Risk management has played a key role in the creation of affirmative cyber insurance…
Specialist insurer Beazley has launched affirmative cyber insurance for luxury yachts that protects against physical damage, loss of access, as well as threatened and actual ransom of the vessel. The Cyber Defence for Superyachts also provides in-built risk prevention and immediate response services if there is a cyber breach.
In a recent report by Refinitiv, a part of the London Stock Exchange Group, it was revealed that 71% of respondents said cybercrime became more difficult to contain during Covid-19. Moreover, only 44% of third-party relationships have been through due diligence checks, down 5% from the previous year.
Richard Young, marine underwriter and Head of Hull at Beazley, said: “Following guidelines introduced this year by the International Maritime Organization (IMO), the onus is now greater on vessel owners and operators to demonstrate robust cyber risk management and to understand, assess, and manage risk to improve overall operational resilience in shipping. Reducing the cyber threat to superyachts is at the heart of our policy, which provides…
