Global insurance and reinsurance broker, Willis Towers Watson (WTW), has announced the launch of a new innovative cyber solution for airports, called CyFly for Airports.
The constantly evolving and growing cyber threat has seen cyber and digital risks become a top concern for the airports of today. In response, WTW has launched CyFly for Airports, which it describes as an innovative and flexible insurance product designed specifically to cover cyber exposures affecting airports in all parts of the world.
The new solution offers a number of extensive coverages which the broker says are not currently incorporated into traditional cyber policies.
This includes; Business interruption losses as a result of outages sustained by third-parties upon whose networks airports rely; regulatory costs and fines under cyber-security legislation; broad system failure business interruption that extends to any unplanned outages; voluntary system shut-downs to limit business interruption losses; claims preparation costs; deemed insurability language, which aides recovery of both data protection and cyber security fines, explains WTW.
WTW’s Executive Director, Cyber & TMT, Jamie Monck-Mason, commented: “CyFly for Airports has been specifically designed to respond to the cyber risk concerns of our airport clients. 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 include 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.”
