ARLINGTON, VA, April 28, 2020 — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, today announced the launch of CyNav, a new type of cyberinsurance cover designed specifically for shipowners.
The new product addresses the growing need for an explicit marine cyber solution, built from the ground up to specifically address ship operators’ exposures, rather than trying to use preexisting generic cyber products amended marginally to fit marine exposures. Shipowners are increasingly reliant on technology for all aspects of their operations, and their unique risks associated with this dependency can lead to significant financial damage.
As the financial impact of cyber incidents continues to increase and the “silent cyber” cover in traditional marine cover is being reduced, CyNav’s clear and affirmative cyber solution is designed to plug any remaining cyber gaps.
“Barely a week goes by without new cyber events affecting the maritime sector,” said Ben Abraham, global head of Marine at Willis Towers Watson. “Many are minor and unreported, but the major cases have caused consequential commercial losses in the hundreds of millions of dollars. CyNav offers a genuinely pioneering marine-specific cyber solution. In an environment of increasing ingenuity of cyber criminals and increasing levels of cyber security governance in the maritime industry, CyNav anticipates the protection that shipowners need to mitigate their cyber risk.”
CyNav’s approach includes the following key features: crisis management cost cover that protects shipowners in the face of ransomware attacks, data breaches and much more; 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 shipowner relies); property damage and loss of hire cover arising from a cyber attack or satellite communication interference (e.g., spoofing); loss of hire cover arising from disruption to or detainment of a vessel following a cyber attack; cover for fines and defense costs arising from regulatory actions, including those under the General Data Protection Regulation and the Network and Information Systems Directive.
“Cyber insurance should not be a one-size-fits-all offering,” said Glyn Thoms, head of FINEX Cyber, Great Britain at Willis Towers Watson. “CyNav is another example of Willis Towers Watson’s commitment to developing solutions that meet the needs of specific industries. The combination of a deep understanding of the maritime sector and a team of dedicated cyberinsurance specialists has led to a product that responds to the risks and concerns that shipowners now face at a time of great technological and regulatory change for the industry.”
To learn more about CyNav, watch the video here.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.