CYMAR and Saiber join forces to promote Dubai cyber insurance

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Dubai’s position as a leading insurance innovation hub has taken a step forward with the announcement of a strategic partnership between local Smart Port technology company Saiber Innovation Technologies (Saiber) and Ports & Terminals cyber insurance specialist CYMAR Management Ltd. (CYMAR).

The UAE has been steadily increasing its importance in the global maritime & logistics sector and this new partnership will further address the ever more demanding cyber insurance needs of the sector which is particularly vulnerable to cyber-attack.

CYMAR’s use of cutting-edge technology combined with gold standard human risk management practices to mitigate risk, offers a disruptive and challenging approach to providing cyber insurance in a way that isn’t currently available in the market.

Pradeep Luthria, Managing Director of Saiber commented: “We are delighted to be working closely with CYMAR. Their innovative and disruptive approach to cyber insurance is a game changer for the Ports & Terminals industry and will play a vital role in securing the supply chain. We are excited to be part of such an important move to provide much needed cover to critical infrastructure.”

Jonathan Jones, CYMAR’s CEO and insurance industry veteran added: “Working with Saiber is a natural fit for us. Our aim is to bring together Smart Ports and Smart Shipping with Smart InsureTech. Saiber’s ground-breaking digital twin technology complements that of our existing technology and coupled with our cyber crisis expert OCTO, brings a new dimension to port cyber security which is essential to the creation of a suitable insurance risk mitigation strategy.

“This alliance builds on our existing technical capability to deliver full data integrity to all Ports & Terminals as we will utilise proven blockchain technology designed to provide immutability of digital assets and real-time detection and mediation.”

OCTO’s Helen Shannon comments: “We will be able to deliver to Ports & Terminal operators our intelligence expertise in dealing with any type of crisis or emergency situation upon the occurrence of a cyber event.”

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