What is CyCore V4?
WTW’s CyCore is a cyber insurance policy wording that has been tried and tested by organisations large and small across varied industries. It has a proven track record of supporting faster claims settlement.
CyCore V4 is the latest update of the wording, which we’ve built around how cyber incidents really affect businesses.
CyCore V4’s AI cover can also address defined AI-related costs, helping your business overcome uncertainty.
What are the key advantages of CyCore V4?
Our latest enhancements help you:
- Respond to loss of profit if a cyber incident affects a customer’s computer system and your business loses profit as a result. This cover is available on top of the regular business interruption covers, addressing incidents impacting your systems or the systems of your service providers.
- Cover goodwill gesture costs if you issue gift cards, vouchers, coupons or discounts to support customers facing disruption to your business
- Fund business recovery consultancy costs, giving you support if you need to review your strategy, operating model or recovery approach following a cyber incident
- Support employees affected by a cyber incident, recognising the pressure cyber events can place on your people
- Address AI-related risks by offering affirmative cover for defined AI model restoration costs, AI model legal advice costs and AI regulatory action.
How does CyCore V4 help if your customer suffers a cyber incident?
CyCore V4 is designed to extend cyber business interruption cover to capture your loss of profit and increased costs of working caused by a cyber incident affecting a customer’s computer system.
We understand how a serious cyber incident at a key customer can lead to a financial impact on your business, even when your own systems stay online. If your customer stops ordering, delays production or can’t receive your goods or services, your revenue can fall in ways a standard cyber wording may not address.
CyCore V4 can cover defined goodwill gestures you issue in response to a cyber incident as part of cyber business interruption cover – such as vouchers, discounts, coupons, gift cards or loyalty points – where those gestures aim to reduce longer-term customer attrition and profit loss.
A severe cyberattack may require you to reconsider routes to market, operating models, customer relationships or growth plans once the immediate response ends.
CyCore V4 can cover reasonable costs for external consultants, appointed by insurers or with their consent, to advise on your business recovery strategy after a cyber-attack. This forms part of CyCore V4 comprehensive for cyber incident response cover.
The AI endorsement can respond where a cyber incident creates AI-specific costs that traditional cyber wording may not respond to, such as AI model restoration costs or AI model legal advice costs.
Covered scenarios can include retraining an affected AI model after a cyber-attack, AI model restoration costs or AI model legal advice costs. Additionally, the policy can cover defined AI regulatory actions specific to AI legislation, such as the EU AI Act (Regulation (EU) 2024/1689), going beyond the regulatory action cover traditionally seen in cyber policies.
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