WTW launches cyber product for power & utilities firms
Willis Towers Watson has introduced CyNat, a cyber insurance product designed specifically for companies in the power and utilities industries.
According to the broking giant, CyNat has been developed to cover the key industry exposures rather than trying to modify pre-existing generic cyber products. Power and utilities companies are among the most lucrative targets for cyber criminals due to the strategic importance of the sector. Also, due to the industry’s massive reliance on technology, an effective cyberattack can lead to significant financial damage.
CyNat includes the following key features:
- Cover for crisis management costs in the event of ransomware attacks and data breaches;
- Business interruption cover in case a cyber incident causes disruption to operations (including where the incident occurs at a third-party IT service provider upon which the business relies);
- Property damage and loss of hire cover arising from a cyber-attack; and
- Cover for fines and defense costs arising from regulatory actions, including GDPR and the Network and Information Systems Directive (NISD).
Companies can also customize their CyNat policy to suit their specific needs.
“Our clients are clearly concerned by the increasing number of cyber events impacting the natural resources sector and the increasing cost of these events,” said Graham Knight, global head of natural resources, Willis Towers Watson. “CyNat offers a genuinely pioneering cyber solution built specifically for power &utilities businesses in the initial launch phase and will be followed with tailored solutions for other natural resources clients. In the context of the increasing sophistication of cyber criminals and greater levels of cyber security governance in the sector, CyNat delivers the flexible protection that companies need to mitigate their cyber risk.”