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Axis Insurance Co. is collaborating with Kennedys Law LLP to provide marine cyber incident response services, legal advice and ancillary services, the insurer and law firm said Tuesday.
The new product being introduced by Axis Insurance, a unit of Pembroke, Bermuda-based Axis Capital Holdings Ltd. and Kennedys will help policyholders protect against cyber exposures on board vessels and onshore in shipping offices, according to the statement issued by the two companies.
The product, which is available to all new and renewing Axis cyber marine insurance policies, features a single dedicated point of contact to report a cyber incident and process insurance claims simultaneously; an extensive network of marine, legal and technical experts to aid recovery; assistance including system restoration, counsel and meeting with cyber experts; and online cybersecurity awareness training for all maritime personnel.
With over 90% of the world’s trade being carried by sea, insurance industry analysts warn that the shipping industry is a prime target for cyber attack.