Rail risk product addresses cyberattacks
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German insurance broker DVA GmBH, which specializes in rail risks, said Wednesday it is introducing a policy with Hiscox Ltd. and Tel Aviv-based rail cybersecurity firm Cylus Cyber Security Ltd. to address the threat of cyberattacks on rail companies.
The new product, which is based on Hiscox’s CyberClear policy, covers financial losses related to cyber risks, such as rail network breakdowns caused by hackers entering the railway control center’s operational network, according to a statement issued by Bad Homburg, Germany-based DVA.
Other risks covered include train operating software, signals or switches being affected by hacks, the statement said.
The policy also covers conventional cyber risks such as loss of customer data, information technology system breakdowns or cyber extortions, the statement said. Access to IT security experts and specialized consultants, especially in the case of a claim, is also provided, according to DVA.
DVA key account manager Michael Beck said in a statement that individual solutions are being offered depending on the “size and appetite of each company.” Limits of between €1 million and €15 million are available, with additional coverage available via separate excess cover, according to Mr. Beck. Deductibles range between €5,000 and €50,000. A simplified risk questionnaire is used for the risk evaluation process, he added.
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