There’s a new product taking flight at international broking giant Willis Towers Watson and it is tailored to cover cyber exposures affecting the global aviation industry.
The brokerage giant has launched CyFly, a new offering that focuses on the human element associated with risk and technology. The product targets global airlines as they are exposed to major financial and reputational damage in the event of a network incident caused by people or technology risk.
According to the recent Willis Towers Watson Industry Risk Index, identified failure of critical IT systems is the most significant risk facing the global aviation industry.
“CyFly has been specifically designed to respond to the cyber risk concerns of our aviation clients,” said Glyn Thoms, executive director, cyber & TMT at Willis Towers Watson.
CyFly includes extension of business interruption referable to third parties, cover for aviation regulatory fines, compensation in relation to specific cyber incidents, claims preparation costs cover, and Network business interruption cover at a pre-agreed minimum value per flight cancellation.
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Business interruption cover is also available for global distribution systems, baggage processing, aircraft maintenance, fuelling and catering and airport security.
Willis Towers Watson global aerospace CEO John Rooley said the CyFly product “raises the bar” of coverage for the airline sector.
“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,” said Rooley.
Available globally, CyFly was developed by Willis Towers Watson and
AIG.
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