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Beazley launches marine cyber cover service

Specialist insurer Beazley has announced a new marine cyber insurance product to meet the growing cybersecurity needs of vessel owners and operators in a digitalised and connected environment.

{mprestriction ids="1,2"}Beazley Cyber Defence for Marine provides insurance for physical damage and loss of hire in the event of a cyber incident affecting a vessel’s operational capabilities. The product’s risk management services are designed to reduce the likelihood of a cyber incident occurring and demonstrate compliance with forthcoming IMO guidelines. By January 1, 2021, vessel owners and operators must have incorporated measures to manage cyber risk into their existing risk management processes, which have traditionally focused on the physical risks to safe shipping operations.

According to Beazley, there are three elements to the risk management services included within Beazley's product: a self-assessment questionnaire; a cyber security workshop; and an onboard cyber survey.

Beazley’s product has been launched to help meet the challenges of cyber risk that new digital technologies bring. Greater connectivity between ship and shore opens itself up to breaches in security of different systems including navigation, propulsion and power control. A breach of an operating system onboard a vessel could result in grounding or collision.

The cover, which focuses on the operational technology of vessels, complements Beazley's other marine products and existing cyber cover for information technology systems. It can be bought on a standalone basis or as part of a package. 

"Shipowners and operators are dealing with the increased threat of cyber-attack as well as the impact of human error and increasingly interlinked vessel operating technology and IT systems. Our preparation services reduce the risk of an incident occurring and the indemnity provides owners with clear cover and limits. Should the worst happen and a cyber incident impacts the smooth running of vessels, clients can be confident they are protected with affirmative cyber cover,” said Richard Young, Beazley's head of hull and war.{/mprestriction}

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