BIMCO Cyber Security Clause 2019

The BIMCO Cyber Security Clause 2019 is a standard contract clause that allocates cyber-incident risk between parties to charterparties and other shipping agreements. Each party must keep procedures and systems to reduce the risk of a cyber security incident and, after one, act to mitigate and restore. It caps each party’s liability for a qualifying incident at an agreed figure (the parties insert the cap; the BIMCO default is USD 100,000). Published 25 May 2019, it operationalizes the cyber duty behind IMO Resolution MSC.428(98).