Menu

Reinsurance News

WTW launches cyber solution for Power & Utilities industry

24th March 2021 - Author: Charlie Wood

Global re/insurance broker Willis Towers Watson has launched a new type of cyber insurance cover designed specifically for Power & Utilities companies.

willis towers watsonWTW says CyNat has been developed to specifically cover the key industry exposures rather than trying to modify pre-existing generic cyber products.

The solution includes crisis management costs, business interruption cover, property damage and loss of hire cover as well as cover for fines and defence costs arising from regulatory actions.

As the financial impact of cyber incidents continues to increase and the ‘silent cyber’ cover in traditional cover is being reduced, WTW sees CyNat’s clear and flexible approach is designed to plug any remaining cyber gaps.

“Our clients are clearly concerned by the increasing number of cyber events impacting the Natural Resources sector and the increasing cost of these events,” said Graham Knight, Global Head of Natural Resources at Willis Towers Watson.

Gallagher Re

“CyNat offers a genuinely pioneering cyber solution built specifically for Power &Utilities businesses in the initial launch phase and will be followed with tailored solutions for other Natural Resources clients.

“In the context of the increasing sophistication of cyber criminals and greater levels of cyber security governance in the sector, CyNat delivers the flexible protection that companies need to mitigate their cyber risk.”

Glyn Thoms, Head of FINEX Cyber (GB) at Willis Towers Watson added, “Cyber risks have a very different DNA depending on the sector. We are delighted to launch CyNat which is another sector specific cyber solution from Willis Towers Watson.

The product team have married a deep understanding of the Power & Utilities sector with dedicated cyber insurance specialists to deliver a solution which responds to the risks and concerns that natural resources organisations now face at a time of great technological and regulatory change for the industry.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Transatlantic Holdings’ CEO departure unlikely to impact ratings: S&P

S&P Global Ratings has announced that Transatlantic Holdings' Chief Executive Officer Mike Sapnar's departure is unlikely to have any impact...

Close