Upping cyber security

WTW, global advisory and broking company, has developed CyNav for Ports and Terminals to address three key factors – an increased reliance on technology, heightened cyber threat activity and gaps in insurance cover.

“Financial and reputational cyber risk can pose a real threat to port and terminal owners and operators. From listening to and understanding the challenges faced by this sector we developed CyNav for Ports and Terminals,” said Ben Abraham, CEO Global Marine at WTW.

”This cyber solution – complemented by the development of the WTW Ports and Terminals Risk Forum, highlights how our global marine expertise delivers strategic solutions across the maritime industry.”

Tailored cover

Mr Abraham said that CyNav provides both flexible and tailored cover for business interruption losses including those arising from IT service providers, first and third party property damage, wrongful delivery of cargo, regulatory actions and crisis management expenses.

Cyber attacks have emerged as a tool of choice for those seeking financial gain or wishing to cause disruption. Ransomware attacks, in particular, have emerged as a dominant cyber threat in recent years across all industry sectors, including ports and terminals.

Ports and terminals damage and liability policies don’t typically provide cover for ‘traditional’ non-damage cyber losses such as crisis management expenses and business interruption loss. In addition, in an effort to address silent cyber exposures, ports and terminals insurers’ are increasingly adding cyber exclusions to their policies, leaving potential gaps in cover.

“Cyber risks have a different profile depending on the industry sector. The combined efforts of WTW’s ports and terminals and cyber teams have enabled us to develop a solution which responds to the risks and concerns that ports and terminals now face in a time of great technological and regulatory change for the industry,” said Glyn Thoms, head of FINEX Cyber (GB) at WTW.

WTW provides data-driven, insight-led solutions in the areas of people, risk and capital across 140 countries and markets.