A cyber solution designed to address the specific cyber threats faced by ports and terminals, providing both flexible and tailored cover.
Why do ports and terminals require cyber cover?
With the ever-changing risk landscape, operators would be well advised to consider their financial and reputational cyber risk exposure. Three key factors are driving the need for cyber insurance coverage within this sector:
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01
Increased reliance on technology
Ports and terminals are increasingly dependent on technology across all aspects of their operations. This dependency can leave ports and terminals exposed to financial loss should that technology become unavailable, whether due to malfunctions, human error or cyber-attacks.
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02
Heightened cyber threat activity
Cyber-attacks have emerged as a tool of choice for those seeking financial gain or wishing to cause disruption. Ransomware attacks, in particular, have emerged as a dominant cyber threat in recent years across all industry sectors, including ports and terminals.
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03
Gaps in insurance cover
Ports and terminals damage and liability policies don’t typically provide cover for ‘traditional’ non-damage cyber losses such as crisis management expenses and business interruption loss. In addition, in an effort to address silent cyber exposures, ports and terminals insurers' are increasingly adding cyber exclusions to their policies, leaving potential gaps in cover.
Key features
CyNav for Ports and Terminals is a cyber solution designed to address the specific cyber threats faced by ports and terminals, providing both flexible and tailored cover for:
- Business interruption loss
- Business interruption loss due to IT supply chain vulnerabilities
- Property damage
- Crisis management expenses
- Property damage liability
- Wrongful delivery of cargo
- Regulatory actions (where insurable)
CyNav: delivering value to your operation
CyNav for Ports and Terminals was created by an award-winning team (CyNav for Shipowners won Cyber Broking Innovation of the Year at the Insurance Insider Cyber Awards 2020), comprising technical, industry and coverage specialists. Designed to protect this critical infrastructure from the specific cyber threats it faces, get your business operations back up and running fast, and keep world trade moving.
A sector-specific approach
Developed in response to the challenges faced by operators in the industry.
Benefit: Designed to address the specific needs of ports and terminals.
Flexibility
CyNav is fully customisable to your business operations.
Benefit: Purchase core coverage, plus additional cover to reflect your risk profile and support targeted premium spend.
Clarity of coverage
CyNav is simple to understand.
Benefit: The policy is written as an affirmative solution, limiting confusion and ambiguity.
Speak to your local marine representative to discuss your coverage needs and be directed to one of our cyber specialists.
Disclaimer
WTW offers insurance-related services through its appropriately licensed and authorised companies in each country in which WTW operates. For further authorisation and regulatory details about our WTW legal entities, operating in your country, please refer to our WTW website. It is a regulatory requirement for us to consider our local licensing requirements.
