The use of internet, IT and operational technology plays an integral part in the way the international trade community delivers its day to day products and services. A growing number of claims now involve computer or data problems arising either from operational mistakes by employees or computer crimes usually involving a third party. Regulatory bodies supervise the internet in a belated attempt to eradicate cyber crimes but unfortunately without much success. The navigational equipment such as ECDIS, electronic bills of lading, control and automation systems, as well as communication networks are considered to be of high vulnerability to potential cyber threats. In response to increased cyber risks IMO has set up two Committees, namely Facilitation and Maritime Safety, that are working collaboratively in the development of voluntary guidelines on adequate cyber security practices. In addition, it was recently announced that one of the IACS members has teamed up with a major Greek vessel operator to prepare a cyber security management system for its fleet and onshore facilities. However, in the past computer hackers have bypassed high profile security systems confirming that no one is safe if, connected to the internet. Hence, insurance companies are launching specialized products covering vessel operators' own and third party exposures including business interruption and extortion highlighting that these products are needed now more than ever.