Willis Towers Watson and AIG collaborate on new product

Willis Towers Watson and AIG have revealed a new product designed to protect the airline industry from cyber exposure. The new product, called CyFly, is a collaboration between Willis and AIG and will be available worldwide. Willis Towers Watson discovered that failure of critical IT systems is the biggest risk facing the global aviation industry. The new product will offer an extension of business interruption to third parties, which is a key addition for the airline industry. The cover extends to both IT service providers and non-technology firms. It will also offer network business interruption cover at a pre-agreed minimum value. The changes mean that airlines will be covered for specific risks in their industry. With airlines relying on a number of different third parties, an off-the-shelf cyber policy would not provide the cover needed. John Rooley, CEO, Willis Towers Watson global aerospace said, “The launch of CyFly is a defining moment for the aviation industry in terms of the approach to cyber risk within an enterprise risk management framework and we are extremely excited to play our part in that.”