BIMCO aims for cyber security contract clause in 2019

Cyber security remains a tricky risk to handle particularly when it comes to delegating responsibilities and contractual obligations. BIMCO will offer a solution next year with a new cyber security clause that is being developed with input from several industry sectors.

News ID: 80293

Date: 22 November 2018 - 11:26

Klaveness is leading the clause drafting, while Navig8, UK P&I Club and HFW are also participating

BIMCO is looking to publish a contract clause that addresses cyber security risks in spring 2019.

“The BIMCO cyber security clause requires the parties to have plans and procedures in place to protect its computer systems and data, and to be able to respond quickly and efficiently to a cyber incident,” it said in a statement.

The international shipping association’s clauses are used during transactions and contract agreements a pre-established set of rules to which parties involved agree.

The purpose of the cyber security clause that is being developed is to raise awareness of cyber security risks and to offer procedures and system that prevent an incident from occurring, or the very least mitigate its effects.

Under the clause, a party that has suffered a cyber security breach must quickly notify the other party, so they can set up any necessary counter measures.