Specialist Marine Cyber Insurance For Ports & Vessels

Uploaded on 2023-02-10 in FREE TO VIEW, BUSINESS-Services-Transport & Travel, BUSINESS-Services-Financial

The UAE has been steadily increasing its importance in the global maritime & logistics sector and Dubai’s position as a leading insurance innovation hub has taken a step forward with the formation of a strategic partnership between local Smart Port technology company Saiber Innovation Technologies (“Saiber”) and Ports & Terminals cyber insurance specialist CYMAR.

This new partnership will further address the ever more demanding cyber insurance needs of the maritime sector which is particularly vulnerable to cyber attack and the cyber insurance industry is well placed to drive best practices, as insurance carriers are financially motivated to reduce claims and losses.

With 90% of the world’s goods carried by sea, the smooth running of ports is essential to the world economy. Low capacity in the cyber insurance market means Ports & Terminals are at risk of disruption from cyber attack, which has wide-reaching economic ramifications for the global supply chain. As insurers collect a significant pool of claims data, they can identify vulnerabilities which are being actively exploited by threat actors and recommend relevant security controls.

CYMAR’s use of cutting-edge technology combined with gold standard human risk management practices, to mitigate risk, offers a disruptive and challenging approach to providing cyber insurance in a way that isn’t currently available in the market. “We are delighted to be working closely with CYMAR. Their innovative and disruptive approach to cyber insurance is a game changer for the Ports & Terminals industry and will play a vital role in securing the supply chain." said the Managing Director of Saiber, Pradeep Luthria,

Jonathan Jones, CYMAR’s CEO and insurance industry veteran said, “Working with Saiber is a natural fit for us. Our aim is to bring together Smart Ports and Smart Shipping with Smart InsureTech. Saiber’s ground-breaking digital twin technology complements that of our existing technology and coupled with our cyber crisis expert OCTO, brings a new dimension to port cyber security which is essential to the creation of a suitable insurance risk mitigation strategy."

OCTO is a leader in the management  of accident , crypto crisis and emergency situations, providing the highest standard of crisis planning, response and management of calamities. They have particular experience of working with central and local government agencies, the nuclear power industry and blue-chip companies.

This alliance builds on the partners' existing technical capabilities to deliver full data integrity to all Ports & Terminals using proven blockchain technology designed to provide immutability of digital assets and real-time detection and mediation. 

The methodology put together by CYMAR is echoed in a recent report issued by the Royal United Services Institute for Defence and Security Studies (RUSI) which discusses how the insurance industry is well placed to drive best practice in cyber security, something that this new alliance is determined to help the Ports & Terminals industry achieve.

You Might Also Read: 

Maritime Shipping Is An Ideal Target For Ransom:

___________________________________________________________________________________________

If you like this website and use the comprehensive 6,500-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.

  • Individual £5 per month or £50 per year. Sign Up
  • Multi-User, Corporate & Library Accounts Available on Request

Cyber Security Intelligence: Captured Organised & Accessible

 

« Insider Threat Management: Keep Up With Growing Threats
New Russian Malware Targets Ukraine  »

CyberSecurity Jobsite
Perimeter 81
Cyrin

Real Attacks. Real Tools. Real Scenarios.
Schedule a demo

Go Cyber

Training that transforms behaviours

Sign Up: Cyber Security Intelligence Newsletter

Directory of Suppliers

BackupVault

BackupVault

BackupVault is a leading provider of automatic cloud backup and critical data protection against ransomware, insider attacks and hackers for businesses and organisations worldwide.

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

XYPRO Technology

XYPRO Technology

XYPRO is the market leader in HPE Non-Stop Security, Risk Management and Compliance.

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

North Infosec Testing (North IT)

North Infosec Testing (North IT)

North IT (North Infosec Testing) are an award-winning provider of web, software, and application penetration testing.

CERT-In

CERT-In

CERT-In is a functional organisation of the Ministry of Information & Electronics Technology, Government of India, with the objective of securing Indian cyber space.

Ethio-CERT

Ethio-CERT

National Cyber Emergency Readiness and Response Team of Ethiopia.

Secure360

Secure360

Secure360 focuses on the following key areas: governance, risk and compliance, information security, physical security, business continuity management, and professional development.

Intrusion

Intrusion

Intrusion provides IT professionals with the most robust tool set available for performing in-depth research and analysis of network traffic.

NETAS

NETAS

Netas offers solutions in information and communication technologies including end-to-end value added solutions, system integration and technology services to providers and corporations.

Advens

Advens

Advens is a company specializing in information security management. We provide Consultancy, Security Audits and Technology Solutions.

Vehere

Vehere

Vehere specialises in mission critical signals aquisition and analytics platform and cyber defence systems.

Anitian

Anitian

The Anitian Compliance Automation platform builds, configures, and monitors cloud environments to accelerate compliance for standards such as FedRAMP, PCI, ISO/GDPR and CJIS.

Project Moore

Project Moore

Project Moore is an Amsterdam law firm specialising in IT-law and privacy.

Accel

Accel

Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Areas of focus include cybersecurity.

BAI Security

BAI Security

BAI Security is a Nationally Recognized Leader in IT Security. Keeping your data safe and your business compliant is our singular focus.

Brighterion

Brighterion

Brighterion solutions stop payment and acquirer fraud, reduce credit risk and delinquency, fight financial crime, prevent healthcare fraud, waste and abuse, and more.

IN4 Group

IN4 Group

IN4 Group is a skills, innovation and start-up services provider that specialises in supporting businesses with the training, communities, networks and advice they need to scale.

DataSixth Security Consulting

DataSixth Security Consulting

DataSixth delivers Cybersecurity Intelligence. With our unique capabilities, we’re able to deliver value, deliver answers, and deliver actionable security intelligence.

Walacor

Walacor

Walacor’s secure data platform represents the next generation of secure data and blockchain storage with a trust-first approach that revolutionizes enterprise data, and database management systems.

CoinCover

CoinCover

Blockchain technology is changing everything. However, it brings its own set of unique risks. Coincover ensures everyone is protected, enabling them to innovate freely, without constraints.