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.
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.
Hanwha General Insurance will develop tailored cyber insurance products reflecting the characteristics of the maritime industry and oversee their operation. In particular, the company plans to establish criteria linking vessel security assessment results to insurance eligibility conditions and preferential measures.
In the event of a cyber incident, Hanwha General Insurance will operate prompt incident reporting and loss adjustment procedures, and directly establish a cooperative investigation framework, including forensic investigations.
The two companies will launch a pilot project and joint marketing activities targeting domestic shipping companies and shipowners in December. They also plan to develop policy-related cooperation initiatives with local governments and classification societies.
