Willis Towers Watson has announced the launch of a new cyber insurance product designed specifically for shipowners, named CyNav.
CyNav’s offers cover for items such as crisis management costs in the event of ransomware attacks or data breaches, business interruption if a cyber incident disrupts operations (including where the incident occurs at a third-party IT service provider upon which the shipowner relies), and property damage and loss of hire arising from a cyber-attack or from deliberate satellite communication interference.
Other issues such as loss of hire arising from disruption to, or detainment of, a vessel following a cyber-attack, and fines and defence costs arising from regulatory actions such as those under GDPR, are also covered under CyNav policies.
“Barely a week goes by without new cyber events affecting the maritime sector. Many are minor and unreported, but the major cases have caused consequential commercial losses in the hundreds of millions of dollars,” said Ben Abraham, Global Head of Marine, Willis Towers Watson.
“CyNav offers a genuinely pioneering marine-specific cyber solution. In an environment of increasing ingenuity of cyber criminals and increasing levels of cyber security governance in the maritime industry, CyNav anticipates the protection that shipowners need to mitigate their cyber risk.”