London, UK (Mar. 23, 2021) – Willis Towers Watson, a leading global advisory, broking and solutions company, is pleased to announce the launch of CyNat, a new type of cyber insurance cover designed specifically for Power & Utilities companies.
The new product addresses the growing concerns in the Power & 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.
CyNat’s pioneering approach 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.
- 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 being reduced, CyNat’s clear and flexible approach 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. 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 said “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.”
About Willis Towers Watson
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. Learn more at willistowerswatson.com.
SOURCE: Willis Towers WatsonTags: Cyber Insurance, launch, Willis Towers Watson (WTW)