The Maritime Sector needS Marine Cyber Insurance
Cyber Attacks are becoming common place in everyday life. Governments, Multinational Companies, Corporations and even individuals are concerned with how best to protect themselves from an attack.
The Cyber risk is one that no industry is escaping. There are financial and reputational impacts on Businesses and on their Owners. This same risk is an increasing threat to the Shipping industry, an industry worth trillions of dollars worldwide and responsible for the transportation of 90% of the worlds’ goods, raw materials and energy, resulting in it becoming of greater interest for those conducting the attacks, as they have realized the benefits that come from infiltrating Maritime companies.
A New Approach
To tackle the diverse marine cyber risk we established SAFEPORT.
As cyber risk in the maritime sector takes many forms, we realized that a single product can’t cover all the needs. Building our offering on a foundation of deep cybersecurity knowledge, solid advisory, and best practices we carry a portfolio of marine cyber covers that can be selected individually or combined with each other in order to suit each organization individually.
À la carte cover combined with solid advice
Currently the cyber insurance products that are available and applicable to the Shipping industry are still in their infancy.
For this reason, we tailor solutions to offer our clients a well-rounded cover that is best suited to their needs.
Comprehensive cover for any cyber derived risk on your company or fleet
Cyber Hull & Machinery (H&M) Cover
Τhe emergence of Cyber related exposures has led the insurance market to exclude cover in many cases from the Hull and Machinery (“H&M”) cover that traditionally provides the shipowner with that required financial security. This products is covering the gap caused by CL 380 with well defined wording to provide the peace of mind you seek..
The product provides covers the costs associated with but not limited to, incident response, Cybercrime, Network liability (including security & privacy), Court attendance costs, Errors & Omissions in Technology, Liability of the Media including defamation and infringement of property rights, Business Interruption costs and System damage, Privacy Liability and Network Security, all of which are connected to the day to day business and functionality of a Shipping Company and their Ships.
Loss of Hire
We seek to provide cover for the loss of income of our clients’ following a cyber event that would result their business being interrupted or suspended. One area we focus on is cover the loss of hire that an Owner may suffer following a Cyber event.
Guiding you to the right choice of Marine Cyber Cover
Safeport is a dedicated marine cyber insurance broker.
Our Management team combines insurance and cyber risk management expertise with a deep understanding of the specific needs of the maritime sector.
to bring the most capable dedicated brokerage to the market