The new product, called CyFly, is a partnership between the global broker and insurer and is available worldwide.
A recent Willis Towers Watson survey found that failure of critical IT systems is the most significant risk facing the global aviation industry.
The new cover will offer an extension of business interruption to third parties, which is a key addition for the airline industry. The cover extends to both IT service providers and non-technology firms. It will also offer network business interruption cover at a pre-agreed minimum value.
The changes to business interruption coverage mean that airlines will be covered for specific risks in their industry. With airlines relying on a host of different third parties, an off-the-shelf cyber policy would not offer needed coverage.
“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,” John Rooley, CEO, Willis Towers Watson global aerospace said of the launch.
The policy will also cover regulatory fines and compensation in relation to cyber incidents.
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Willis Towers Watson and AIG have announced a new product developed to protect the airline industry from cyber exposure.