CyFly covers the unique cyber risks airlines face every day
Cyber risks are a top priority in the airline sector as the use of technology becomes increasingly integrated into business processes.
The Willis Towers Watson Risk Index identified cyber and digital risk among the top three risks facing the transportation industry globally. Airlines continue to expand their IT network perimeter to touch all aspects of their operations. These increased dependencies can result in significant financial damage and long-term reputational harm should an airline or one of its partners sustain IT outages or hacking attacks.
Our cyber proposition is unique to airlines. CyFly’s response to this dynamic risk environment surpasses off-the-shelf cyber coverage and relieves your key concerns as an airline.
Generic cyberinsurance is unlikely to target specific areas such as:
- Disruption due to flight cancellations caused by interruption in third-party IT networks
- Optional agreed minimum value for flight cancellations due to network interruption
- Civil aviation fines and compensation cover arising from a network interruption
- Frequent flyer program fraud cover
This customized airline product underwritten by AIG is further enhanced by pre-loss risk management solutions and post-event incident response.
Introducing CyFly’s unique approach to include your risks from third-party IT networks upon which you rely
CyFly uniquely covers both the loss of income caused by interruption to your own network and outages sustained by a broad range of third parties, such as:
What this means for you
If, for example, the GDS you use suffers a network outage, it could easily cause hundreds of flight cancellations, lost income and ongoing disruption. CyFly makes compensation for this loss of income possible, and for those purposes, ongoing costs such as aircraft leasing and the costs of accommodating cabin crews.
Other key features and benefits of CyFly
Optional agreed minimum value per flight cancellation caused by network outage simplifies the claims process.
CyFly lets airlines avoid the lengthy and costly procedure of calculating the lost income suffered from flight cancellations due to a network outage. Compensation can be paid in a timely manner, and both parties can avoid employing accountants for prolonged periods to calculate lost income.
Frequent flyer program fraud cover
This cover protects you from hackers who may redeem frequent flyer program points.
Civil aviation fines and compensation cover
Airline industry regulation is increasing with little end in sight. CyFly can manage the potential rise in fines and compensation. CyFly covers data protection fines and regulatory defense costs, and also civil aviation fines (e.g., Title 14 of the U.S. Code of Federal Regulations Part 259) and regulatory compensation (e.g., EU Regulation 261) arising from a cyber-related incident. Goodwill coupon coverage is available, which can help preserve an airline’s reputation and lower the number of complaints.
Why Willis Towers Watson?
More than half of all cyber incidents begin with employees, so it’s a people problem as well as capital. We believe no one decodes this complexity better than Willis Towers Watson. As a global leader in human capital solutions, risk advisory and broking, we are well-prepared to assess your cyber vulnerabilities, protect you through best-in-class solutions and radically improve your ability to successfully recover from future incidents.
