Hanwha General Insurance Signs MOU with CYTUR, a Maritime and Vessel Cybersecurity Specialist, for Joint Maritime Cyber Insurance Business

Hanwha General Insurance Co., Ltd. (Hanwha General Insurance) signed a memorandum of understanding (MOU) with CYTUR Inc. (CYTUR), a company specializing in maritime and vessel cybersecurity, on October 23 to jointly pursue maritime cyber insurance business initiatives.

The agreement aims to provide an integrated service combining maritime cyber insurance capabilities with vessel cybersecurity technologies and to actively develop South Korea’s maritime cyber insurance market.

As cyber threats targeting maritime supply chains, including attacks on vessel operational technology (OT) systems and disruptions to satellite communications, become a reality, cyber resilience regulations set by the International Maritime Organization (IMO) and the International Association of Classification Societies (IACS) are being strengthened. However, existing vessel insurance policies exclude general cyber-related losses from coverage, leaving shipping companies with significant gaps in coverage.

Specifically, CYTUR will assess vessel security levels and provide the technical analysis data required for insurance underwriting, based on its IT/OT cybersecurity technologies covering the entire vessel lifecycle, from design and construction to operation. Even after insurance enrollment, CYTUR plans to continuously monitor vessel security status through its cyber resilience management system and support risk mitigation and reassessments for insurance renewal. In the event of a cyber incident, CYTUR will analyze the cause of the incident and the extent of damage through remote analysis and onboard forensic investigations, and provide technical reports required for insurance incident investigations.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →