Maritime Law Attorneys And Cyber Insurance For The Maritime Industry.

 Maritime Law Attorneys And Cyber Insurance For The Maritime Industry. - The regulator emphasized the importance of robust security protocols and outlined best practices for establishing a culture of customer protection and compliance. This practice includes cyber insurance for financial advisors, as evidenced by the Securities and Exchange Commission's recommendation that all registered investment advisors include this coverage as part of their cybersecurity program.

Cyber ​​insurance isn't just for big companies. The Financial Industry Regulatory Agency (FINRA), which regulates the activities of broker-dealers, has issued guidelines for small firms with fewer than 150 registered representatives. FINRA's Cyber ​​Security Checklist recommends that small firms create a plan to identify and protect against cyber threats, as well as a response and loss mitigation plan that includes cyber insurance coverage.

Maritime Law Attorneys And Cyber Insurance For The Maritime Industry.

ProWriters can meet the needs of your clients, regardless of size. Large companies have access to tailored cyber liability insurance requirements and specialized coverage, thanks to partnerships with over 50 top cyber marketplaces. Small and medium-sized businesses benefit from broad liability coverage and never pay for more coverage than they need.

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Compliance with SEC and FINRA recommendations is just one of the reasons financial advisors need a cybersecurity insurance plan. Simply put, a data breach can be devastating.

Registered investment advisers (RIAs) have a responsibility to protect their clients' data and assets. Considering that RIAs manage a cumulative $4.7 trillion in client assets and growing, this is a tempting target for hackers. In short, RIAs have what most hackers want: money and information they can sell for more money.

And the criminals won. In 2016, the White House reported that the financial and securities industry had more data breaches than any other. According to consultancy PwC, there are only two types of financial services companies: those that have been attacked online, and those that are.

PwC reported that more than half of investment firms experienced fraud in 2019 and 2020, with the majority of losses due to cybercrime. Of the companies that experienced fraud, 1 in 10 lost more than $50 million.

The Cyber Maritime Environment: A Shared Critical Infrastructure And Trump's Maritime Cyber Security Plan

Investors are becoming more aware of cybercrime and the risks associated with investing, while demanding more information and assurance that their assets will be protected. While major investors do their due diligence to find the best RIA to place their assets with, most are looking for evidence of cyber insurance for financial advisors.

Ultimately, as investors of all sizes look for RIAs with the resources and coverage to handle cyber attacks and the coverage needed to recover from an incident, firms may not be able to offer cyber insurance to financial advisors.

Cyber ​​liability is complex and presents many risks. As a leading cyber insurance company, ProWriters offers flexible cyber liability insurance designed to cover privacy, data and network exposures. In most cases, these breaches are not covered by professional liability or commercial general liability insurance, putting your business at risk.

First-party cyber liability insurance covers internal costs of cyber incidents. It is designed to protect against cyber attacks and data breaches that occur on your premises.

Pdf) Cyber Physical Systems Security For Maritime Assets

Third-party cyber insurance for financial advisers covers external costs arising from such incidents. If the client holds you liable for losses due to a data breach, this coverage protects against those costs.

Take the first step in helping your RIA clients secure cyber liability insurance by requesting a quote. Our twenty years of experience offer our clients a streamlined and efficient process that takes the hassle out of getting the coverage they need.

RIA clients in a box also have access to the ProWriter platform to request quotes from Axis, Tokio Marine HCC, CFC, Coalition, Corvus, At-Bay and other leading insurance companies based on individual needs. This simple integration makes it easy for companies to understand why they need coverage and compare providers and plans to make the best choice for their needs.

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Department of International Shipping, Plymouth Business School, University of Plymouth, Logistics and Operations, Cookworth Building, Drake Circus, Room 321, Plymouth PL4 8AA, United Kingdom

Received: 30 November 2021 / Revised: 13 February 2022 / Accepted: 28 February 2022 / Published: 7 March 2022

Cyber ​​​​attacks have increased rapidly over the years, costing companies large financial losses in recovery and regulatory sanctions, in addition to other damages such as reputation and credibility. In this regard, the maritime sector, hitherto considered safe due to the lack of internet connectivity and the isolated nature of ships at sea, has seen a 900% increase in operational technology cyber security breaches as it enters the digital age. Although there has been some research in this area, maritime cyber security has not been investigated in depth. Therefore, this article presents a careful examination of the cyber security landscape in the maritime sector with the aim of highlighting security issues and challenges. First, it explores the systems available on board that an attacker could target, the vulnerabilities an attacker could exploit, the consequences if the system is accessed, and what actually happened. Then describe and analyze possible mitigation measures that can be used in advance to prevent an attack. Finally, some challenges and open issues for future research are discussed.

The global maritime sector is now increasingly dependent on digitalisation, operational integration and automation [1, 2]. Major shipbuilders and operators are striving to innovate with breakthrough technologies and systems that go beyond traditional designs to create ships with advanced remote control, communication and connectivity [3]. These properties are tested through various autonomous ship projects. The Mayflower was the first autonomous ship to attempt to cross the Atlantic using artificial intelligence (AI) technology and power from the sun [4]. The ship failed in its first attempt to cross the Atlantic, but will attempt to cross the Atlantic again this year. The Nippon Foundation will also test the first autonomous long-distance commercial cruise in February 2022 [5]. Autonomous ships and modern ships consist of a variety of sensors (e.g. radar, lidar, high-definition cameras, thermal imaging, sonar, etc.) and several operational technology (OT) systems connected together to provide an accurate integrated picture of the environment around the ship's AI [6, 7]. The level of automation will go from fully manned ships to partially manned, remote controlled, partially autonomous and autonomous unmanned ships [6, 8]. The introduction of information and communication technology (ICT) in the shipping industry has always been accompanied by an explosion of cyber risks, increasing existing risks and introducing new risks [9]. Therefore, the safety and security of autonomous ships cannot be guaranteed and cannot depend on prior system knowledge [2, 3, 6]. However, this requires a new safety approach that takes into account the various systems on board and on land and the way they interact [2, 3, 9, 10].

Why Is It Important For The Legal Sector To Fully Address Their Cyber Security?

According to the European Directive "EU 2016-679", cyber-enabled ships are already one of the most critical infrastructures that rely on digital services, while a malfunction can cause economic and environmental damage or endanger human safety [7]. Although some research has been conducted in this area [2, 3, 6, 9, 11], maritime cyber security has not been investigated in depth. In this article, we first identify the security issues and threats facing the modern shipping industry, particularly the targeting systems available on board. We then explain mitigating measures that can be implemented

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