Korean companies sign to provide maritime cyber insurance services

Two South Korea-based companies signed a memorandum of understanding to provide a joint maritime cyber insurance business that integrates vessel risk assessment, insurance, and incident investigation.

Hanwha General Insurance teams up with maritime and vessel cybersecurity specialist CYTUR to provide an integrated maritime cyber risk service combining insurance capabilities with vessel cybersecurity technologies.

The two companies are acting as cyber threats against maritime supply chains become a reality, including attacks on vessel operational technology systems and disruptions to satellite communications.

According to CYTUR, the two companies have agreed to jointly pursue planning of maritime cyber insurance products and services, establishment of cyber threat assessment and cyber resilience-linked systems, establishment of a cooperative framework for insurance incident investigations (digital forensics) and research into scenario-based loss models.

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