Willis Towers Watson (WTW), an international re/insurance broker, has launched an airport cyber insurance plan.
Dubbed CyFly for Airports, the new offering has been designed particularly to cover cyber exposures affecting airports across the globe.
Airport cyber insurance
CyFly for Airports, according to the insurer, provides a range of extensive coverages which are not currently incorporated into traditional cyber insurance plans.
Coverages include business interruption losses due to outages sustained by third-parties upon whose networks airports depend; regulatory costs and fines under cyber-security laws; and broad system failure business interruption due to any unplanned outages.
The insurance plan also covers voluntary system shut-downs to reduce business interruption losses; claims preparation costs; as well as deemed insurability language, among others.
Willis Towers Watson executive director of cyber and TMT Jamie Monck-Mason said: “CyFly for Airports has been specifically designed to respond to the cyber risk concerns of our airport clients.
“They recognise 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.
“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.”