Willis launches cyber coverage for aviation industry
Willis Towers Watson has developed a new cyber insurance solution in cooperation with Berkley Cyber Risk Solutions, a Berkley Company, to help the aviation industry manage cyber risk.
The new solution Aerospace Cyber Guard will be available to North American-based general aviation companies, including charter operators, tour operators, flying clubs, flight schools, fixed-based operators, maintenance repair operators, small aviation-related manufacturing and fleet management companies. The cyber insurance solution will be provided by one or more insurance company subsidiaries of WR Berkley Corporation, Willis said at the 2018 HAI Heli-Expo in Las Vegas.
Cyber risk exposure is a growing concern for general aviation companies as their business models evolve and they increasingly rely on in-house or outsourced technology to run their business, the company explained. Until now, a cyber-specific insurance product for the industry did not exist, leaving many operators with potential coverage gaps in their insurance programmes.
“As the general aviation industry wakes up to cyber risk exposures, Willis Towers Watson is leading the way by offering a tailored and specific solution to fill potential cyber coverage gaps due to the changing risk landscape,” said Jason Saunders, president, Willis Towers Watson Aerospace, North America. “Willis Towers Watson Aerospace Cyber Guard is part of our integrated approach to advising companies on how to manage their cyber risks, operate more confidently in this unchartered territory and ultimately protect their brand."
The tailored coverage of Aerospace Cyber Guard include first-party cyber liability coverage for losses stemming from data breach response and forensic costs; business interruption losses following a data-security event targeting the insureds computer system or outside service provider’s system; hits to the insureds brand or reputation; reasonable dollar amounts surrendered to prevent ransomware extortion; and losses stemming from social engineering schemes, including fraudulent money transfers.
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