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The invisible Threat to Global Shipping
With the increasing digitalization of shipping, cyberattacks have become a serious risk for maritime operations. Hackers target systems that manage ship navigation, cargo handling, and communication. In 2017, Maersk, one of the largest shipping companies in the world, fell victim to the NotPetya cyberattack, which disrupted its IT systems globally, causing an estimated $300 million in losses. Another incident occurred in 2020, when CMA CGM was hit by a ransomware attack, affecting its booking systems and causing widespread delays in its operations.
Cyberattacks can halt port operations, disrupt shipping schedules, and result in significant financial and reputational losses for companies.
Recommended Insurance Coverage for Cyberattacks
Cyber Liability Insurance
Covers financial losses due to data breaches, system hacks, or other cyberattacks targeting shipping companies.
Business Interruption Insurance
Protects against the loss of income resulting from halted operations due to a cyberattack on critical systems.
Freight Insurance
Ensures coverage for goods delayed or damaged as a result of cyberattacks that disrupt shipping schedules or lead to port closures.
Political Risk Insurance
Relevant if cyberattacks are politically motivated, protecting companies from losses caused by state-sponsored hacking or cyber terrorism.
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