UK-based insurance brokerage Willis Towers Watson has introduced a cyber insurance cover, targeted at power and utilities companies.

Called CyNat, the new proposition aims to address the specific risk issues in the sector.

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It is designed specifically to cover the key industry exposures, instead of trying to modify pre-existing generic cyber products.

The new offering provides crisis management costs cover to safeguard companies against ransomware attacks and data breaches.

It also offers business interruption cover in the event of a cyber incident. This also includes cyber events at a third-party IT service provider upon which the business depends on.

It also offers property damage and loss of hire cover in case of a cyber-attack and cover for fines and defence costs arising from regulatory actions.

Companies can amend the CyNat covers to create an insurance solution customised to their unique requirements.

Willis Towers Watson global head of Natural Resources Graham Knight said: “CyNat offers a genuinely pioneering cyber solution built specifically for Power &Utilities businesses in the initial launch phase and will be followed with tailored solutions for other Natural Resources clients.

“In the context of the increasing sophistication of cyber criminals and greater levels of cyber security governance in the sector, CyNat delivers the flexible protection that companies need to mitigate their cyber risk.”

Willis Towers Watson has operations in over 140 countries and a workforce of 45,000.

Earlier this year, the firm launched two new cyber risk assessment services to help clients handle cyber risk better.

One of the new services, Workforce Cyber Culture Assessment (WCCA), is cyber risk methodology to assess people risk and the impact of business culture in a cyber context.

The other service, Ransomware Risk Assessment (RRA), is a custom assessment framework that focuses on what top cyber threats that are faced by organisations globally.