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Willis Towers Watson, a leading global advisory, broking and solutions company, today launched Willis Towers Watson Aerospace Cyber Guard, a tailored cyberinsurance solution for the general aviation industry. The company introduced the product at the Helicopter Association International’s 2018 HAI Heli-Expo, Feb. 26 to March 1, in Las Vegas, Nevada.
As a market leader in aviation, Willis Towers Watson recognizes that 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. Until now, a cyber-specific insurance product for the industry did not exist, leaving many operators with potential coverage gaps in their insurance programs.
Willis Towers Watson Aerospace Cyber Guard was developed in cooperation with Berkley Cyber Risk Solutions, a Berkley Company, and is available to a range of 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 cyberinsurance solution will be provided by one or more insurance company subsidiaries of W. R. Berkley Corporation.
For insureds, a streamlined application process offers organizations ease and efficiency in obtaining tailored coverage at agreed-upon terms. Key features include first-party cyberliability 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
– Losses stemming from social engineering schemes, including fraudulent money transfers
“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,” he added.
“We are proud to offer this industry-specific solution, which was created as a result of close collaboration between our aviation business and our cyberinsurance team,” said Joe DePaul, head of FINEX Cyber/E&O, North America. “By capitalizing on Willis Towers Watson’s extensive cyber risk expertise and market knowledge, we are able to help clients address cyber exposures that are unique to their business.”
Willis Towers Watson Aerospace Cyber Guard is the latest Willis Towers Watson solution to help the aviation industry manage cyber risk. In 2017, CyFly was introduced to provide tailored cyber coverage for large airlines.