WTW launches specialist cyber coverage for ports and terminals

Rhea-AI Summary

WTW has introduced CyNav for Ports and Terminals, a specialized cyber insurance solution aimed at port and terminal owners. This new offering addresses increasing reliance on technology and rising cyber threats, covering business interruption losses, property damage, regulatory actions, and crisis management expenses. The initiative reflects WTW's commitment to tailoring solutions for specific industry needs, enhancing resilience against cyber risks. The development aligns with current technological and regulatory changes in the maritime sector, ensuring support for global trade.

Positive

• Launch of CyNav for Ports and Terminals addresses specialized cyber threats.
• Covers various business interruption losses and regulatory actions, enhancing protection for clients.
• Demonstrates WTW's commitment to tailored solutions for specific industry sectors.

Negative

• None.

LONDON, May 24, 2022 (GLOBE NEWSWIRE) -- Three factors – an increased reliance on technology, heightened cyber-threat activity and gaps in insurance cover, drive the need for specialist cyber coverage for ports and terminals. That need is now met by CyNav for Ports and Terminals, a new cyber solution from WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company.

CyNav for Ports and Terminals is designed to address the specific cyber threats faced by port and terminal owners and operators. It provides both flexible and tailored cover for business interruption losses including those arising from IT service providers, first- and third-party property damage, wrongful delivery of cargo, regulatory actions and crisis management expenses.

Ben Abraham, CEO global marine at WTW said: “Financial and reputational cyber risk can pose a real threat to port and terminal owners and operators. From listening to and understanding the challenges faced by this sector we developed CyNav for Ports and Terminals. This cyber solution – complemented by the development of the WTW Ports and Terminals Risk Forum, highlights how our global marine expertise delivers strategic solutions across the maritime industry.”

Glyn Thoms, head of FINEX cyber (GB) at WTW said: “Cyber risks have a different profile depending on the industry sector. We are delighted to launch CyNav for Ports and Terminals, which illustrates WTW’s commitment to delivering solutions that are designed to meet the needs of specific industry sectors. The combined efforts of WTW’s ports and terminals and cyber teams have enabled us to develop a solution which responds to the risks and concerns that ports and terminals now face in a time of great technological and regulatory change for the industry.”

CyNav for Ports and Terminals is flexible to match each client’s needs, simple to understand and designed by cyber and marine specialists to address the specific challenges faced by the industry. As critical infrastructure, ultimately CyNav protects ports and terminals supporting the continuance of world trade and its global supply chain. 

About WTW

WTW (NASDAQ: WTW) provides data-driven, insight-led solutions in the areas of people, risk, and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Our Global Marine team has 550+ marine risk and insurance specialists working together as one global team in more than 55 locations. It is this collaboration that gives our clients the opportunity to access the best solutions available anywhere in Global Marine, regardless of their location. Working shoulder to shoulder with you, we uncover opportunities for sustainable success—and provide perspective that moves you.

Learn more at wtwco.com.

Media contact

Sarah Booker: +44 7917 722040
Sarah.booker@willistowerswatson.com

FAQ

What is CyNav for Ports and Terminals from WTW?

CyNav for Ports and Terminals is a specialized cyber insurance solution designed to protect port and terminal owners from specific cyber threats.

How does CyNav for Ports and Terminals support global trade?

By addressing cyber risks and providing tailored coverage, CyNav helps ensure the continuity of operations essential for global trade.

What are the key features of CyNav for Ports and Terminals?

It offers coverage for business interruption losses, property damage, wrongful delivery of cargo, regulatory actions, and crisis management expenses.

When was the CyNav for Ports and Terminals launched?

The solution was launched on May 24, 2022.

What company is behind CyNav for Ports and Terminals?

The solution is developed by WTW, a global advisory and solutions company.