Willis Towers Watson has introduced a new product offering cyber insurance cover designed specifically for shipowners.

The product, called CyNav, helps shipowners address risks and concerns at a time of great technological and regulatory change in the marine industry.

Recent examples of maritime cyber incidents have seen financial and reputational losses exceed $US300 million ($458.9 million), and Willis Towers Watson say not enough consideration has been given to protection against cyber attacks, even though they will likely become more common than piracy.

CyNav covers crisis management costs, protecting shipowners in the face of ransomware attacks and data breaches, as well as business interruption cover in the event a cyber incident disrupts operations.

It also covers property damage and loss of hire cover arising from a cyber-attack, satellite communication interference, or disruption to or the detaining of a ship following a cyber-attack.

Fines and defence costs arising from regulatory actions are also covered.