Is your cargo based company protected against the increasingly prevalent cyber threat? Since damaged and lost cargo is one of the top risks involved in transporting freight, often companies lose sight of even bigger risks to their electronic systems. Many cargo liability insurance programs specifically cover issues and lost profits due to electronic hijacking, and it is highly recommend that you consider these options.
Potential Breaches and Damage
Most modern cargo ships are susceptible to some sort of security breach, and there are a number of techniques that hackers use to steal both information and physical goods. Pirates have been suspected of using GPS and other weaknesses to track and board ships and take their cargo. Additionally, drug smugglers have used tracking systems to hide from authorities and ultimately profit from trafficking. Hackers have also been known to shut down systems and operations stalling all productivity.
Finding the Right Insurance
You cannot assume that these instances are included in traditional insurance plans. In fact, many plans come with an exclusion clause that specifically eliminates protection in the event of a cyber attack. Additionally, it is unclear if these events are included in plans that don’t include a direct clause. Instead, you want to make sure to look for cargo liability insurance programs that outline coverage in the event of cyber problems. These instances are growing rapidly, and you want to make sure to look at plans that protect your cargo and business.