Amongst the losses covered in the new US$2 million investment in insurance coverage at Port Tampa Bay, one stands out as ‘new’ – Cyber-liability.
Whilst not easy to determine, Tampa Bay officials are almost certain that they are one of the first ports in the country to invest in this new type of insurance, further protecting their customers from an ever present and ever growing online threat.
The Port Tampa Bay authority is investing $12,442 for $1 million of coverage, after a $25,000 deductable from Illinois Union Insurance Co.
Greg Celestan, who was sworn in as a new port commissioner on 15 April, praised the purchase of cyberliability insurance.
The founder of defence and security contractor Celestar, which has held a number of vulnerability assessments for ports, cities and other large institutions, Celestan feels that the coverage is a small price to pay for the potential threats a port faces.
Speaking to the Tampa Bay Business Journal, Celest said “The port is obviously a potential prime target. Because of the infrastructure, because of the cargo that passes through the port, it would make a lucrative target for those who want to do something bad.”
Whilst the official policy has not been released, it is believed that the investment will cover third-party liability for stolen credit card numbers, social security numbers and other private data.
The insurance plan will also cover the cost of forensics, or investigation of who or what caused the problem and finally notification expenses, to ensure that all parties at the port are involved of any hacking attacks, even if accounts have not been tampered with.