The maritime world is seeing a sharp increase in cyber-attacks and the awareness of the consequences of cyber-attacks is becoming more widespread. Cyber security and safety are therefore becoming increasingly important to protect a shipowner’s operations.
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.
Steamship Mutual is therefore pleased to be launching a new Marine Cyber cover, aimed at assisting Members to respond to a cyber-attack on their vessels and insuring them for any loss of income the vessel incurs as a result. 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. Taking out this 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.
This product has been developed in cooperation with Axis Capital and Kennedys.
Axis is a leading specialty insurer and reinsurer, rated A+ with S&P, and a market capitalisation in excess of US$7BL. Axis is one of the market’s leading providers of Cyber Insurance.
Kennedys is a global law firm with 64 offices, associations and co-operations worldwide. They have cyber lawyers in our offices located across the UK, Europe, Asia Pacific, Latin America, the United States and Bermuda. This allows us to respond swiftly and seamlessly to a cyber event wherever it might be.
Jonathan Evans, Partner at Kennedys, added: “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. Members can access a dedicated helpline to Kennedys to navigate their way through a cyber-incident to an insured vessel via our international marine cyber hubs based in London, Madrid, San Francisco, Singapore, and Sydney, which act as a go-to office for each region.”
Further details of the Club’s new cyber cover can be found on the Club’s website here
Source: Steamship Mutual