Willis Towers Watson (WTW), a British-American insurance brokerage and advisory company, has rolled out specialist cyber coverage for ports and terminals.
Dubbed CyNav for Ports and Terminals, the solution will address the specific cyber threats confronted by the owners and operators of port and terminal.
The offering, according to the company, will offer both ‘flexible and tailored’ cover for business interruption losses.
The losses covered by the solution include those arising from IT service providers, first- and third-party property damage, wrongful delivery of cargo, regulatory actions and crisis management expenses.
WTW CEO global marine Ben Abraham said: “Financial and reputational cyber risk can pose a real threat to port and terminal owners and operators. From listening to and understanding the challenges faced by this sector we developed CyNav for Ports and Terminals.
“This cyber solution – complemented by the development of the WTW Ports and Terminals Risk Forum, highlights how our global marine expertise delivers strategic solutions across the maritime industry.”
The company added that the solution is designed by cyber and marine specialists to address the specific challenges faced by the industry.
WTW FINEX cyber (GB) head Glyn Thoms said: “Cyber risks have a different profile depending on the industry sector. We are delighted to launch CyNav for Ports and Terminals, which illustrates WTW’s commitment to delivering solutions that are designed to meet the needs of specific industry sectors.
“The combined efforts of WTW’s ports and terminals and cyber teams have enabled us to develop a solution which responds to the risks and concerns that ports and terminals now face in a time of great technological and regulatory change for the industry.”