Leading broker and insurer launch cyber risk product

Leading global brokerage Willis Towers Watson in close collaboration with AIG, has introduced CyFly, an insurance solution specifically tailored to cover cyber exposure affecting the airline industry.

Airlines are exposed to significant financial and reputational damage in the event of a network incident caused by people or technology risk. The recent Willis Towers Watson Industry Risk Index identified failure of critical IT systems as the most significant risk facing the global aviation industry.

John Rooley, CEO, Willis Towers Watson Global Aerospace, said “The risk landscape is evolving for our clients and we have been listening to and gathering extensive feedback through initiatives such as the Willis Towers Watson Risk Index and forums such as our recent airline conference held in Singapore. Equipped with extensive data and insight we are uniquely positioned to interpret succinctly what our clients want. Our expert cyber colleagues have worked seamlessly with our Global Aerospace team to launch this innovative product which raises the bar of coverage for this sector.

He added, “The launch of CyFly is a defining moment for the aviation industry in terms of the approach to cyber risk within an enterprise risk management framework and we are extremely excited to play our part in that.”

Chris Burgess, AIG’s UK Head of Cyber said: “We’re delighted to be working with Willis Towers Watson on this product that has been developed specifically for the airline industry, capitalising 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.”

Glyn Thoms, Executive Director, Cyber & TMT, Willis Towers Watson, said “CyFly has been specifically designed to respond to the cyber risk concerns of our aviation clients. 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.”