Risk management and insurance collaboration drives maritime cyber awareness
Collaboration between risk management and insurance sectors will focus on education, training and guidance to reduce maritime cyber risk
ABSG Consulting Inc. (ABS Consulting), a subsidiary of ABS focused on safety and risk management, and American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) have joined forces to provide education, training and insurance guidance that address maritime cyber security.
As digital transformation in the maritime industry brings both opportunities and new challenges, owners and operators are relying more on smart technologies and operational data to drive decisions and run their businesses. Comprehensive cyber security programs are not only necessary to protect operations but are also critical to protect the overall safety of crew and the environment. More frequent cyber attacks, increased digitalization and emerging global regulatory focus are adding to immediate demands to address and reduce cyber risk across the industry's value chain. Cyber security has become a business imperative and new measures will have an impact on how maritime vessels and facilities will be covered by insurers.
Dr. William Moore, Director of Loss and Prevention at the American P&I Club, says:
"The safety and security of our members is a priority. Having a better understanding of the tools available, the programs that can be implemented and the integration of these in the marine industry will help us provide better services to shipowners and charterers globally. The work we are going to do with ABS Consulting is going to help us identify how to enhance our policies, and the offerings we need to incorporate to improve the coverage and services we offer to our members."
Ian Bramson, Global Head of Cyber Security of ABS Group, says:
"Collaborating with the American Club to build education programs for their members and industry will give us a better understanding of the real challenges we are collectively facing. This alliance enables us to develop the tools, training and services that support compliance and help ship owners and operators put protections in place to secure their vessels – from the design and construction phases through continuous operation over their service life."