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25 March 2020
On 17 February 2020 the Shipping Deputy Ministry issued Circular 4/2020 on cyber risk following International Maritime Organisation Resolution (IMO) MSC428(98), which recognises the urgent need to raise awareness of cyber-risk threats and vulnerabilities to support safe and secure shipping, which is operationally resilient to cyber risks.
In this respect, the IMO Facilitation Committee has approved guidelines on maritime cyber-risk management (MSC-FAL1/Circ3).
As noted in Circular 4/2020, 'maritime cyber risk' refers to a measure of the extent to which a technology asset could be threatened by a potential circumstance or event, which may result in shipping-related operational, safety or security failures as a consequence of information or systems being corrupted, lost or compromised. 'Cyber-risk management' means the process of identifying, analysing, assessing and communicating a cyber-related risk and accepting, avoiding, transferring or mitigating it to an acceptable level, considering costs and benefits of actions taken to stakeholders. The objectives of the International Safety Management Code must be upheld, including:
All ship management companies of ships flying the Cyprus flag should address the cyber risks in their safety management system no later than the first annual verification of the company's document of compliance after 1 January 2021. Registrars of shipping are expected to verify compliance with the abovementioned requirement during the first annual verification of a company's document of compliance after 1 January 2021.
For further information on this topic please contact Costas Stamatiou or Vasileios Psyrras at Elias Neocleous & Co LLC by telephone (+357 25 110 110) or email (firstname.lastname@example.org or email@example.com). The Elias Neocleous & Co LLC website can be accessed at www.neo.law.
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