Cyber risks are no longer emerging. In fact, they are now one of the pre-eminent challenges facing businesses today. Not only are attacks becoming more frequent, but their scope and sophistication are escalating.
Aerospace companies are now critically reliant on technology, that of their own and their outsourced service providers, which provides malicious actors with a much larger vector for attack. In the past three years the aerospace industry has suffered huge financial losses and material disruption as a result of cyber incidents.
Today’s cyber risk environment is multi-dimensional, with the impacts from attacks taking many different forms. Typically an aerospace company can be exposed to a number of cyber risks including, data and privacy breach, theft of intellectual property (IP), cyber extortion, system hacking/failure, failure of security and business interruption (BI).
While cyber risks can be covered by insurance, most standard cyber related polices do not necessarily address the unique risks associated with the aerospace industry.
As such, JLT can deliver a custom made cyber product that specifically caters to the needs of aerospace companies. Our policies are specially designed to fill the commonly identified gaps in typical aerospace liability coverage including; data breach costs, regulatory fines, penalties and investigation costs, non-damage related business interruption and the resulting increased costs to get operations back up and running.