American P&I Club and ABS Consulting join forces to drive cyber awareness for maritime insurance
ABSG Consulting Inc. (ABS Consulting), a subsidiary of ABS focused on safety and risk management, and American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) have joined forces to provide education, training and insurance guidance that address maritime cyber security.
As digital transformation in the maritime industry brings both opportunities and new challenges, owners and operators are relying more on smart technologies and operational data to drive decisions and run their businesses. Comprehensive cyber security programs are not only necessary to protect operations but are also critical to protect the overall safety of crew and the environment. More frequent cyber attacks, increased digitalization and emerging global regulatory focus are adding to immediate demands to address and reduce cyber risk across the industry's value chain. Cyber security has become a business imperative and new measures will have an impact on how maritime vessels and facilities will be covered by insurers.
"The safety and security of our members is a priority. Having a better understanding of the tools available, the programs that can be implemented and the integration of these in the marine industry will help us provide better services to shipowners and charterers globally," says Dr. William Moore, Director of Loss and Prevention at the American P&I Club. The work we are going to do with ABS Consulting is going to help us identify how to enhance our policies, and the offerings we need to incorporate to improve the coverage and services we offer to our members."
"Collaborating with the American Club to build education programs for their members and industry will give us a better understanding of the real challenges we are collectively facing," says Ian Bramson, Global Head of Cyber Security of ABS Group. "This alliance enables us to develop the tools, training and services that support compliance and help ship owners and operators put protections in place to secure their vessels – from the design and construction phases through continuous operation over their service life."
About the American Club
American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA. The American Club has been successful in recent years in building on its U.S. heritage to create a truly international insurer with a global reach second-to-none in the industry. Day-to-day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York. The Club is able to provide local service for its members across all time zones, communicating in a large number of different languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents. The Club is a member of the International Group of P&I Clubs, a collective of 13 mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.
P&I Insurance
Protection and Indemnity insurance (commonly referred to as "P&I") provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations. Running in parallel with a ship's hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.
About ABS Group
ABSG Consulting Inc. (ABS Consulting) is part of ABS Group of Companies, Inc., a wholly owned subsidiary of ABS, one of the world's leading marine and offshore classification societies. Through its operating subsidiaries, ABS Group provides data-driven risk and reliability solutions and technical services that help clients confirm the safety, integrity, quality and efficiency of critical assets and operations. Headquartered in Spring, Texas, ABS Group operates with more than 1,000 professionals in over 20 countries serving the marine and offshore, oil, gas and chemical, government and industrial sectors.