Today, cyber threats have evolved significantly and pose a serious risk to the maritime sector, leaving shipowners and ship managers increasingly vulnerable to cyber-attacks. These attacks may lead to operational disruptions, financial losses and reputational damage. However, traditional insurance policies exclude cyber coverage, leaving an unaddressed gap in the market.
The SCISSOR (Singapore Cyber Insurance for Safe Shipping and Operational Readiness) Insurance portal bridges the gap between marine and cyber insurance. It offers enquiring owners and operators a seamless process to obtain a holistic cyber coverage that is IMO-compliant, giving maritime businesses clarity and assurance that their vessels and enterprises are adequately insured.
Mr. T S Teo, President of SSA, remarked, “with the rapid proliferation of technology, cyber risks cannot be taken lightly. The SCISSOR Insurance is a digital hub that provides small and large companies ease of access to comprehensive cyber cover in the marine insurance market.”
The SCISSOR Insurance portal is the only product in the market that does not have war exclusion; it also covers beyond damage-to-hull such as business interruption and financial loss.
SSA strongly encourages all our members to explore what SCISSOR Insurance has to offer, and to leverage on this innovative approach to risk management.
SSA members are entitled to a discounted rates on premiums.
Visit the SCISSOR Insurance portal today.