A smart-port technology company has teamed up with a specialist insurer to provide risk mitigation and cyber insurance services for ports.
The partnership involves Saiber Innovation Technologies and ports and terminals insurance specialist CYMAR.
The aim is to provide cyber security measures and insurance cover that can address the growing threat of cyber-attack to the latest generation of smart ports.
The project is initially focused on the United Arab Emirates because of the importance of Dubai in global maritime logistics and as an insurance innovation hub.
The idea is that Saiber’s cutting-edge technology will be combined with human risk management practices, to mitigate the risk of a cyber-attack on ports.
Insurance will be arranged through CYMAR, which is led by marine insurance veteran Jonathan Jones.
Jones said the partnership, which includes cyber crisis company OCTO, combines risk mitigation with specialised insurance.
He said it will “bring a new dimension to port cyber security which is essential to the creation of a suitable insurance risk mitigation strategy”.
“This alliance builds on our existing technical capability to deliver full data integrity to all ports and terminals, as we will utilise proven blockchain technology designed to provide immutability of digital assets and real-time detection and mediation,” he added.
Pradeep Luthria, managing director of Saiber, said the partnership will “provide much-needed cover to critical infrastructure”.
Maritime infrastructure is increasingly viewed as vulnerable to cyber-attacks.
On Christmas Day 2022, the Port of Lisbon was targeted, although operational activity was not affected.
The LockBit ransomware group claimed responsibility and said it had downloaded sensitive commercial information from the port.
