New Alliance To Deliver First Integrated Cyber Defense & Insurance Model For Cargo Ships

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.

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