Willis Towers Watson (WTW) has launched a new type of cyber insurance cover called CyNat, designed specifically for power and utilities companies.
CyNat addresses the growing demand among power and utilities companies for coverage that addresses their specific risk needs. It specifically covers the key industry exposures, rather than trying to modify pre-existing generic cyber products to suit their requirements, WTW said.
The strategic importance of power and utilities companies makes them an attractive target for cyber criminals, while the sector’s growing reliance on technology means attacks can lead to significant financial damage, WTW said.
CyNat covers crisis management costs following ransomware attacks and data breaches, and provides business interruption cover when cyber incidents disrupt operations, even if the incident occurs at a third-party IT service provider. It also provides property damage and loss of hire cover arising from a cyber-attack and cover for fines and defence costs arising from regulatory actions.
CyNat is fully customisable to ensure coverage is tailored to the needs of each individual business.
Graham Knight, global head of natural resources at WTW, said clients have expressed concern about the increasing number of cyber incidents in the sector. “CyNat offers a genuinely pioneering cyber solution built specifically for power and utilities businesses in the initial launch phase and will be followed with tailored solutions for other natural resources clients,” he said.
Glyn Thoms, head of FINEX cyber GB at WTW, noted that cyber risks can look very different depending on the specific sector a company is in. “The product team have married a deep understanding of the power and 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,” he said.
Willis Towers Watson, CyNat, Graham Knight, Glyn Thoms, Cyber