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.
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