There’s been a 300% increase in cybercrime in the UK over the last five years, which means more and more industries and individuals are discovering a pressing need for cyber liability insurance. But there’s one niche market for cyber cover that insurers may not be aware of – superyacht owners.
People who own the gargantuan luxury yachts – and businesses that work within the superyacht industry – need to keep abreast of how best to protect themselves in the event of a cyber attack, according to a report by Superyacht News. Simon Cooper, partner at commercial law firm Ince & Co., recently spoke about the need for cyber cover among the superyacht crowd.
“Firstly, superyacht owners need to consider the necessity of cyber-specific cover,” Cooper said at an event at Ince & Co. headquarters. “What cover might you have under your current policy? Have I got an all-risk policy covering me, and if I have, are there any relevant exclusions for cyber breaches?”
Some far-reaching coverage ends up including so-called “silent cyber insurance,” according to Superyacht News – basically, a policy that doesn’t specifically exclude cyber attacks. However, insurers are becoming increasingly aware of that and beginning to add cyber exclusions to other policies.
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