Cyber-attacks as a covered risk in marine insurance
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Keywords
Marine insurance ; Cyber-attacks ; P&I ; Cyber vulnerabilities ; Marine Insurance Act ; Silent cyber ; Historical incidentsAbstract
Shipping has been thoroughly transformed through the integration of technological
means to the daily operations. This push towards digitalization has undeniably
increased the sector’s efficiency, however it has also expanded the attack surface to
unprecedented extents, creating a complex cyber threat landscape targeting the sector’s
vulnerabilities. Beyond that though, the core challenge arises when such vulnerabilities
become actual damages and losses due to cyber-attacks. Past incidents have shed light
on the substantial impact cyber-incidents have, affecting operations, financial standing
and reputation of maritime stakeholders, thereby highlighting the key role marine
insurance has in mitigating cyber risks. The insured parties need to adhere to paramount
principles of the Marine Insurance Act and uphold the standards and requirements
regulatory bodies have set for cyber security, in order to be eligible for coverage in case
of cyber induced losses. Still, insurance coverage presents challenges as cyber
exclusion clauses are attached to some insurance policies and the issue of silent cyber
creates ambiguities and confusion for the extent of coverage. For the effective coverage
of cyber risks it is deemed important to have coordinated action from regulatory bodies,
insurers and maritime stakeholders, ensuring the protection of the marine sector from
cyber-attacks.
Postgraduate Studies Programme
Shipping ManagementDepartment
Σχολή Ναυτιλίας και Βιομηχανίας. Τμήμα Ναυτιλιακών ΣπουδώνNumber of pages
48Language
EnglishCollections
Except where otherwise noted, this item's license is described as
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα