Launch of new Cyber Insurance product
The Club is pleased to announce the launch of a new Cyber Insurance product aimed at assisting Members respond to a cyber attack on their vessels and insuring them for any loss of income the vessel incurs as a result.
The IMO has adopted a resolution which requires companies, no later than the first annual verification of their Document of Compliance (DOC) after 1 January 2021, to demonstrate that cyber security is an integral part of their safety management system. The maritime world is seeing a sharp increase in cyber attacks and so cyber security and safety is important to protect a shipowner’s operations. BIMCO have introduced a Cyber Security contract clause which sets out the responsibilities of each party, defining what is expected from both sides both before and after a cyber event. The ability to react quickly and effectively to any breach of cyber security is vital to ensuring the cyber safety of the vessel.