Beazley's Cyber Defence for Marine cover named Emerging Risk Solution of the Year
Beazley is proud to have won Emerging Risk Solution of the Year for its Cyber Defence for Marine cover at the European Risk Management Awards.
The award was revealed during a virtual ceremony organised by Commercial Risk Europe and the Federation of European Risk Management Associations on 11 December.
Beazley Cyber Defence for Marine is an innovative affirmative cyber product that provides indemnity and risk management for vessel owners and operators. Launched in May 2019, it covers physical damage and loss of hire if a vessel’s operational capabilities are impacted by a cyber event.
The award judges commented of the cover: “This is an interesting and niche innovation. The application of modern technological innovation in cyber risk in marine insurance is beyond the traditional scope of cyber risk in other business lines.”
Cyber risk at sea
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 those that hold and manage personal data. The increase in financially motivated cyber events that targets systems and physical assets is agnostic of industry sectors.
Read our recent article on the cyber risks facing the marine industry for more information.
Tim Turner, Group Head of Marine at Beazley said: “Cyber Defence for Marine was developed in response to the growing threat as well as the introduction of guidelines putting a stronger onus on vessel owners and operators to manage and understand their cyber exposures. We are proud of this award which recognises the efforts of the team, especially Kelly Malynn and Richard Young.”