Cyber risks are no longer emerging. 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, both their own and that of 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 impact from attacks taking many different forms. Typically, an aerospace company can be exposed to a number of cyber risks including, a 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.
JLT delivers customized cyber products that specifically caters to the needs of aerospace companies. Our policies are designed to fill 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.