Technology has brought tremendous benefits to the safe and efficient operation of shipping. With this comes an increase in the interconnectivity of onboard, shore-based systems and the interdependency of operational and information technology.
But these advances bring new risks and challenges. Cyber hazards are no longer limited to financial institutions and others that hold and manage personal data. The increase in financially motivated ransomware that targets systems and physical assets is agnostic of industry sectors.
These vulnerabilities have been recognised by the International Maritime Organization which is advising that all vessels comply with new guidelines on cyber risk management by the first annual verification of the respective company's Document of Compliance after 1 January 2021.
Beazley has designed a new set of cyber covers to meet the existing and developing needs of vessel operators. These can be combined with our existing cyber products to provide a holistic approach to the range of marine cyber risks faced today.
- New Cover: This market leading solution offers a set of policies designed to address the risks associated with vessels' operational technology and covers:
- Loss of hire
- Physical damage
- Modular: The policies are complementary to our other marine and cyber products and can be bought separately or as a package. The operational technology protection can also be purchased as a policy extension to our hull product.
- Preparation services: Reducing the likelihood of a cyber incident from occurring is of primary importance. This makes the prevention services that we offer of particular value in order to mitigate the risk and demonstrate compliance with the forthcoming IMO guidelines.
Cyber covers available
Operational technology protection
Preparation servicesIncluded as standard is a cyber risk assessment and on board survey by a leading certifier, to assist in risk understanding and mitigation.
As a result of a cyber event, financial indemnity for:
- Loss of hire – following event impacting vessels
- Physical damage to vessels
- Single commercial vessels and fleets
- US$5 million – loss of hire
- US$50 million – physical damage
Standalone, extension or package
These coverages may be purchased either on a standalone basis or as an extension of our marine hull policies.
They are also available to purchase alongside our data and information technology protection to form a comprehensive package that includes shore-side operations.
Data and information technology protection
Our Beazley Breach Response (BBR) and InfoSec products incorporate unparalleled coverage and comprehensive solutions to protect against a broad range of threats including:
- business interruption and contingent business interruption from information technology security and system failure
- cyber extortion, data recovery costs, data network liability and eCrime.
Beazley is unique among insurers in having a dedicated business unit, BBR Services, that focuses exclusively on helping clients manage cyber incidents successfully.
And in the event of an incident, the policy will cover:
- breach response costs for legal services and computer forensic services
- notification and call centre services
- credit monitoring, identity monitoring or other personal fraud or loss prevention solutions
- public relations and crisis management expenses.