The constant evolution of technology systems &/or processes along with the ever-changing political landscape leading to consequential legislation continues to expose businesses, their profit as well as personal assets.  Marine based businesses are now being warned of the threats they face through breaches of cyber security and the liabilities that could arise from such breaches.

Mark Elcocks, Specialist Risks Executive with Marine Insurance brokers IRCM said “In November 2011 The European Network & Information Security Agency (ENISA) published a detailed report into the threats facing maritime organisations within the EU Member States.

“Three years on and maritime security experts are calling for action to raise further awareness of the threat and addressing potential solutions – the ENISA report stated “awareness of cyber security aspects is either at a very low level or non-existent in the maritime sector”.

Prime Minister David Cameron has highlighted the threat of cyber-attacks and the need for increased cyber security on several occasions since the ENISA report.  And in June this year the Information Commissioner’s Office (ICO) published a report on the significant security vulnerabilities to businesses.

Mark went on to say “Business owners face large losses from multiple sources including business interruption through having their systems disrupted and/or intellectual property stolen, from fines up to £500,000 arising from unauthorised data release and, potentially, from third parties suffering loss or damage as the result of a cyber-security breach.

“Marine businesses are advised to address cyber security issues in the same way as they would address any other risk to their business; namely conduct  thorough risk assessments, implement robust security systems and working practices, invest in adequate insurance protection and keep abreast of the evolving threat to their business through cyber-attack”

Insurance protection against cyber risks is invariably excluded from standard Marine Trades Insurance contracts.  There are a range of low-cost entry level products as well as sophisticated insurance solutions with which you can enhance the protection to you and your business.

For a no-obligation, free consultation on ensuring you have the tailored, comprehensive cover your business needs telephone Mark Elcocks on 01902 796 793   or email markelcocks@marineinsurance-ircm.co.uk

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