vessel.
Whilst there is no cyber exclusion in a Member’s P&I cover in respect of liabilities which may be caused through a cyber event, Members may still be left uninsured for the costs of restoring their systems and data and for losses where a vessel is put off hire or is unable to trade as a result of a cyber attack.
As explained, the cover not only gives Members protection for losses arising out of a cyber attack, but also gives Members quick access to cyber experts who can respond to the incident and assist the Members resolve any issues.
Cover is only in respect of events affecting an entered vessel and does not extend to shoreside offices or other property.
What is more, the cover offers a free Maritime Cyber Security Awareness education course, which focuses on increasing crew awareness of cyber threats. As well as 10 essential steps to maritime cyber security, the course includes modules on Cyber threat, Phishing, Surfing the web, Malware & Insider threat.
For the record, the initiative has been developed in collaboration with the specialty insurer and reinsurer Axis Capital and the global law firm, Kennedys.
Namely, Kennedys is a global law firm with 64 offices, associations and co-operations worldwide, while they have cyber lawyers in offices located across the UK, Europe, Asia Pacific, Latin America, the United States and Bermuda. Therefore, this allows them to respond swiftly and seamlessly to a cyber event wherever it might be.
We are extremely pleased that Steamship has chosen Kennedys and AXIS to provide marine cyber breach response services and insurance to its Members anywhere in the world at any time.
…as Jonathan Evans, Partner at Kennedys, noted.
Concluding, the product is available to all vessels operated by Members, including those not entered for P&I, and non-Members. Initially this product will not be available for yachts or passenger vessels.
