SINGAPORE, 28 April 2020 – Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company, today announced the launch of CyNav, a new type of cyber insurance cover designed specifically for shipowners.
The new product addresses the growing need for an explicit marine cyber solution, built from the ground up to specifically address ship-operators’ exposures, rather than trying to use pre-existing generic cyber products amended marginally to fit marine exposures. Shipowners are increasingly reliant on technology for all aspects of their operations and their unique risks associated with this dependency can lead to significant financial damage.
CyNav’s pioneering approach includes the following key features:
As the financial impact of cyber incidents continues to increase and the ‘silent cyber’ cover in traditional marine cover is being reduced, CyNav’s clear and affirmative cyber solution is designed to plug any remaining cyber gaps.
Ben Abraham, Head of Marine at Willis Towers Watson (WTW) said, “Barely a week goes by without new cyber events affecting the maritime sector. Many are minor and unreported, but the major cases have caused consequential commercial losses in the hundreds of millions of dollars. CyNav offers a genuinely pioneering marine-specific cyber solution. In an environment of increasing ingenuity of cyber criminals and increasing levels of cyber security governance in the maritime industry, CyNav anticipates the protection that shipowners need to mitigate their cyber risk.”
Ensuring cyber risks are addressed as part of the safety management systems from 1 January 2021 will be important as only a few Asian shipowners are prepared for the impending International Maritime Organisation changes.”Lewis Hart,
Head of Marine Asia, Corporate Risk & Broking, Willis Towers Watson
Lewis Hart, Head of Marine in Asia at Willis Towers Watson said, “Previously, no one would really look at buying a trade disruption insurance against a pandemic until it was too late. Similarly, there are not enough considerations given to protection against cyber-attacks in Asia which will likely become more common than piracy. Ensuring cyber risks are addressed as part of the safety management systems from 1 January 2021 will be important as only a few Asian shipowners are prepared for the impending International Maritime Organisation (IMO) changes.”
“Cyber insurance has evolved to specifically address the emerging risk and potential financial and long-term reputation damage arising from technology. Recent examples of maritime cyber incidents have seen financial and reputational losses incurred well in excess of US$300 million. CyNav is another example of WTW’s commitment to developing solutions that meet the needs of specific industries. The combination of a deep understanding of the maritime sector and a team of dedicated cyber insurance specialists has led to a product which responds to the risks and concerns that shipowners now face at a time of great technological and regulatory change for the industry,” added Lewis.
To learn more about CyNav, watch the video here.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.