Dubai, 16 Nov 2017
INCE & Co in conjunction with the IMarEST UAE Branch hosted a knowledge sharing session for the Middle East maritime fraternity, identifying a relatively neoteric challenge faced by the industry. The INCE & Co presentation addressed the scale of cyber incidents globally and in the Middle East. It also looked at insurance issues, market initiatives and legislation/regulation around the subject.
Nikeel Idnani, Honorary Secretary IMarEST UAE branch, introduced the subject with a foreword on the increasing cyber targeting of the maritime industry and the requirement to protect vessels from cyber incidents.
Commensurate with their CSR initiatives, as a firm with a global reach INCE & Co LLP have been committed to improving the impact of their social activities to the maritime community for over 140 years. Through their Solicitor Justin Whelan, INCE & CO presented ‘Cyber Security from the Marine Perspective’ which discussed the scale of cyber incidents and examined a number of particularly susceptible industries and the increasing risk to businesses of all sizes. He drilled down into particular cyber risks facing the maritime industry as it moves into the age of smart shipping and increased digitilisation, and explained the risks arising from the inter-connectedness of systems. Justin discussed the nature of various cyber incidents, the varied cast of perpetrators and the widespread damage caused extending far beyond financial and data losses, and including for example physical damage to property, personal injury and damage to reputation. Justin emphasized the current difficult decisions facing companies in terms of traditional insurance products with a cyber clause versus specialist cyber policies. He scrutinised in detail the May 2017 WannaCry and June 2017 NotPetya attacks. He discussed a number of marine cyber examples with far reaching consequences. Justin emphasised that the ‘it will not happen to me’, attitude was akin to burying one's head in the sand and highlighted that senior management need to recognise that cyber is more of a compliance issue than an IT issue, adopting a prevention being better than cure approach.
He reasoned that cyber security should be considered as an integral part of the overall safety management in shipping and offshore operations. Towards that end, INCE & Co have joined forces with Navigant to offer businesses a unique health check of their cyber defenses from both an operational IT perspective and an insurance perspective.
The enthralling presentation was followed by a lively interactive discussion between the INCE & Co team and the riveted audience who savored the insight. Their numerous questions and comments were challenging and interesting. The 70 attendees were from ClassNK, Milaha, Viking Marine Services, UASC, SEACOR Offshore, C.S. Offshore, McDermott Middle East, D&K Holdings, Montec Ship Management, Grandweld, Quantcyb Inc, Bahri Ship Management, Industrial Tools International, Total, Gulf Ship Management, Al Mufaddal Engineering & Marine Services, Auburn Shipmanagement, International Tanker Management, BV, System Dynamics, Red Sea Marine Management, Sharaf Shipping Agency, Emirates National Oil Company Limited, DNV GL, Ibrakom Cargo, Dan Bunkering, GEM, Sky Bits, Nan Lian Ship Management, Silver Star Ship Management, ADNOC, Abu Dhabi Ports, Asset India, Dubai Maritime City Authority, Akron Trade & Transport, Dockendale Ship Management, United Petro Supplies, Premier Marine Engg. Services and Sharaf shipping.
On behalf of the IMarEST UAE branch, Bilal Al Habash presented a bespoke token of appreciation to Justin Whelan.
Notwithstanding an unusual drizzle in Dubai, INCE & Co hosted fabulous cocktails & dinner at the rooftop poolside of the Ramada Jumeirah hotel.