Willis Towers Watson launches new cyber cover for airlines
Written by staff reporter
Willis Towers Watson has launched a cyber insurance solution specifically tailored to cover exposure across the global airline industry. Failure of critical IT systems is the most significant risk facing the global aviation industry.
Focusing on the human element associated with risk and technology, CyFly was developed with AIG. It includes extension of business interruption referable to third parties; and 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. It also features network business interruption cover at a pre-agreed minimum value per flight cancellation and claims preparation costs cover; and cover for aviation regulatory fines and compensation in relation to specific cyber incidents.
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.