Maritime cyber threat insurance

Offering risk management, underwriting and analytics, Guernsey-headquartered Astaara Company Limited aims to modernise this area of the insurance industry.

“The insurance business is behind the times when it comes to cyber threats to maritime companies. It is only by listening to and responding to what the maritime community needs that you can create a solution that is relevant and necessary,” said Astaara’s group chief executive Robert Dorey.

“Astaara’s multidiscipline offering is the response to an entrenched and siloed market and AstaaraCyber is the product that maritime companies want.”

The business is made up of three elements – Astaara Risk Management, Astaara Underwriting and Astaara Analytics. The latter will support its risk management and underwriting activities – all on one balance sheet.

At the heart of ACL is AstaaraCyber. The company will work with shipowners / offshore and port operators to navigate their route through the cyber world, making them a harder target to hit and more effective in minimising the cost and disruption following a cyber event.

Chief cyber officer William Egerton said: “We look forward to supporting our clients positively throughout the cyber security lifecycle, helping them manage their risks, protecting their business and ultimately taking some of their risk.”

“We can do this because we are confident that we collectively understand their enterprise leadership and posture regarding cyber security risk. Using our tools and techniques we will be able to help them recover quickly when the need arises.”

Astaara will be constantly challenging the model, responding to the ever-changing cyber threat, which managing director James Cooper said was key to remaining an indispensable business partner. Mr Cooper said the business would be announcing more appointments in the near future.

Astaara has also recently secured a significant investment from the West of England P&I Club. Astaara says the investment reinforces its aim to position itself as the market-leading marine cyber specialist.

By Jake Frith