A new insurance services business has been launched to protect maritime companies from cyber threats. Offering risk management, underwriting and analytics, Astaara Company Limited said it aims to modernize 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 ports operators to navigate their route through the cyber world, making them a harder target to hit and more effective in minimizing the cost and disruption following a cyber event.
Chief cyber officer William Egerton said the firm will support clients "throughout the cyber security lifecycle, helping them manage their risks, protecting their business and ultimately taking some of their risk."
He added, "Using our tools and techniques we will be able to help them recover quickly when the need arises."
Astaara managing director James Cooper said the business will be announcing more appointments in the near future.
"We are recruiting leaders in their field to provide real value-add advice and direction to our clients so they can improve their cyber security posture," he said.
"Cyber incidents impact all parts of a business and AstaaraCyber will make our clients more resilient and improve their recovery."