In the ever-evolving landscape of maritime technology, the vulnerability of vessels to cyber threats has become a growing concern. Acknowledging this pressing issue, Thomas Nordberg, Managing Director of The Swedish Club, highlighted the increasing risk of cybercriminals targeting the shipping industry due to the growing interconnectivity between vessels and shore through digital technologies.
Nordberg emphasized, “The financial, environmental, and human implications of a cyber attack are far-reaching.” In response to this escalating threat, the International Maritime Organization (IMO) and the International Association of Classification Societies (IACS) have taken a lead role in addressing cyber risk management through unified requirements (UR) E26 and E27, incorporating cyber resilience into Safety Management Systems.
To further fortify its members against cyber risks, The Swedish Club has announced a groundbreaking initiative. Effective from January 1, 2024, the club will provide all its members with vessels insured for Hull and Machinery (H&M) and Protection and Indemnity (P&I) with Cyber Insurance.
What does the Cyber Marine Cover entail?
The Swedish Club Cyber Marine Cover is designed to offer comprehensive protection to members on a yearly fleet aggregate limit basis. This affordable cyber insurance cover comes with various levels of protection, serving as an affirmative and primary cover for cyber risks. This implies that it takes precedence over other covers, ensuring a focused and dedicated shield against digital perils.
Protecting Against Digital Perils
The Cyber Marine Cover takes a proactive stance in safeguarding vessels against physical damages resulting from cyber attacks, an aspect often excluded in standard policies. By extending its coverage to physical damage, The Swedish Club aims to address a critical gap in conventional insurance offerings, providing a holistic approach to ensuring the safety and operational continuity of maritime activities in the face of cyber threats.
Key Features of The Swedish Club Cyber Marine Cover:
1. Vessel Physical Damage Cover: Protects assets against cyber risks excluded by other policies.
2. 24/7 Expert Support: Access to professional assistance for recovery and restoration in the aftermath of a cyber attack.
3. Emergency Response Services: Swift and efficient emergency response services in the event of a cyber attack.
4. Physical Damage Loss of Hire Cover: Mitigates the financial impact of operational downtime caused by cyber attacks.
5. Tailored Solutions: Flexibility to customize coverage through comprehensive extensions, ensuring alignment with the unique needs of each fleet.
The Cyber Marine Cover stands out as one of the few insurance products in the market that comprehensively covers the aftermath of a cyber attack on a vessel. It includes emergency response services, physical damage cover, and subsequent loss of hire cover, providing a robust safety net for maritime operations.
To make this initiative accessible to all members, The Swedish Club offers preferential rates for vessels insured for H&M and P&I. Three packages—Basic, Basic Plus, and Comprehensive—are available, allowing members to choose the level of coverage that best suits their specific needs.
In taking this proactive step, The Swedish Club reinforces its commitment to the safety and security of its members in the face of evolving cyber threats within the maritime industry.
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