Specialist Marine Cyber Insurance For Ports & Vessels

Uploaded on 2023-02-10 in FREE TO VIEW, BUSINESS-Services-Transport & Travel, BUSINESS-Services-Financial

The UAE has been steadily increasing its importance in the global maritime & logistics sector and Dubai’s position as a leading insurance innovation hub has taken a step forward with the formation of a strategic partnership between local Smart Port technology company Saiber Innovation Technologies (“Saiber”) and Ports & Terminals cyber insurance specialist CYMAR.

This new partnership will further address the ever more demanding cyber insurance needs of the maritime sector which is particularly vulnerable to cyber attack and the cyber insurance industry is well placed to drive best practices, as insurance carriers are financially motivated to reduce claims and losses.

With 90% of the world’s goods carried by sea, the smooth running of ports is essential to the world economy. Low capacity in the cyber insurance market means Ports & Terminals are at risk of disruption from cyber attack, which has wide-reaching economic ramifications for the global supply chain. As insurers collect a significant pool of claims data, they can identify vulnerabilities which are being actively exploited by threat actors and recommend relevant security controls.

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 isn’t currently 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." said the Managing Director of Saiber, Pradeep Luthria,

Jonathan Jones, CYMAR’s CEO and insurance industry veteran said, “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."

OCTO is a leader in the management  of accident , crypto crisis and emergency situations, providing the highest standard of crisis planning, response and management of calamities. They have particular experience of working with central and local government agencies, the nuclear power industry and blue-chip companies.

This alliance builds on the partners' existing technical capabilities to deliver full data integrity to all Ports & Terminals using proven blockchain technology designed to provide immutability of digital assets and real-time detection and mediation. 

The methodology put together by CYMAR is echoed in a recent report issued by the Royal United Services Institute for Defence and Security Studies (RUSI) which discusses how the insurance industry is well placed to drive best practice in cyber security, something that this new alliance is determined to help the Ports & Terminals industry achieve.

You Might Also Read: 

Maritime Shipping Is An Ideal Target For Ransom:

___________________________________________________________________________________________

If you like this website and use the comprehensive 6,500-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.

  • Individual £5 per month or £50 per year. Sign Up
  • Multi-User, Corporate & Library Accounts Available on Request

Cyber Security Intelligence: Captured Organised & Accessible

 

« Insider Threat Management: Keep Up With Growing Threats
New Russian Malware Targets Ukraine  »

ManageEngine
CyberSecurity Jobsite
Check Point
Cyrin

Real Attacks. Real Tools. Real Scenarios.
Schedule a demo

Sign Up: Cyber Security Intelligence Newsletter

Directory of Suppliers

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

ManageEngine

ManageEngine

As the IT management division of Zoho Corporation, ManageEngine prioritizes flexible solutions that work for all businesses, regardless of size or budget.

Tines

Tines

The Tines security automation platform helps security teams automate manual tasks, making them more effective and efficient.

North Infosec Testing (North IT)

North Infosec Testing (North IT)

North IT (North Infosec Testing) are an award-winning provider of web, software, and application penetration testing.

CYRIN

CYRIN

CYRIN® Cyber Range. Real Tools, Real Attacks, Real Scenarios. See why leading educational institutions and companies in the U.S. have begun to adopt the CYRIN® system.

The Josef Group (TJG)

The Josef Group (TJG)

The Josef Group Inc. is a certified woman-owned permanent staffing agency specializing in Information Technology, Engineering, and US Government "cleared" IT candidates.

DigiCert

DigiCert

DigiCert is the only provider of enterprise-grade SSL, IoT and PKI solutions. Our certificates are trusted everywhere, millions of times every day, by companies across the globe.

Preempt Security

Preempt Security

The Preempt Platform delivers adaptive threat prevention that continuously preempts threats based on identity, behavior and risk.

DTS Solution

DTS Solution

DTS Solution delivers advanced cyber security solutions through is technology partnerships with industry leading security vendors and advanced consulting services.

TrainACE

TrainACE

TrainACE, is a professional computer training school offering courses in information technology with a focus on Advanced Security training.

Appvisory

Appvisory

Appvisory by MediaTest Digital is the leading Mobile Application Management-Software in Europe and enables enterprises to work secure on smartphones and tablets.

TCN

TCN

TCN is an advanced System Integrator and Infrastructure Company in Albania.

Cyber Academy

Cyber Academy

Cyber Academy is one of the first institutions in the SE Europe region that provides a hands-on program in cyber security, blockchain and AI.

Micro Strategies Inc.

Micro Strategies Inc.

Micro Strategies provides IT solutions that help businesses tackle digital transformation in style.

Corsha

Corsha

Corsha is on a mission to simplify API security and allow enterprises to embrace modernization, complex deployments, and hybrid environments with confidence.

Qrator Labs

Qrator Labs

Qrator Labs is a leader in DDoS attack mitigation, helping organizations protect their websites from the most harmful, sophisticated DDoS attacks.

YorCyberSec

YorCyberSec

YorCyberSec act as a trusted Cyber and Information Security broker and procurement specialist. We help companies to Reduce Risk, Increase Assurance and Improve Performance.

Liberman Networks

Liberman Networks

Liberman Networks is an IT solutions provider company that provides security, management, monitoring, BDR and cloud solutions.

Intelequia

Intelequia

Intelequia SOC is the Security Operations Center your company needs. 24x7 monitoring, protection and automated response to cyber threats.

Evolver

Evolver

Evolver delivers technology services and solutions that improve security, promote innovation, and maximize operational efficiency in support of government and commercial customers.

Data Computer Services

Data Computer Services

Data Computer Services provides professional tailored IT Support and IT Services for businesses throughout Edinburgh and the Lothians.