Re/insurance brokerage Willis Towers Watson has announced the launch of CyNav, a new type of cyber insurance cover designed specifically for shipowners.
The new product aims to provide a solution that specifically addresses ship-operators’ needs, rather than trying to amend existing cyber products to fit marine exposures.
Notably, CyNav includes crisis management costs cover that protects shipowners from ransomware attacks and data breaches, as well as business interruption cover for a cyber incident that disrupt operations.
The solution also provides for property damage and loss of hire cover arising from a cyber incident, and cover for fines and defence costs arising from regulatory actions, including those under GDPR and the Network and Information Systems Directive (NISD).
“Barely a week goes by without new cyber events affecting the maritime sector,” said Ben Abraham, Global Head of Marine at Willis Towers Watson. “Many are minor and unreported, but the major cases have caused consequential commercial losses in the hundreds of millions of dollars. CyNav offers a genuinely pioneering marine-specific cyber solution.”
He continued: “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.”
Glyn Thoms, Head of FINEX Cyber (GB) at Willis Towers Watson, also commented: “Cyber insurance should not be a ‘one size fits all’ offering. CyNav is another example of WTW’s commitment to developing solutions that meet the needs of specific industries.”
“The combination of a deep understanding of the maritime sector and a team of dedicated cyber insurance specialists has led to a product which responds to the risks and concerns that shipowners now face at a time of great technological and regulatory change for the industry.”