April 11, 2017 by Canadian Underwriter
Global advisory, broking and solutions company Willis Towers Watson (WTW) announced on Tuesday that it has introduced a new “flexible insurance solution” specifically tailored to cover cyber exposure affecting the global airline industry.
CyFly forms part of WTW’s integrated approach to cyber risk by focusing on the human element associated with risk and technology, WTW said in a press release. CyFly was developed in close collaboration with one of the company’s insurance partners (American International Group (AIG)) and is available globally.
“Airlines are exposed to significant financial and reputational damage in the event of a network incident caused by people or technology risk,” said Glyn Thoms, executive director, cyber and technology, media and telecommunications global industry with WTW. “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.”
The product includes the following coverages specific to the airline market:
“The launch of CyFly raises the bar of coverage for the global aerospace sector and is a defining moment for the aviation industry in terms of the approach to cyber risk within an enterprise risk management framework,” said John Rooley, WTW’s head of global aerospace, in the release. “We are extremely excited to play our part in this development.”
Chris Burgess, AIG’s head of cyber for the United Kingdom, said that the insurer is “delighted to be working with Willis Towers Watson on this product that has been developed specifically for the airline industry, capitalizing 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.”