Skip to content

Cyber Insurance News

The Leading Source for Cybersecurity Insurance News, Insights and Data

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.

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

Post navigation

Previous Post: Axa XL Steps up to Cyber Insurance Challenge with New Cyber Insurance Endorsement
Next Post: Cysurance Partners with Check Point Software to Enhance Cybersecurity for Data Centers

Related Posts

  • Movement to More Effective Underwriting of Cyber (Re)Insurance: CyberCube Provides Risk Exposure Databases  Cyber Insurance
  • Generative AI to Revolutionize Cyber Insurance – Report Cyber Insurance
  • AXA XL Cyber Insurance Division Announces Promotions Within U.S. Cyber Insurance
  • The Growing Importance of Actuaries in Cyber Insurance & Cybersecurity Cyber Insurance
  • The Cyber Insurance Talent Shortage, Perspective from AXA XL Cyber Insurance
  • You’re Measuring Systemic Risk all Wrong, InsuranceERM Tells Cyber Insurance Industry Cyber Insurance

Get the Cyber Insurance Newsletter

Receive weekly updates on the top news on cyber insurance.

Cyber Insurance News

Cyber Insurance News
In the wake of the Harrods hack and cyberattacks impacting other retailers, the alarming state of UK cybersecurity will be revealed in 2024. From cyberattacks hitting major UK retailers like Co-op and Harrods to small businesses struggling without protection, the message is clear—cybercrime is a national threat.

New research by Pen Underwriting reveals that while 90% of UK and Irish businesses feel secure, only 47% have dedicated cyber insurance. Even more shocking—only 18% of businesses earning under £1 million are covered. The cost isn’t just financial—real people suffer, like the couple who lost their wedding cake due to a ransomware attack.

Watch now to understand:

Why UK businesses are dangerously unprepared

How cyberattacks are more common than fires or theft

The key role of employee training, data backups, and multi-factor authentication (MFA)

Why cyber insurance is no longer optional

Visit www.cyberinsurancenews.org for the latest cyber insurance and cybersecurity updates.

#UKCybersecurity #CyberInsurance #SmallBusinessSecurity #CyberCrime
Harrods hack UK Cybersecurity Crisis: Shocking Stats, Real Victims & Business Risks. #cybersecurity
Cyber Insurance Compliance Is Reshaping Security in 2025!

Cyber insurance compliance is no longer optional—it's a driving force behind how companies build and execute cybersecurity strategies. In this video, we break down the latest insights from the 2025 State of Pentesting report:

✅ 59% of U.S. businesses now implement new security tools based on insurer recommendations
✅ 93% of CISOs are guided by mandates from insurance providers
✅ Pentesting isn't just for compliance—it's about proving you're covered and protected
✅ The average enterprise is spending $187,000+ annually on penetration testing

As premiums stabilize, cyber insurance compliance is pushing companies toward proactive, automated, and continuous risk assessment. Learn how to stay ahead, reduce exposure, and align with both regulators and insurers.

💡 Don’t forget to like, subscribe, and hit the bell to stay updated on the latest in cybersecurity and insurance trends!

#CyberInsuranceCompliance #CyberSecurity #PenetrationTesting #CISO #InfoSec #CyberInsurance #RiskManagement #Compliance2025 #EnterpriseSecurity #CyberDefense #TechTrends #InsuranceTech
Cyber Insurance Compliance Is Reshaping Security in 2025 #cyberinsurance
In this video, we break down the massive cyber insurance settlements following the CDK Global ransomware attack that rocked the automotive industry. 🚗💻

Auto giants like Asbury Automotive Group reported up to $10 million in cyber insurance recovery, while AutoNation only recently filed their claim — months after the breach! We explore the financial disclosures, the delayed responses, and what this means for car dealerships, investors, and cybersecurity preparedness.

Learn:
✔️ How cyber insurance is shaping post-breach recovery
✔️ Why SEC filings like 10-Q and 8-K matter
✔️ What lessons other businesses can learn from this
✔️ The real cost of a ransomware attack in automotive retail

🔔 Subscribe for more deep dives into cybersecurity, tech, and industry trends!
#cyberinsurance #CDKGlobal #RansomwareAttack #AutoIndustry #CyberSecurityNews
$10M Cyber Insurance Payout: CDK Ransomware Fallout Hits Auto Giants | #cyberinsurance
Load More... Subscribe

Categories

  • AI & Cyber Insurance
  • AI & Cybersecurity
  • Critical Infrastructure cyber insurance and security
  • Cyber Cat Bonds/Cyber Catastrophe Bonds
  • Cyber Insurance
  • Cyber Insurance APAC
  • Cyber Insurance Best Practices
  • Cyber Insurance Captive
  • Cyber Insurance Carriers & Brokers
  • Cyber Insurance Claims
  • Cyber Insurance EU
  • Cyber Insurance Financial Institutions
  • Cyber Insurance for Government
  • Cyber Insurance for Healthcare
  • Cyber Insurance for Schools
  • Cyber Insurance for SMEs/SMBs
  • Cyber Insurance For Startups
  • Cyber Insurance for Utilities
  • Cyber Insurance Geographic Markets
  • Cyber Insurance Industry Groups
  • Cyber Insurance Investments and M&A
  • Cyber Insurance Jobs
  • Cyber Insurance Laws & Regulations
  • Cyber Insurance Litigation
  • Cyber Insurance Market Size
  • Cyber Insurance MENA
  • Cyber Insurance News & Information Podcst
  • Cyber Insurance People
  • Cyber Insurance Policies & Strategies
  • Cyber Insurance Premiums
  • Cyber Insurance Reports
  • Cyber Insurance Settlements
  • Cyber Insurance Sunday – Upload
  • Cyber Insurance Systemic Risks
  • Cyber Insurance Tech
  • Cyber Insurance Threats
  • Cyber Insurance UK
  • Cyber Insurance Underwriting
  • Cyber Insurance Wholesaler
  • Cyber Regulations
  • Cyber War Exclusions
  • Cybersecurity
  • Cybersecurity and Credit Ratings
  • Cybersecurity for SMBs
  • Cybersecurity in Education
  • Cybersecurity Investment
  • cybersecurity jobs
  • cybersecurity M&A
  • Cybersecurity people
  • Cybersecurity Report
  • Cybersecurity Training
  • Department of Homeland Security
  • EU Cybersecurity
  • Insurance Linked Securities/ILS
  • Insurance Loss Warranty contract/ILW
  • Managed Service Providers
  • National Association of Insurance Commissioners' (NAIC) model cybersecurity law
  • Non-criminal Claims/Non-Malicious Claims
  • Opinion/Commentary
  • Personal Cyber Insurance
  • Personal CyberSecurity
  • Ransomware Insurance
  • Reinsurance
  • Risk Modeling
  • SEC Cyber Disclosure Rule
  • Small Business
  • Supply Chain Cybersecurity And Insurance

Send Ideas, Requests & Comments




    Tags

    AI Artificial Intelligence At-Bay Beazley CFC Chubb Cloud Security Coalition Corvus Cowbell Cowbell Cyber crowdstrike cyber attack Cybercrime cyber crime CyberCube cyber insurace cyberinsurance cyber insurance cyber insurance for small businesses Cyber Insurance Market Cyber liability Insruance cyber liability insurance cyberliabilityinsurance Cyber Resilience Cyber Risk Cyber Risk Management cyber security Cybersecurity cybersecurity insurance Cyber threats Data Breach Howden Lloyds Marsh Microsoft personal cyber insurance phishing Ransomware Ransomware Insurance reinsurance Resilience Risk Management SecurityScorecard small business
    • Cyber Insurance Books
    • Cyber Insurance Reports & Documents
    • Cyber Insurance Acronyms/Terms
    • Cyber Insurance Companies: Carriers, Brokers & Vendors
    • Industry Response: Potential Federal Insurance Response to Catastrophic Cyber Incidents
    • Ransomware Insurance
    • How Much Is Cyber Insurance?
    • Considerations for Buying Cyber Insurance
    • Cyber Liability Insurance Near Me
    • Cyber Insurance Quote
    • Newsletter
    • Legal Analysis & Full Text of 2023 SEC Rule: Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure
    • Glossary
    • About Cyber Insurance News
    • Privacy Policy

    • Rising Cyber Claims Pressure Insurers to Adapt as Threats Evolve Cyber Insurance
    • China Releases Plan for Cyber Insurance Development Cyber Insurance Policies & Strategies
    • Tailored Cybersecurity Practices Can Lower Insurance Costs, Gallagher Re Report Cyber Insurance
    • Cyber Insurance Premiums and Profits Up Sharply, Along With Stand-Alone Policies &  Surplus Lines Market Share: AM Best Cyber Insurance Market Size
    • Cyber Insurance Sunday – Upload Cyber Insurance Sunday - Upload
    • Cavelo and DataStream Insurance Partner to Streamline MSP Cyber Insurance Cyber Insurance
    • More Details: US Cyber Industry Loss Index Launched by PERILS & CyberAcuView Cyber Insurance Policies & Strategies
    • Re to the Rescue: BDT Capital Forms “Ferian Re” with Cyber Insurer Coalition  Cyber Insurance

    Related Cybersecurity Sites

    http://www.whatiscyberliability.com

    https://www.whatiscyberinsurance.com

    http://www.ddosattacktutorial.com

    http://www.ransomwareremovaltool.com

    Our Privacy Policy: https://cyberinsurancenews.org/privacy-policy/

    Copyright © 2024 Cyber Insurance News.

    Powered by PressBook Premium theme