GIA to Organise Seminar on Cyber Threats & Insurance in Marine Industry

    General Insurance Association and Singapore Maritime Foundation will hold a seminar on cybersecurity and insurance coverage in the marine industry.

    BankBazaar Singapore – January 5, 2018

    SINGAPORE: In an attempt to shed light on cybersecurity threats in the maritime industry and insurance plans to cover them, the General Insurance Association (GIA) and the Singapore Maritime Foundation (SMF) plan to organise a seminar on January 17.

    Termed “Disruptive Technologies & Cyber Risks”, the seminar is part of Maritime Knowledge Shipping Session (MKSS), a series of sessions where marine-and insurance-experts share insights on topics relevant to both industries.

    Speakers include Maite Bolivar Klarup, GM for Singapore at Baltic and International Maritime Council (BIMCO), Michael Hauer, Head of Marine for Asia Pacific at Munich RE, and Andreas Schmitt, Head of Cyber for Asia Pacific at Munich RE. A panel discussion following the talks will be moderated by Michael Gourlay, CEO of MSIG Insurance Singapore.

    The event is mainly aimed at individuals involved in functions such as claims, underwriting, specialty clauses, risk management and compliance, and strategy.

    Cybersecurity is a major concern for the marine industry. Last year, a cyber-attack on the transport and logistics firm A.P. Moller-Maersk had crippled the international shipping industry. As about 90 percent of global trade happens by sea, any obstruction to it could have serious economic repercussions.

    The seminar will elaborate on what ship owners, managers, and charters should do to remain prepared against cyber-attacks and the importance of insurance policies in the field. At present, there are no specific insurance policies for cybersecurity threats in the marine industry but they are increasingly being seen as a key requirement to meet international standards.

    The seminar will be held from 2 to 5 pm at the Capital Tower on Level 9 in STI Auditorium. There is no entry fee but seats are limited to 200. The last date to register online is January 15.

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