Rapid changes in technology can leave airports exposed to increasingly sophisticated cyber risks on different levels. However, traditional insurance options often only cover data breaches on an airport’s own IT systems. Global airports need more extensive coverage that addresses the risks from integrating with third-party networks.
Willis Towers Watson has recognised that exposure to cyber and digital risk is a major concern among airports today, and has now officially launched CyFly for Airports as an innovative and flexible insurance option – a product that was first announced in a partnership with AIG back in 2017.
CyFly is tailored to cover cyber exposures and business interruption that come from outages sustained by third parties upon whose networks airports rely, such as air navigation service providers, hangar operators, and maintenance operators. The product also covers regulatory costs and fines from cyber security legislation, such as the EU Network & Information Systems Directive, as part of its coverage.
Cyfly additionally covers business interruption from unplanned outages due to system failure, and voluntary system shut-downs undertaken to mitigate exposure.
“CyFly for Airports has been specifically designed to respond to the cyber risk concerns of our airport clients,” said Jamie Monck-Mason, executive director of cyber & TMT at Willis Towers Watson.
“They recognise that it is not only their own IT systems that can be vulnerable but that the human element and third party suppliers can also create risk.”
“Traditional cyber coverages do not include many of the benefits that CyFly for Airports can cover. With our in-depth understanding of the human element of risk, in conjunction with feedback and data from clients, we are developing a suite of industry-specific cyber solutions.”
