Willis Towers Watson launches shipowners' cyber cover

Willis Towers Watson has launched cyber insurance cover specifically designed for shipowners, addressing their increasing reliance on technology for all aspects of their operations and their unique risks.

CyNav’s includes crisis management costs cover that protects shipowners in the face of ransomware attacks, data breaches; business interruption cover in the event of a cyber incident that disrupts operations (including where the incident occurs at a third-party IT service provider upon which the shipowner relies); property damage and loss of hire cover arising from a cyber-attack or satellite communication interference (spoofing); loss of hire cover arising from disruption to or detainment of a vessel following a cyber attack; and cover for fines and defence costs arising from regulatory actions, including those under GDPR and the Network and Information Systems Directive (NISD).

Ben Abraham, global head of marine at the broker said, "Barely a week goes by without new cyber events affecting the maritime sector. Many are minor and unreported, but the major cases have caused consequential commercial losses in the hundreds of millions of dollars. CyNav offers a genuinely pioneering marine-specific cyber solution. In an environment of increasing ingenuity of cyber criminals and increasing levels of cyber security governance in the maritime industry, CyNav anticipates the protection that shipowners need to mitigate their cyber risk."

For more on the trend towards and reliance on interconnectivity in the maritime sector, read our feature Adjusting course in the April issue of CIR Magazine.

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