In response to cyber and digital risk being identified as the top concern facing airports today¹, Willis Towers Watson has introduced CyFly for Airports, an insurance solution specifically tailored to cover cyber exposures affecting airports around the globe.
CyFly is offered to airports globally, with the exception of the United States, although WTW hopes to develop a similar solution for the U.S. in due course, explained a company representative.
CyFly for Airports provides the following extensive coverages not found to be incorporated into current traditional cyber policies:
- Business interruption arising from outages sustained by third parties upon whose networks airports rely, such as air navigation service providers, hangar operators and maintenance operators.
- Regulatory costs and fines under cyber security legislation — such as the EU Network & Information Systems Directive (NISD) — rather than just data protection legislation
- Broad system failure business interruption extending to any unplanned outages, rather than those arising only from hacks or negligence
- Voluntary system shut-downs to mitigate business interruption exposures
- Claims preparation costs to avoid the delay and expense ordinarily associated with business interruption claims
- Deemed insurability language, which aides recovery of both data protection and cyber security fines, under the EU’s General Data Protection Regulation (GDPR) and the NISD. (This aspect of the coverage deems fines to be insurable in the absence of explicit existing legislation to the contrary.)
“CyFly for Airports has been specifically designed to respond to the cyber risk concerns of our airport clients,” said Jamie Monck-Mason, executive director, cyber & TMT, Willis Towers Watson.
“They recognize 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,” he added. “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.”
¹ Willis Towers Watson Transportation Risk Index 2016 and Airport Risk Conference 2018
Topics Cyber Legislation New Markets Aviation Willis Towers Watson
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