The BIMCO cyber security seminar will look at the commercial consequences from a chartering point of view.
A successful cyber-attack could potentially trigger a range of legal disputes under the sale contract or charter party. This could include interruption of laytime, seaworthiness, non-payment of hire caused by diversion of payments and off-hire caused by breakdown in ship or shore equipment. There are also a range of potential legal disputes under commodity contracts, where the consequences of a cyber-attack might enable the parties to limit their liability for the financial consequences, or even avoid payment.
The 2016 PWC Global Economic Crime Survey listed cybercrime as ‘the fastest growing global economic crime’. Forbes is projecting the cost of cybercrime to reach $2 trillion by 2019. The BIMCO Seminar will look at the commercial consequences from a chartering point of view.