Cyber Insurance

“With vessels becoming increasingly connected to shore through digital technologies, the threat of shipping being targeted by cybercriminals has heightened,” says Thomas Nordberg, Managing Director of The Swedish Club. “The financial, and possibly also environmental and human implications of a cyber attack are far-reaching. IMO together with IACS, have taken a leading role in addressing cyber risk management through unified requirements (UR) E26 and E27 that incorporate cyber resilience in Safety Management Systems.”

To assist members, The Swedish Club has decided to offer all members with vessels insured for H&M and P&I with Cyber Insurance with effect from 1 January 2024. In addition, the Club has decided to offer the cyber insurance to all non-members from 1 April 2024.

What is covered?

The Swedish Club Cyber Marine Cover will be provided to all members on a yearly fleet aggregate limit basis and is the form of an affordable Cyber insurance cover providing various levels of protection.

The product will provide an affirmative and primary cover for cyber risks, which means it is a named peril cover that takes precedence over other covers.

Protecting Against Digital Perils

Our Cyber Marine Cover safeguards your vessels against physical damages resulting from cyber attacks, a critical area often excluded in standard policies. This policy is a proactive step towards ensuring the safety and operational continuity of your maritime activities in the face of cyber threats.

Key Features

• Cover for vessel Physical Damage: Protects your assets against cyber risks excluded by other policies
• 24/7 Expert Support: Access to professional assistance for recovery and restoration when needed
• Emergency response services in the event of a cyber attack.
• Physical Damage Loss of Hire cover, mitigating the financial impact of operational downtime caused by cyber attacks
• Tailored Solutions: Possibility for comprehensive extensions to best suit your fleet’s needs

The product is one of very few that provides cover for most of the things that you need cover for when you buy cyber insurance – emergency response following a cyber attack on your vessel, physical damage cover if the cyber attacks cause damage to the vessel and subsequent loss of hire cover.

The cover will be available at preferential rates to all vessels insured for H&M and P&I through the Club, with three packages available depending on the level of cover needed:

• Basic
• Basic Plus
• Comprehensive

The Club has partnered with leading experts in the field to develop this new insurance and tailored the packages to meet the diverse needs of members. In addition, in the event of an incident, members can take advantage of a 24/7 hotline manned by cyber specialists.

For more details, please get in touch with your local Underwriting Team or:

Thorbjörn Emanuelsson, Director Underwriting, thorbjorn.emanuelsson@swedishclub.com

Tord Nilsson, Head of Reinsurance, tord.nilsson@swedishclub.com