Willis Towers Watson unveils cyber cover for shipowners

Broker Willis Towers Watson has launched a new cyber insurance cover designed specifically for shipowners.

WTW said the new product aims to address the growing need for an explicit marine cyber solution, built from the ground up to specifically address ship operators’ exposures, rather than trying to use pre-existing generic cyber products amended marginally to fit marine exposures. Shipowners are increasingly reliant on technology for all aspects of their operations, and their unique risks associated with this dependency can lead to significant financial damage.

Ben Abraham, global head of Marine at Willis Towers Watson, said: "CyNav offers a genuinely pioneering marine-specific cyber solution. In an environment of increasing ingenuity of cyber criminals and increasing levels of cyber security governance in the maritime industry, CyNav anticipates the protection that shipowners need to mitigate their cyber risk.”

Glyn Thoms, head of FINEX cyber, Great Britain at Willis Towers Watson, added: “Cyber insurance should not be a one-size-fits-all offering. CyNav is another example of Willis Towers Watson’s commitment to developing solutions that meet the needs of specific industries. The combination of a deep understanding of the maritime sector and a team of dedicated cyber insurance specialists has led to a product that responds to the risks and concerns that shipowners now face at a time of great technological and regulatory change for the industry.”