Leading marine insurer Beazley has launched a cyber product to protect owners against physical damage and loss of hire resulting from cyber attack.
Marine insurers had been reluctant to provide cyber cover but such products are now growing in number.
Beazley said the cover, named Cyber Defence for Marine, would help owners meet the IMO’s requirement to account for cyber risk in the International Safety Management (ISM) Code by 2021.
It also comes as digitalised operations continue to expand in shipping at the same time, increasing the risk of cyber attack.
To qualify for the cover owners will have to provide a cyber risk self assessment, attend a workshop and undertake an onboard cyber survey.
Richard Young, Beazley’s head of hull and war, said: “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.”
