The cyber threat to maritime and the insurance industry's response

When container giant Maersk was taken off guard and offline by a cyber attack in 2017 it was viewed as an outlier in risk terms. But attacks on shipping have increased 900% since that NotPetya malware attack, and security experts estimate the pace of ransomware attacks today to be in the region of one every 10 seconds.

The growing digital reliance of the maritime sector on connected services has exponentially increased the likelihood of a cyber incident, and yet businesses routinely report being unprepared in terms of cyber resilience safeguarding.

Insurers are stepping up and helping shipping move beyond a minimum compliance approach to addressing cyber risk.

More robust IT architectures alone are insufficient, and the experts agree that a more holistic approach encompassing operational, reputational, legal and commercial risk management is now required to tackle a threat that is relentlessly evolving to outpace the industry’s defences.

In this unique joint webinar, Lloyd’s List and Insurance Day will bring together the maritime and insurance sectors to discuss the strategies, technology and insurance enhancements required to defend maritime trade against cyber risk.

Our panel of industry experts answer:

• The true scale of the cyber threat to shipping and challenges faced as businesses embrace more digitalisation
• How insurers and brokers are evolving to help protect against the peril
• The latest attack vectors that targets should be aware of
• How to get the best possible protection at the best price