Konstantinos Grigoriadis

The application of Marine Insurance Law on cyber-piracy / cyber-attacks Konstantinos Grigoriadis

Piracy is a significant threat to the maritime industry. The IMB PRC received 162 incidents of piracy in 2019, whilst a significant number of crew were kidnapped for ransom, which is nowadays pirates' modus operandi. The aim of this book is to analyze the issues and the consequences of piracy under the scope of Marine Insurance law and to illustrate the measures taken by the industry to confront both the traditional form of piracy as well as the contemporary one, which is cyberpiracy. The industry is becoming more and more integrated into technological advancements and the more connected vessels, ports and terminals become, the more vulnerable to cyber-threats they are. Cyberpiracy is a risk already threatening the industry as it is evidenced by recent cyber-attacks, such as that in Moller-Maersk which costs approximately US$300m, as well as the sharp increase of 400% in attempted hacks on the maritime and offshore sectors during the COVID-19 when the majority of businesses were telecommuting. How the marine insurance industry implements cybersecurity and how the principles of marine insurance law can be applied to cybersecurity and cyberpiracy will be analyzed in this book.