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.

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