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CyFly Airline Product

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Covering 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 amongst 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 unique to airlines In response to this dynamic risk environment, the CyFly product goes above and beyond off-the-shelf cyber coverage to address your key concerns as an airline.

Generic cyber insurance 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 customised 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 not only the loss of income caused by interruption to your own network, but also caused by outages sustained by a broad range of third parties, such as:

CyFly Airline Product

What this means for you

If, for example, the GDS upon which you rely suffers a network outage, it could easily result in hundreds of flight cancellations which will impact you in terms of lost income and ongoing disruption. CyFly provides the opportunity to be compensated for this loss of income, and for those purposes ongoing costs such as aircraft leasing and the costs of accommodating cabin crew will be taken into account.

Other key features and benefits of CyFly

Optional agreed minimum value per flight cancellation caused by network outage which 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. This allows you to receive compensation in a timely manner and avoid both parties having to employ accountants to spend months and potentially years calculating the lost income.

Frequent flyer program fraud cover

Covers you for loss caused by hacking into frequent flyer programs where the hackers may redeem the value of points in various ways.

Civil aviation fines and compensation cover

The airline industry has seen a recent rise in regulation which shows little sign of abating. CyFly can manage the rise in fines and compensation required by regulation. CyFly will bear the weight, not only of data protection fines and regulatory defence costs, but also of civil aviation fines (e.g. Title 14 of the US Code of Federal Regulations Part 259) and regulatory compensation (e.g. EU Regulation 261) where arising out of a cyber-related incident. Goodwill coupons can also be covered which will help with the airline’s reputation and can 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. And the average breach costs $4 million, so it’s a capital problem too. 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 attacks.

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Cyber Risk Services

For further information about CyFly, please contact:

Jamie Monck-Mason
Executive Director, Cyber & TMT
T: + 44 20 3124 7240

Brian Warszona
Divisional Director, FINEX Cyber and TMT
T: +44 7557 295786

Related link

Logo: European Risk Management Awards 2017 Winner - with star

CyFly won “Broker Innovation of the Year” at the European Risk Management Awards 2017 and the "Cyber Innovation (broking)” award at the Insider Cyber Awards 2018.