Hanwha General Insurance is developing insurance products to cover damages from cyberattacks on vessels. This initiative aims to address gaps in existing marine insurance as the digitalization of ship operations increases cyber threats.
On October 27, Hanwha General Insurance announced that it has signed a memorandum of understanding (MOU) with Cyter, a company specializing in marine and ship cybersecurity.
The agreement is designed to establish a system that assesses cyber risks for vessels in advance and incorporates these assessments into the underwriting process. It also aims to connect cause analysis and damage compensation in the event of an incident.
The two companies plan to collaborate on the joint planning of marine cyber insurance products and services, conduct cyber threat assessments, build resilience management systems, cooperate on insurance incident investigations, and research damage estimation models based on various incident scenarios.
Hanwha General Insurance will be responsible for developing cyber insurance products that reflect the characteristics of the marine industry. It plans to utilize the security assessment data provided by Cyter for individual vessels to clarify the coverage system for cyber risks, including underwriting conditions and premium discounts.
Cyter will diagnose cyber risks for individual vessels and provide relevant data. In the event of a cyber incident, it will assist in insurance investigations by analyzing digital data from onboard electronic devices and navigation equipment to determine the cause and extent of the damage.
Hanwha General Insurance plans to launch a pilot project and joint marketing efforts targeting domestic shipping companies and shipowners in December. It will also pursue collaborative projects with local governments and classification societies that verify vessel safety.
A representative from Hanwha General Insurance stated, "As the digitalization of ship operations leads to a surge in cyber threats, we will strive to provide optimal solutions for cyber risks through our collaboration with the security specialist Cyter."
On October 27, Hanwha General Insurance announced that it has signed a memorandum of understanding (MOU) with Cyter, a company specializing in marine and ship cybersecurity.
The agreement is designed to establish a system that assesses cyber risks for vessels in advance and incorporates these assessments into the underwriting process. It also aims to connect cause analysis and damage compensation in the event of an incident.
The two companies plan to collaborate on the joint planning of marine cyber insurance products and services, conduct cyber threat assessments, build resilience management systems, cooperate on insurance incident investigations, and research damage estimation models based on various incident scenarios.
Hanwha General Insurance will be responsible for developing cyber insurance products that reflect the characteristics of the marine industry. It plans to utilize the security assessment data provided by Cyter for individual vessels to clarify the coverage system for cyber risks, including underwriting conditions and premium discounts.
Cyter will diagnose cyber risks for individual vessels and provide relevant data. In the event of a cyber incident, it will assist in insurance investigations by analyzing digital data from onboard electronic devices and navigation equipment to determine the cause and extent of the damage.
Hanwha General Insurance plans to launch a pilot project and joint marketing efforts targeting domestic shipping companies and shipowners in December. It will also pursue collaborative projects with local governments and classification societies that verify vessel safety.
A representative from Hanwha General Insurance stated, "As the digitalization of ship operations leads to a surge in cyber threats, we will strive to provide optimal solutions for cyber risks through our collaboration with the security specialist Cyter."
* This article has been translated by AI.
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