Willis Towers Watson introduces new insurance solution for airline industry
UK-based Willis Towers Watson has launched a new cyber insurance product targeting global airlines.
Branded as CyFly, the flexible insurance solution has been particularly designed to cover risks faced by the airline industry from cyber exposure.
Developed in collaboration with AIG, CyFly is available globally and will be part of Willis Towers Watson’s integrated approach to cyber risk.
The solution will focus on the human element related with risk and technology involved in the aviation sector.
Willis Towers Watson Cyber and Technology, Media and Telecommunications Global Industry executive director Glyn Thoms said: “Airlines are exposed to significant financial and reputational damage in the event of a network incident caused by people or technology risk.
“CyFly has been designed to respond to our aviation clients’ cyber risk concerns. 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.”
CyFly will cover extension of business interruption of airline companies caused by third parties.
It will provide cover in respect of a wide range of technology and non IT providers like global distribution systems, aircraft maintenance, baggage processing, airport security, and fueling and catering.
Through a minimum value per flight cancellation that has been discussed and agreed in advance and claim preparation costs cover, CyFly will also provide a network business interruption cover.
Besides, the new insurance product for the aviation sector has cover for regulatory fines and compensation association with specific cyber incidents.
Headquartered in London, Willis Towers Watson is a global risk management, insurance brokerage and advisory firm. It was formed in January 2016 through the $18bn merger of Willis Group Holdings, a global risk advisor and insurance broker and Towers Watson, a professional services provider.
Image: Willis Towers Watson has launched CyFly product for the airline industry. Photo: courtesy of pixtawan/Freedigitalphotos.net.