Hanwha General Insurance and CYTUR Sign Agreement on Maritime Cyber Insurance

Hanwha General Insurance Co., Ltd. and CYTUR Inc., a company specializing in maritime and vessel cybersecurity, signed a memorandum of understanding on October 23 to jointly advance maritime cyber insurance business initiatives. The agreement seeks to offer an integrated service combining maritime cyber insurance capabilities with vessel cybersecurity technologies, and to actively develop South Korea's maritime cyber insurance market.

The companies noted that cyber threats affecting maritime supply chains, including attacks on vessels' operational technology (OT) systems and disruptions to satellite communications, have become a reality, as the International Maritime Organization (IMO) and the International Association of Classification Societies (IACS) strengthen cyber resilience regulations. According to the sources, existing hull and marine insurance policies exclude general losses related to cyberattacks, leaving shipping companies with significant coverage gaps.

Under the memorandum, both companies agreed to work on planning maritime cyber insurance products and services, establishing cyber threat assessment systems linked to cyber resilience, creating a cooperation framework for insurance incident investigations through digital forensics, and researching scenario-based loss models.

CYTUR will assess vessels' security levels and provide the technical analysis data needed for insurance underwriting, drawing on its IT/OT cybersecurity technologies that cover the vessel's entire lifecycle, from design and construction to operation. Following policy issuance, the company will continuously monitor vessels' security status through its cyber resilience management system, and in the event of a cyber incident will analyze the cause and extent of damage through remote analysis and onboard forensic investigations, delivering technical reports for claims investigations. Hanwha General Insurance, for its part, will develop cyber insurance products tailored to the characteristics of the maritime industry, establish criteria linking vessel security assessment results to insurance eligibility conditions and preferential terms, and manage incident reporting and loss adjustment procedures, including a joint investigation framework with forensic expertise.

Both companies will launch a pilot project and joint marketing activities aimed at South Korean shipping companies and shipowners in December 2026, and also plan to develop policy cooperation initiatives with local governments and classification societies. A spokesperson for Hanwha General Insurance stated that, amid the rapid rise of cyber threats as vessel operations become increasingly digitalized, the partnership with CYTUR will provide an optimal solution to address comprehensive risk management needs in one place, and that both companies will work as trusted maritime cyber risk partners to offer differentiated services.