Smart Port technology company, Saiber Innovation Technologies and Ports & Terminals cyber insurance specialist CYMAR Management Ltd., have announced a strategic partnership to address the demanding cyber insurance needs of the global maritime and logistics sector in the UAE.
The announcement of this partnership comes as the UAE has steadily been increasing its importance in the global maritime & logistics sector.
The partnership between the two firms will further address the ever more demanding cyber insurance needs of the sector which is particularly vulnerable to cyber-attack.
Moreover, as 90% of the world’s goods are carried by sea, the smooth running of ports is especially important to the world economy.
Low capacity within the cyber insurance market means that ports and terminals are at high risk of disruption from a cyber-attack, which has wide-reaching economic ramifications for the global supply chain.
CYMAR’s use of cutting-edge technology combined with gold standard human risk management practices, to mitigate risk, offers a disruptive and challenging approach to providing cyber insurance in a way that currently is not available in the market.
“We are delighted to be working closely with CYMAR. Their innovative and disruptive approach to cyber insurance is a game changer for the Ports & Terminals industry and will play a vital role in securing the supply chain. We are excited to be part of such an important move to provide much needed cover to critical infrastructure,” said Pradeep Luthria, Managing Director of Saiber.
“Working with Saiber is a natural fit for us. Our aim is to bring together Smart Ports and Smart Shipping with Smart InsureTech. Saiber’s ground-breaking digital twin technology complements that of our existing technology and coupled with our cyber crisis expert OCTO, brings 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 & Terminals as we will utilise proven blockchain technology designed to provide immutability of digital assets and real-time detection and mediation,” added Jonathan Jones, CYMAR’s CEO and insurance industry veteran.
“We will be able to deliver to Ports & Terminal operators our intelligence expertise in dealing with any type of crisis or emergency situation upon the occurrence of a cyber event,” commented OCTO’s Helen Shannon.