Hanwha General Insurance and CYTUR have signed an agreement to develop marine cyber insurance in South Korea. The aim of this agreement is to provide integrated services that combine marine cyber insurance capabilities with cybersecurity technologies for ships.
Assessment and Analysis of Ship Security
With the increasing cyber threats targeting the maritime supply chain, including attacks on ships' operational technology (OT) systems and disruptions in satellite communications, the cyber resilience regulations set by the International Maritime Organization (IMO) and the International Association of Classification Societies (IACS) are being strengthened. However, existing ship insurance policies exclude cyber-related damages, creating significant gaps in insurance coverage for shipping companies.
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Ongoing Services After Insurance Coverage
CYTUR evaluates the security level of ships and provides the technical analytical data required for insurance risk assessment based on IT/OT cybersecurity technologies. This assessment includes all stages of the ship's life, from design and construction to operation. Even after insurance registration, CYTUR continuously monitors the ship's security status through its cyber resilience management system and supports risk reduction and reassessment for insurance renewal. In the event of a cyber incident, CYTUR analyzes the cause of the incident and the severity of the damage through remote analysis and forensic investigations on the ship, providing the technical reports needed for insurance incident investigations.
Hanwha General Insurance is also focused on developing cyber insurance products tailored to the characteristics of the maritime industry and overseeing their operations. The company particularly aims to establish criteria for linking the results of ship security assessments with insurance eligibility conditions and preferred measures. In the event of a cyber incident, Hanwha General Insurance implements rapid incident reporting procedures and damage mitigation, directly establishing a collaborative framework for forensic investigations.
A spokesperson for Hanwha General Insurance stated: "With the rapid increase in cyber threats amid the digitalization of ship operations, our collaboration with CYTUR, a cybersecurity expert, provides an optimal solution to address the needs of integrated risk management."
