Willis has moved deeper into cyber risk solutions with the introduction of CyFly – an insurance product that expands business interruption cover to include a wider range of airline cyber exposure associated costs.
Willis’ recent industry risk index identified failure of critical IT systems as the biggest risk facing the global aviation industry, and in response to the need, together with AIG, developed a product specific to aviation cyber risk.
The product offers an integrated approach to technology risk, focusing on mitigating costs from reputational damage that can severely impact the aviation business.
John Rooley, CEO,Willis Towers Watson Global Aerospace, called CyFly’s launch a “defining moment for the aviation industry in terms of the approach to cyber risk within an enterprise risk management framework.”
The innovative insurance solution extends business interruption cover to include IT failure impact on third-party services that are often heavily relied on by airlines.
CyFly further extends business interruption cover to regulatory fines and compensation specific to cyber incidents as well as “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 provides a pre-agreed minimum value per flight cancellation and claims preparation costs cover.
Glyn Thoms, Executive Director, Global Professions, Willis Towers Watson, said; “CyFlyhas been specifically designed to respond to the cyber risk concerns of our aviation clients. 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.”
“We’re delighted to be working with Willis Towers Watson on this product that has been developed specifically for the airline industry, capitalising on AIG’s expertise and product range in cyber and in line with our commitment to collaborating with our partners to create industry specific products,” added Chris Burgess, AIG’s UK Head of Cyber.