Take up of cyber insurance in the marine sector to date has been slow, but that’s bound to change.
One key reason is that the maritime industry is changing rapidly, said Dieter Berg, head of marine business development for Munich Re.
“Until recently, ships were isolated, and the logistics process was not technologically advanced. This market is changing very quickly to digital communications and connectivity.”
Those changes include more than just electronic navigation and communication, they extend to smart containers and real-time logistics routing and scheduling.
“This digitalization changes the risk profile for the marine industry,” said Andreas Schlayer, senior cyber underwriter for Munich Re. “The more an operation is electronic, the more the dependence on data changes the risk profile and the behavior.”