Willis Towers Watson has launched a tailored cyber-insurance solution for the general aviation industry. Dubbed Aerospace Cyber Guard, seeks to help protect general aviation companies—including charter firms, FBOs, and MROs, among others—from cyber risks as they increasingly rely on in-house or outsourced technology to run their business. The cyber-insurance solution will be provided by one or more insurance company subsidiaries of W. R. Berkley Corp.
According to Willis, its new product would provide cyber liability coverage for losses stemming from data breach response and forensic costs; business interruption losses following a data-security event; damage to a company’s brand or reputation resulting from a cyber breach; “reasonable dollar amounts” to prevent ransomware extortion; and losses stemming from “social engineering schemes,” including fraudulent money transfers.
“As the general aviation industry wakes up to cyber-risk exposures, Willis Towers Watson is offering a tailored and specific solution to fill potential cyber coverage gaps due to the changing risk landscape,” said Willis Towers Watson Aerospace North America president Jason Saunders. “Aerospace Cyber Guard is part of our integrated approach to advising companies on how to manage their cyber risks, operate more confidently in this unchartered territory and ultimately protect their brand.”