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New Cyber Security Clause from BIMCO
As a result of recent cyber security attacks affecting the shipping industry, BIMCO has developed a new standard Cyber Security clause.
BIMCO drafted the new clause with representatives from shipowners, P&I clubs and a law firm. The clause is expected to be published at the end of May and has been drafted in broad and generic language so it can be used in a wide range of contracts and applications.
Features of the Cyber Security Clause
The clause requires both parties to implement cyber security procedures and systems to help reduce the risk of an incident and mitigate the consequences of a security breach.
It also requires the sharing of relevant information between both parties. This is in the form of an initial update, advising the other party that there has been an attack and then a more detailed notification once the affected party has investigated the incident.
The full BIMCO article can be found here.
North’s Cyber Security Insights page can be found here.
