Beazley has launched a cyber policy for luxury yacht owners that provides affirmative cover for physical damage, loss of access, ransom threats and acts of ransom.
The policy has a $25m aggregate limit and will cover defined cyber events including malicious and non-malicious events. The cover excludes crew negligence.
Beazley’s CyberDefence product for superyachts also includes risk prevention and risk assessment to identify security gaps and provides response services in the event of a cyberattack.
Beazley said new guidelines from the International Maritime Organization (IMO) make it clear that “the onus is now greater on vessel owners and operators to demonstrate robust cyber risk management”.
At the same time, the level of digital technology on superyachts has increased the risk of cyber breaches and opportunities for cyberattackers, it warned.
Beazley has appointed Cyber Prism to provide cyber risk mitigation services to buyers and help vessel owners comply with IMO guidelines for cybersecurity. Crew training will be provided in partnership with Solent University’s Warsash Maritime School.
“Reducing the cyber threat to superyachts is at the heart of our policy, which provides a triple-defence mechanism of preventative mitigation services, traditional asset indemnity and immediate response services to incidents,” said Richard Young, marine underwriter and head of hull at Beazley.