"Anchoring Cyber Security and Cyber Risk Insurance: How Maritime Companies are Protecting their Digital Assets"​

Cybersecurity and cyber insurance are both important aspects of protecting a maritime company's digital assets and data. Combining these two approaches can provide the best overall cyber coverage for a maritime company, both on its vessels and shoreside operations.

Cybersecurity refers to the measures taken to protect computer systems, networks, and data from unauthorized access, theft, damage, or other malicious activity. Cybersecurity includes a wide range of strategies and tools, such as firewalls, antivirus software, intrusion detection systems, and employee training.

Cyber insurance, on the other hand, is a type of insurance policy that covers thecosts associated with a cyber attack, data breach, or other cyber-related incidents. This can include costs related to data recovery, legal fees, customernotification, and other expenses. Combining #cybersecurity and #cyberinsurance can provide a more comprehensive approach to cyber risk management for maritime companies. Here are some specific steps that a maritime company can take to combine these two approaches:

1.   Conduct a Cyber Risk Assessment: A comprehensive cyber risk assessment should be conducted to identify the specific risks that a maritime company may face. This will help determine what types of cyber security measures are needed and what level of cyber insurance coverage is appropriate.

2.   Implement Cyber Security Measures: Based on the results of the risk assessment, the maritime company should implement appropriate cyber security measures. This may include firewalls, antivirus software, encryption, access controls, and employee training.

3.   Review Cyber Insurance Policies: The maritime company should review its existing cyber insurance policies to ensure that they provide adequate coverage for the specific #cyberrisks identified in the #riskassessment. This may involve adjusting policy limits or adding additional coverage options.

.   Select the Right Cyber Insurance Provider: The #maritime company should select a cyber insurance provider that has experience working with maritime companies and that can provide customized coverage options based on the company's specific needs.

5.   Conduct Regular Cyber Security Audits: Regular cyber security audits should be conducted to ensure that the company's cyber security measures are up-to-date and effective. This can help minimize the risk of a #cyberattack or #databreach and may also help reduce the cost of cyber insurance premiums.

The following examples demonstrate how maritime companies can combine cyber security and cyber insurance to improve their overall #cyber coverage. By conducting regular risk assessments, implementing appropriate cyber security measures, and obtaining customized cyber insurance coverage, these companies are better able to protect their digital assets and data and minimize the impact of cyber incidents.

1. Maersk: Maersk, one of the world's largest shipping companies, was hit by a ransomware attack in 2017 that caused significant disruptions to its operations. In response, Maersk implemented a range of cyber security measures, including upgrading its IT infrastructure and conducting regular cyber security audits. Maersk also obtained cyber insurance coverage that included protection against business interruption and data recovery costs. The company estimated that the cyber attack cost it between $250 million and $300 million, but its cyber insurance policy helped to mitigate these losses.

2. P&O Maritime Logistics: P&O Maritime Logistics, a global logistics and maritime services provider, partnered with a cyber security firm to conduct a comprehensive cyber risk assessment of its operations. Based on the results of the assessment, the company implemented a range of cyber security measures, including upgrading its IT systems and implementing access controls and data encryption. P&O Maritime Logistics also obtained a cyber insurance policy that included coverage for business interruption, data recovery, and reputational damage.

3. Carnival Corporation: Carnival Corporation, one of the world's largest cruise ship operators, has implemented a range of cyber security measures to protect its vessels and shore-based operations. These measures include firewalls, intrusion detection systems, and employee training programs. Carnival also maintains cyber insurance coverage that includes protection against business interruption, data recovery costs, and legal fees associated with data breaches.

Maritime businesses can benefit from the most effective cyber coverage through the combination of cyber security and cyber insurance. When a maritime company conducts a cyber risk assessment, implements appropriate cyber security measures, reviews insurance policies, selects the right insurance provider, and conducts regular security audits, it can minimize the risk of a cyberattack and ensure that it is adequately covered.