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Norwegians plan new scheme to cover cyber risk from the New Year

Photo: NSA/DNK NTB_607381232.jpg
Norwegian mutual war risk insurer, Den Norske Krigsforsikring for Skib (DNK), and the Norwegian Shipowners’ Association (NSA) are establishing a new setup, Norma Cyber, which will cover cyber risk for DNK members from 1 January 2021.

In addition to providing insurance for members, Norma Cyber will also provide a database for members to exchange information and provide rapid preventive and supportive action in times of crisis and threat against Norwegian ships, DNK managing director Svein Ringbakken told Seatrade Maritime News. The cyber service will be managed by Lars Benjamin Vold, DNK’s Head of Digital Development.  

The establishment of Norma Cyber follows a series of attacks on sectors within the global shipping industry – including leading container lines, ports and even the IMO itself. Yet for ships, conventional hull and machinery insurance cover specifically excludes such risks in Clause 380, the Institute Cyber Attack Exclusion Clause. Although cyber-specific insurance policies are available, many owners and operators are thought not to have such cover.

“Cyber is not a new threat class, but a means potentially used by threat actors across the board,” explained Ringbakken. “It may be used by governments, terrorists and various types of criminals. If terrorists were to use cyber as a tool to attack a DNK ship for the purpose of sabotage, this would be covered by the war policy. We aim to protect our members by being early movers with the forceful effort Norma Cyber represents.”

DNK currently provides mutual war risk cover for about 420 owners and more than 3,400 ships and offshore assets. To qualify for membership, the insured party must have a Norwegian connection either by way of flag, ownership or joint venture partnership.