Aboard a superyacht, when everything must run seamlessly, managing cyber risk is as critical to comfort and traditional safety as ensuring the physical protection and seaworthiness of any vessel.
Digital technology on board superyachts has continued to enhance safety, efficiency and communications, however this has further increased the interconnectivity of onboard and shore-based systems. This has created unintended complexity, which can lead to system failures and opportunities for prospective cyber attackers to exploit a vessel’s network and leave it more vulnerable to infiltration than ever before. Ransomware, currently the predominant form of cyber threat in terms of frequency and severity, is ever evolving and used by cybercriminals to gain access to systems, physical assets and information that can be used as leverage.
Vessels require sophisticated security and risk management measures to protect the physical safety of the owner, their guests, crew and the vessel itself. Such preparation and precaution is therefore essential in shoring up defences against a vessel’s invisible cyber threats.
This product provides a triple defence mechanism of preventative mitigation services, traditional asset indemnity and immediate response services to incidents. Strengthening defences and preventing vessels becoming targets is at the heart of Beazley’s Cyber Defence for Superyachts cover.
Our comprehensive risk assessment helps to identify and mitigate potential gaps in security that could leave new policyholders vulnerable. In the unfortunate event of a cyber breach, the cover will provide immediate response services accessible to policyholders via a 24 hour claims hotline. Response services will be tailored to the incident and if a yacht is rendered unsafe or unfit for use, a temporary vessel and emergency accommodation is provided to the assured.
- Affirmative service-led product to cover physical or threatened damage of the vessel
- Additional cover for loss of use of vessel and, by endorsement, coverage for extortion
- Defined cyber event peril including malicious and non-malicious events, not including crew negligence
- Service limits for temporary replacement yacht, emergency accommodation, privacy crises response
- Post-bind risk assessment preparation services
- Post-event 24 hour response services including forensic investigation & restitution ; public relations expertise ; extortion negotiators
- Limits – USD$25m aggregate policy limit
- Crew Training – courses are in partnership with Warsash Maritime School, part of Solent University.
First class risk prevention
The cover has been designed by Beazley’s experienced underwriting, claims, risk and breach response specialists who have applied decades of experience and deep understanding of marine and cyber risk to build a policy that protects the vessels and their systems from these intangible threats and preserves the privacy, safety and comfort of owners, their guests and crew.
We have selected Cyber Prism to complement Beazley’s comprehensive insurance cover and provide the inbuilt risk preparation services that will assist in advancing security and giving assurance that owners and managers are aligning with IMO 2021 guidelines.
Preparation services for policyholders can include:
- Advice on establishing the OT & IT Critical Assets Register
- Survey OT & IT systems for vulnerabilities
- Review the cyber incident response plan
- Review cyber policy documents
- Review access controls and data security
- Conduct crew briefing/training session
- Produce cyber plan identifying and prioritising future requirements
- Cyber intelligence threat scan
Cyber Defence for Superyachts can be combined with other Beazley cyber products to provide holistic insurance cover for the range of risks that yachts and their owners may face today leaving no risk of unforeseen gaps in cover.
Demonstrating risk management
Vessel owners and managers must now demonstrate robust risk management by following cyber risk management guidelines introduced by the International Maritime Organization (IMO) on 1st January 2021. The IMO has considerably increased the responsibility of all vessel owners to understand, assess, and manage cyber risk to support safe and secure shipping which is operationally resilient.
Read more here about the IMO guidelines