Product includes cover for property damage and fines and defence costs arising from regulatory actions, including GDPR
Willis Towers Watson has announced the launch of CyNat, cyber insurance cover designed specifically for power and utilities companies.
The product addresses growing concerns in the power and utilities sector for solutions which address their specific risk issues. CyNat has been developed to specifically cover the key industry exposures rather than trying to modify pre-existing generic cyber products.
Power and Utilities companies are an attractive target for cyber criminals due to the strategic importance of the sector, and the growing reliance on technology means attacks can lead to significant financial damage.
The product includes the following key features:
- Crisis management costs cover that protects companies in the face of ransomware attacks and data breaches;
- Business interruption cover in the event of a cyber incident that disrupts 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;
- The opportunity for companies to amend the CyNat covers to create an insurance solution which is completely tailored to their own needs, and
- Cover for fines and defence costs arising from regulatory actions, including those under GDPR and the Network and Information Systems Directive (NISD).
As the financial impact of cyber incidents continues to increase and the ‘silent cyber’ cover in traditional cover is reduced, the product is designed to plug any remaining cyber gaps.
Graham Knight, global head of Natural Resources at Willis Towers Watson said “Our clients are clearly concerned by the increasing number of cyber events impacting the Natural Resources sector and the increasing cost of these events… 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.”