WTW, a global advisory and solutions firm, has introduced the International CyCore Facility (ICF). An offering tailored specifically for international clients outside of Great Britain and the US.
Designed to address a spectrum of cybersecurity threats, the ICF offers coverage for malicious acts, non-malicious acts, and technical failures. This comprehensive solution encompasses cyber incident response costs. This includes legal advice, IT forensics, data and cyber restoration, crisis communication costs, and business interruption cover.
Key highlights of the ICF include enhanced limits of up to USD 20 million, streamlined underwriting processes, and worldwide coverage leveraging Lloyd’s extensive licensing. However, it excludes organizations headquartered in the US and GB due to sanction limitations.
Backed by a panel of specialized Lloyd’s syndicates, the ICF ensures shared risk capabilities and robust quota share arrangements. Notably, it employs WTW proprietary wording, providing clarity and flexibility for clients.
Adrian Ruiz, Head of Wholesale Cyber at WTW, emphasized the necessity of evolving solutions to address emerging cyber risks amidst increasing AI investment. He stated, “The evolving cyber risk environment creates a need for a clear, flexible, and relevant solution which can be tailored to our client needs.”
Key benefits of ICF include:
- Enhanced Coverage Limits: Primary coverage extends up to USD 20 million (or equivalent in other currencies) with a single lead insurer, facilitating swift quoting processes.
- Streamlined Underwriting: Reduced information requirements accelerate application processing, enhancing client efficiency.
- Global Protection: Leveraging Lloyd’s extensive licensing, the ICF ensures coverage across borders (subject to sanctions), excluding US & GB headquartered organizations.
- Collaborative Risk Management: Supported by specialized Lloyd’s syndicates, the facility offers shared risk capabilities and robust quota share arrangements.
- Exclusive Wording: The ICF employs WTW’s proprietary language, ensuring clarity and precision for clients’ understanding.
With cybersecurity risk consistently ranking high on D&O surveys, this initiative aims to address clients’ evolving needs across different territories.
Source: WTW launches new primary cyber and tech E&O facility with increased limits for international clients.