WTW says CyNat has been developed to specifically cover the key industry exposures rather than trying to modify pre-existing generic cyber products.
The solution includes crisis management costs, business interruption cover, property damage and loss of hire cover as well as cover for fines and defence costs arising from regulatory actions.
As the financial impact of cyber incidents continues to increase and the ‘silent cyber’ cover in traditional cover is being reduced, WTW sees CyNat’s clear and flexible approach is designed to plug any remaining cyber gaps.
“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 at 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.”
Glyn Thoms, Head of FINEX Cyber (GB) at Willis Towers Watson added, “Cyber risks have a very different DNA depending on the sector. We are delighted to launch CyNat which is another sector specific cyber solution from Willis Towers Watson.
The product team have married a deep understanding of the Power & Utilities sector with dedicated cyber insurance specialists to deliver a solution which responds to the risks and concerns that natural resources organisations now face at a time of great technological and regulatory change for the industry.”
Source: Reinsurance News
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