Marsh responds to maritime cyber risk
The insurance company, Marsh, has introduced an industry-leading product to address the coverage gap created by cyber risk exclusions on policies placed in the London market.
It says it has been important to do this since vessel navigation, propulsion systems, cargo handling and container tracking systems at ports and on board ships as well as shipyard inventories and automated processes, are all controlled using software that is fundamental to smooth-running operations.
Over ninety per cent of all global trade is carried by sea.
Reuters has reported that shipping giant A.P. Moller-Maersk was greatly affected by the Petya Cyber attack in June when servers across Europe and India were hit by a major ransomware attack. The company which handles one in seven containers and their cargo globally said all business units at Maersk including shipping, port and tug boat operations, oil and gas production, drilling services and oil tankers were affected.
Meanwhile Plymouth University has launched a new cyber security centre of international relevance and is providing risk and mitigation services to all areas of the maritime industry.
Professor Kevin Jones, Executive Dean of the Faculty of Science and Engineering, says that ships are no longer regarded as safe 'floating islands' and a cyber attack on a city port could cost billions of pounds per day.