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The maritime community is not immune to the startling rise in ransomware events, phishing attempts, e-crime, business interruption, supply chain disruption and additional expense.  Claim numbers have risen by more than 400% during the Covid-19 pandemic as companies have relied on a digital operating environment to manage business continuity.  It is clear the move to digital operation was not conducted with enough digital protection (cyber security) to users and systems – businesses are vulnerable, and the cyber criminals know it.

The starting point for any organisation is ‘how do I manage the risk presented by digital operations, and what do I need to do to bring the risks within the board-specified tolerance?’  Many owners are unaware that these risks can be identified, managed and mitigated.  Governments in the US, EU and UK have been working hard over many years to equip the business world with tools to help them be a smaller digital target and ensure that when hit by a digital incident, they are better positioned to recover quickly and with lowest cost. 

While the risk of a cyber-attack being successful can never be totally neutered, following best practice even at the relatively straightforward Cyber Essentials Plus level could have a significant beneficial impact on your risk profile. With robust governance, tested coherent business continuity and disaster recovery plans and a well-configured detection capability, you will go a long way to making this risk more manageable. You will know what is on your network, what should be on your network and the implications of both. You will be able to minimise downtime, should it materialize, because you’ll know where it is and what to do about it. Your people will be trained and will know themselves what they should and should not do.

You cannot reduce human error to zero, but you can make a start and ensure that your people know what good needs to look like. Some have argued that this will reduce your risk by up to 70%. Whatever the statistic, this activity is positive, known to be effective, and will be cost-efficient in the long run.  It will have an immediate impact in improving your risk profile and there will be other benefits as well.  D&O premiums are rocketing, in part, because publicly listed businesses that have cyber losses will typically see share prices slump.

However, if you evidence to shareholders cyber leadership and cyber enterprise risk management you will materially improve your risk profile. You will give your investors more confidence and ultimately your clients and, most importantly your staff, confidence that data assurance is valued in your company. There is one other significant benefit if, following a cyber incident, you are the subject of an investigation by flag state government enforcement agencies – your only defence will be evidencing you were operating in accordance with the regulations. Nothing else will assist you.

AstaaraCyber is a comprehensive solution to shipowners and ports operators.  It is an integrated ship/asset and enterprise coverage in a simple and affirmative policy that meets the risk faced by the whole of an enterprise.  Key differentiators in the AstaaraCyber coverage are:

1. Physical asset coverage for cyber-caused incidents
2. Business interruption where the asset is not physically damaged but has sustained a cyber incident compromising operation
3. Defence and remediation
4. Data loss and restoration
5. Ransomware response
6. A claims offering that understands the technology of the maritime industry ships/ports and related assets.
7. AstaaraCyber is unique, integrated and a comprehensive solution. 

It will provide balance sheet protection that is unrivalled.

However, we cannot offer such broad cover unless we understand and have visibility of the level of cyber standards that the target insured is operating at.  Astaara will not underwrite ‘cyber blind’.  As the cyber and digital threats increase, then so must the operational maturity of the insured.  Astaara will work with our insureds to ensure the standards are improving year-on-year, and we understand that this will take time. We are at our best when we work in partnership with our clients and our insureds.

Contact CEO Robert Dorey by emailing robert.dorey@astaaragroup.com