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.

Misplaced your login for magazine content? Request a reminder.

    Share Story:

Recent Stories

Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021

Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021