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The rise in cyber-attacks on ports globally has prompted insurance broker Armada Risk Partners to share five tips for sourcing cyber-attack insurance cover. Here are the key points:
- Ports need to carry out a comprehensive cyber review before looking for an insurance policy. This review should assess the port’s overall cybersecurity capabilities and its exposure to risk, while ensuring systems and processes are as secure and up-to-date as possible. Insurance providers typically require robust risk management policies and protocols, including regular assessments and continuous employee training.
- Cyber insurance should form part of an overall cyber risk mitigation strategy. However, it does not absolve the organisation of risk management responsibilities. The implementation of a cybersecurity programme that promotes continuous improvement is crucial.
- Given the increasing threat of cyber-attacks on ports, the cyber insurance market is changing. Cyber premiums are rising, and coverage is typically reducing. Ports must ensure that their policy limits adequately cover potential losses and legal expenses.
- Ports need to stay vigilant to new threats, even with insurance in place. A continuous review of the coverage is necessary. This vigilance extends to day-to-day activities, such as being cautious of links in emails and unsolicited communication.
- Working with a specialist broker who understands the nuances of cybersecurity and the changing port insurance landscape is advisable. They can assist with policy selection, compliance standards, and emergency planning.
The advice was shared in the wake of several cyber-attacks on ports worldwide, including multiple Australian ports and the Port of Lisbon. The evolving nature of cyber threats and the high risk faced by ports in this regard underscores the importance of these considerations.
