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Cyber Risks, Potential Liabilities and Insurance Responses in the Marine Sector / ALICIA MCKENZIE

Swansea University Author: ALICIA MCKENZIE

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DOI (Published version): 10.23889/SUthesis.62362

Abstract

The marine sector is vulnerable to cyber-attacks as it becomes more dependent on information and operational technology systems connected to the internet. While this allows for greater efficiency, the interconnected nature of such systems will expose the sector to new and evolving cyber risks. The r...

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Published: Swansea 2022
Institution: Swansea University
Degree level: Doctoral
Degree name: Ph.D
Supervisor: Soyer, Baris ; Leloudas, Giorgos
URI: https://cronfa.swan.ac.uk/Record/cronfa62362
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first_indexed 2023-01-18T12:45:48Z
last_indexed 2023-01-19T04:16:25Z
id cronfa62362
recordtype RisThesis
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spelling 2023-01-18T13:07:41.2874996 v2 62362 2023-01-18 Cyber Risks, Potential Liabilities and Insurance Responses in the Marine Sector c820e2a2bd07fbdde57bbc88e5bb8e0a ALICIA MCKENZIE ALICIA MCKENZIE true false 2023-01-18 The marine sector is vulnerable to cyber-attacks as it becomes more dependent on information and operational technology systems connected to the internet. While this allows for greater efficiency, the interconnected nature of such systems will expose the sector to new and evolving cyber risks. The research begins by briefly examining the nature of cyber risks, identifying likely threat actors and the motivation behind such attacks. Through the use of hypothetical scenarios, the researcher identified; i) some of the cybersecurity vulnerabilities particular to the marine sector, ii) the potential losses and liabilities from a cyber-attack / incident and iii) analysed how insurance may be used to mitigate the risks focusing specifically on the adequacy of traditional marine policies as well as cyber insurance policies to cover such risks. Traditional marine policies were analysed to identify the gaps in cyber coverage in addition to the recognition that without a clearly written cyber exclusion clause, insurers will be exposed to risks and liabilities they did not intend to cover. As for Assureds, while traditional hull and cargo insurance policies may cover some risk, they will not fully cover losses unique to cyber risks such as network failure, data loss, business interruption, cyber espionage and reputational damage so they too may not have adequate coverage against cyber-attacks. The main conclusion from the research is that marine and cyber insurance policies currently available do not adequately protect against cyber related losses and liabilities particularly those unique to the marine sector. This is primarily due to the extensive list of exclusions found in cyber insurance policies and commonly used cyber exclusions clauses usually attached to traditional marine policies. The coverage limits are also inadequate to cover the potential losses to marine facilities and assets which are usually connected to a complex supply chain. E-Thesis Swansea cyber risks, liabilities, insurance, marine sector 22 12 2022 2022-12-22 10.23889/SUthesis.62362 COLLEGE NANME COLLEGE CODE Swansea University Soyer, Baris ; Leloudas, Giorgos Doctoral Ph.D 2023-01-18T13:07:41.2874996 2023-01-18T12:43:02.1879404 Faculty of Humanities and Social Sciences Hilary Rodham Clinton School of Law ALICIA MCKENZIE 1 62362__26326__fd31d95fab164cdea1bd085141e62012.pdf McKenzie_Alicia_PhD_Thesis_Final_Cronfa.pdf 2023-01-18T12:52:00.3850721 Output 2157094 application/pdf E-Thesis – open access true Copyright: The author, Alicia A. Mckenzie, 2022. true eng
title Cyber Risks, Potential Liabilities and Insurance Responses in the Marine Sector
spellingShingle Cyber Risks, Potential Liabilities and Insurance Responses in the Marine Sector
ALICIA MCKENZIE
title_short Cyber Risks, Potential Liabilities and Insurance Responses in the Marine Sector
title_full Cyber Risks, Potential Liabilities and Insurance Responses in the Marine Sector
title_fullStr Cyber Risks, Potential Liabilities and Insurance Responses in the Marine Sector
title_full_unstemmed Cyber Risks, Potential Liabilities and Insurance Responses in the Marine Sector
title_sort Cyber Risks, Potential Liabilities and Insurance Responses in the Marine Sector
author_id_str_mv c820e2a2bd07fbdde57bbc88e5bb8e0a
author_id_fullname_str_mv c820e2a2bd07fbdde57bbc88e5bb8e0a_***_ALICIA MCKENZIE
author ALICIA MCKENZIE
author2 ALICIA MCKENZIE
format E-Thesis
publishDate 2022
institution Swansea University
doi_str_mv 10.23889/SUthesis.62362
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str Hilary Rodham Clinton School of Law{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}Hilary Rodham Clinton School of Law
document_store_str 1
active_str 0
description The marine sector is vulnerable to cyber-attacks as it becomes more dependent on information and operational technology systems connected to the internet. While this allows for greater efficiency, the interconnected nature of such systems will expose the sector to new and evolving cyber risks. The research begins by briefly examining the nature of cyber risks, identifying likely threat actors and the motivation behind such attacks. Through the use of hypothetical scenarios, the researcher identified; i) some of the cybersecurity vulnerabilities particular to the marine sector, ii) the potential losses and liabilities from a cyber-attack / incident and iii) analysed how insurance may be used to mitigate the risks focusing specifically on the adequacy of traditional marine policies as well as cyber insurance policies to cover such risks. Traditional marine policies were analysed to identify the gaps in cyber coverage in addition to the recognition that without a clearly written cyber exclusion clause, insurers will be exposed to risks and liabilities they did not intend to cover. As for Assureds, while traditional hull and cargo insurance policies may cover some risk, they will not fully cover losses unique to cyber risks such as network failure, data loss, business interruption, cyber espionage and reputational damage so they too may not have adequate coverage against cyber-attacks. The main conclusion from the research is that marine and cyber insurance policies currently available do not adequately protect against cyber related losses and liabilities particularly those unique to the marine sector. This is primarily due to the extensive list of exclusions found in cyber insurance policies and commonly used cyber exclusions clauses usually attached to traditional marine policies. The coverage limits are also inadequate to cover the potential losses to marine facilities and assets which are usually connected to a complex supply chain.
published_date 2022-12-22T04:21:55Z
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score 11.0127

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