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Willis Towers Watson P.L.C. said Tuesday that it has launched CyFly, an insurance solution designed to cover cyber exposure affecting the airline industry.
CyFly was developed in collaboration with American International Group Inc., Willis Towers Watson said in a statement.
CyFly includes coverage of technology and non-information technology providers such as global distribution systems, baggage processing, aircraft maintenance, fueling and catering, and airport security. It also covers aviation regulatory fines and compensation for cyber incidents and network business interruption, according to the statement.
“Airlines are exposed to significant financial and reputational damage in the event of a network incident caused by people or technology risk. CyFly has been designed to respond to our aviation clients’ cyber risk concerns. 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,” Glyn Thoms, executive director of cyber and technology, media and telecommunications global industry for Willis Towers Watson, said in the statement.
After some initial reluctance, owners of captive insurers appear to be showing some enthusiasm for using captives to cover cyber risks, industry analysts say.