The newly introduced cyber insurance provides comprehensive coverage, encompassing business interruption, incident response expenses, and optional directors' and officers' liability. Additionally, it offers protection against cybercrime and other extended coverages, addressing the evolving digital threats faced by modern businesses.
Tim Fairbrother, CEO of Ocean Underwriting, emphasized the critical importance of cyber insurance in today's business environment. He expressed pride in partnering with Tokio Marine, recognizing their specialized expertise in the field, which will support clients effectively.
For Australian boat owners and marine-related businesses, this development is particularly relevant. As the marine industry increasingly relies on digital systems for operations, the risk of cyber incidents grows. Having access to tailored cyber insurance ensures that businesses can safeguard against potential disruptions and financial losses resulting from cyber threats.
In summary, the collaboration between Ocean Underwriting and Tokio Marine brings a vital layer of protection to Australian SMEs, including those in the marine sector. This initiative underscores the importance of adapting to the digital landscape and proactively managing emerging risks.
