Cyber Risk Insurance
Willis Towers Watson launches innovative new cyber product for global airlines
London, UK (Apr. 13, 2017) – Willis Towers Watson has introduced CyFly, an innovative and flexible insurance solution specifically tailored to cover cyber exposure affecting the airline industry. The recent Willis Towers Watson Industry Risk Index identified failure of critical IT systems as the most significant risk facing the global aviation industry.
As a market leader in aviation, Willis Towers Watson recognises that airlines are exposed to significant financial and reputational damage in the event of a network incident caused by people or technology risk. CyFly forms part of Willis Towers Watson's integrated approach to cyber risk by focusing on the human element associated with risk and technology.
CyFly was developed in close collaboration with one of our insurance partners, AIG and is available globally. CyFly includes the following innovative coverages specific to the airline market:
- Extension of business interruption referable to third parties. Airlines rely on a myriad of third party services to provide continuity of service. In off-the-shelf cyber insurance policies, such third parties' networks aren't brought within the scope of network business interruption.
- Business interruption cover is often limited to IT service providers only. CyFly offers cover in respect of a broad range of technology and non-technology providers such as global distribution systems, baggage processing,aircraft maintenance, fuelling and catering and airport security.
- Network business interruption cover at a pre-agreed minimum value per flight cancellation and claims preparation costs cover.
- Cover for aviation regulatory fines and compensation in relation to specific cyber incidents.
Glyn Thoms, Executive Director, Cyber & TMT, Willis Towers Watson, said "CyFly has been specifically designed to respond to the cyber risk concerns of our aviation clients. With our in-depth understanding of the human element of risk, in conjunction with feedback and data from clients, we are developing industry-specific cyber solutions."
John Rooley, CEO, Willis Towers Watson Global Aerospace, said "The risk landscape is evolving for our clients and we have been listening to and gathering extensive feedback through initiatives such as the Willis Towers Watson Risk Index and forums such as our recent airline conference held in Singapore. Equipped with extensive data and insight we are uniquely positioned to interpret succinctly what our clients want. Our expert cyber colleagues have worked seamlessly with our Global Aerospace team to launch this innovative product which raises the bar of coverage for this sector.
He added, "The launch of CyFly is a defining moment for the aviation industry in terms of the approach to cyber risk within an enterprise risk management framework and we are extremely excited to play our part in that."
Chris Burgess, AIG's UK Head of Cyber said: "We're delighted to be working with Willis Towers Watson on this product that has been developed specifically for the airline industry, capitalising on AIG's expertise and product range in cyber and in line with our commitment to collaborating with our partners to create industry specific products."
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance.
Learn more at willistowerswatson.com.
SOURCE: Willis Towers Watson
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