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WTW Enhances Global Cyber Facility to Meet Increasing Demand

Posted on May 8, 2024May 8, 2024 By Martin Hinton

Willis Towers Watson (WTW) has announced updates to its CyXS global cyber facility to better serve clients as they face escalating cyber threats. As of April 1, 2024, the facility’s maximum capacity has been increased by 50%, from 50 million to 75 million USD/EUR/GBP.

Additionally, the number of Lloyd’s insurers participating in the facility has doubled from seven to fourteen. New coverage options now include cyber-induced physical damage, available either as a standalone policy or combined with traditional cyber coverage. This expansion is particularly relevant as exclusions for cyber-induced damages become more common in the industry.

WTW has also broadened the CyXS restore options, improving reinstatement possibilities and ensuring clients have access to pre-negotiated capacity replenishment. This flexible approach is designed to quickly adapt to the rapidly changing landscape of cyber risks and meet the diverse requirements of clients across various sectors and regions.

“Comprehensive and Adaptable”

Glyn Thoms, Head of GB Finex, Cyber, and TMT at WTW, cited the 2024 Global Directors’ and Officers’ Survey, noting that cyber risk continues to be a major concern for directors globally. “The enhancements to the CyXS facility are a direct response to this concern, aiming to lead with solutions that are comprehensive and adaptable,” said Thoms.

Andy Maher, head of cyber and technology at AXIS Capital, expressed satisfaction with the ongoing leadership role in the CyXS facility. “We are very pleased to continue as a leader of the WTW CyXS facility, which reflects the core values of Lloyd’s markets in anticipating and responding to the needs of our mutual customers,” Maher commented.

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Michael Shen, head of cyber and technology at Canopius, also highlighted the partnership’s benefits. “Our ongoing partnership with WTW as a leader on the enhanced CyXS facility allows us to effectively address a challenging cyber risk landscape and the evolving needs of clients,” said Shen.

These updates are part of WTW’s efforts to enhance its insurance solutions in response to the growing complexity of cyber threats and client needs.

Source: WTW boosts global cyber facility with increased capacity and broader coverage options.

Other News: WTW Appoints Cybersecurity Leader Sean Plankey to Lead Innovative Solutions (Opens in a new browser tab)

Cyber Insurance Tags:cyber liability insurance, WTW

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In this clip from our latest podcast, Dan Candee, CEO of Cork Protection, discusses a critical component of SMB cyber resilience—the evolving role of cybersecurity insurance. Dan highlights the need for nimbleness in cyber coverage, especially for small businesses that often bear the brunt of devastating attacks.

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Cyber Insurance for SMBs – What Needs to Change? | Dan Candee Interview
In this clip from our latest podcast episode, Dan Candee, CEO of Cork Protection, dives into a critical topic that hits close to home: Cybersecurity for Main Street businesses.

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Cybersecurity for Main Street: Dan Candee on Protecting Small Businesses | CEO of Cork Protection
SMB Cyber Threats - In this episode of the Cyber Insurance News Podcast, host Martin Hinton talks with Dan Candee, CEO of Cork Protection, about the rising tide of cyber threats targeting small and mid-sized businesses (SMBs). Dan shares his journey from Main Street entrepreneur to cybersecurity leader, offering real-world insight into the threat landscape, financial vulnerabilities, and how AI and managed service providers (MSPs) can help fortify business resilience.

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#CyberSecurity #CyberInsurance #SMB #AI #CyberPodcast #BusinessResilience #smallbusiness #sme
00:00 Introduction - Dan Candee and Cork Protection
02:27 The Importance of Cybersecurity for Small Businesses
05:29 Understanding Cyber Threats and Their Impact
08:26 The Role of Managed Service Providers in Cybersecurity
11:24 24Financial Protection and Cyber Insurance Solutions
14:01 Leveraging AI in Cybersecurity
16:53 Navigating Cyber Insurance Policies
19:56 Empowering Small Businesses with Knowledge
21:52 The Future of Cybersecurity and Community Resilience
26:05 MSP/ MSSP The Lingo decoded
29:05 Finals Thoughts and a bit of Hope!
SMBs Are Cyber Targets | Dan Candee on Cyber Resilience & AI | Cyber Insurance News Podcast EP#6
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