The Baltic and International Maritime Council (BIMCO) expects to publish a cyber security clause in May 2019.
BIMCO is developing the clause to tackle cyber security risks and incidents that might affect the ability of an organisation to perform its contractual obligations. It will require parties to have plans and procedures in place to protect its computer systems and data, ensuring an efficient response to a cyber incident.
Mitigating the effect of a cyber security breach is of paramount importance and the clause requires the affected party to notify the other parties quickly, so that they can take any necessary countermeasures, added BIMCO.
It will also be designed for use in a broad range of contracts, covering arrangements with third-party service providers such as brokers and agents.
A small team led by Inga Froysa of Norwegian shipping company Klaveness is drafting the clause. Other companies involved include Navig8, the UK P&I Club and Holman Fenwick Willan (HFW).