Security and risk management for Yachts

February 28, 2018
by Phillip Cable

Can you give us an overview of the risks associated with owning a yacht?

 

By their very nature yachts are opulent displays of wealth and success which while welcomed in many of the most spectacular locations in the world, does provide a very visual representation of affluence. As with the land-based HNWI community privacy intrusion is an ongoing risk alongside petty larceny and unauthorised boarding rising to targeted organised crime in some locations. A robust procedure complimented with technical security elements to detect and prevent access to the vessel remains a first line of protection. As many yachts are used as a place of business and are connected to the outside world wherever they may be in the world it is important to provide solutions to protect the networks and data and maintain a secure posture in an ever more connected world.

 Risk management in the yachting world has rapidly evolved as technology has become the major driver in pushing design and operational capabilities. Previously, security as a function was a manpower concern however now with intelligent risk systems and platforms that help support minimum manning onboard; providers continue to design and develop systems to provide greater oversight and response. There will always be a place for a person in the chain of effective risk management however by intelligently using integrated systems, successful providers continue to evolve which is very much in line with the ethos of superyachting.

 

 

What is your main advice to a private client looking for security services for his yacht?

 

As a yacht is essentially a floating residence for many HNWI owners we would advise that a balance between risk and accessibility has to be considered. When selecting a security provider specifically for a yacht, further questions have to be addressed as often the vessel will be changing location and usage, from luxury personal use to charter activity to event hosting. Security concerns are further governed by safety and security codes which must be legally considered. As yachts criss-cross our oceans there are changing geopolitical concerns which need to be factored in. A provider should work with the yacht management teams and ultimately alongside the vessel captain in designing systems and procedures to enhance the yacht usage, not detract from it.

About MAST Yacht Division

 

Super Yacht Services – As a market leading innovator in the design and installation of integrated security platforms MAST remains committed to providing solutions specifically adapted to the superyacht lifestyle. Drawing on our experience we consult, design and advise on all aspects of maritime risk management throughout yacht lifecycles. In partnership with our best in class maritime risk management transit services MAST remains dedicated to making the work a safer place to live and work.

Phillip Cable is the co-founder and CEO of MAST, a security and risk management consultancy. Since leaving the Royal Navy where he held a Commission for 6 years, Phillip is a law graduate, holds a Post Graduate Diploma in Legal Practice and has a Master’s degree in Maritime Law which provides him with an exceptional understanding of the sector’s specific insurance and legal requirements. Prior to his naval service he worked in the Lloyd’s of London Marine Insurance Market.