Willis Towers Watson Aerospace Cyber Guard, a tailored cyberinsurance solution for the general aviation industry, has launched.
Officials with Willis Towers Watson said they recognize 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, company officials note.
Willis Towers Watson Aerospace Cyber Guard was developed in cooperation with Berkley Cyber Risk Solutions and is available to a range of North American-based general aviation companies, including charter operators, tour operators, flying clubs, flight schools, FBOs, 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.
Features include coverage for:
- Losses stemming from data breach response and forensic costs
- Business interruption losses following a data-security event targeting the insured’s computer system or outside service provider’s system
- Hits to the insured’s brand or reputation
- Reasonable dollar amounts surrendered to prevent ransomware extortion
- Losses stemming from social engineering schemes, including fraudulent money transfers.