WTW enhances its customers’ Internet capabilities with CyXS

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CyXS also has coverage consistency. Its “Follow Farm” coverage features customized WTW excess layer wording with proprietary excess linkage arrangements, providing customers with greater claims certainty and clarity when faced with differences in terms and conditions within the insurance plan.

A feature called CyXS Restore also gives customers the option to purchase a pre-agreed additional premium percentage to restore the limit for primary tier coverage.

Global broker WTWGlyn Thoms, head of GB Finex, cyber and TMT, said the product was inspired in part by WTW’s most recent directors’ responsibility survey, published in association with Clyde & Co.

“Our most recent directors’ accountability survey … highlights that cyber risks continue to be a top priority for companies around the world,” said Thoms. “Over the past 12 to 18 months, the ransomware crisis has made it more difficult to acquire cyber insurance capacity, although demand by companies continues to increase.”

This announcement follows closely New data Blockchain forensics firm Chainalysis Inc found that ransom payments to cyber hackers – almost always paid in cryptocurrency – will cost companies $456.8 million by 2022.

The study found that these numbers represent a 40% year-over-year loss as the US government has recently stepped up its efforts to license cryptocurrency companies. Facilitating illegal activity – including laundering ransomware payments.

“As we emerge as a more stable market, CyXS will enable us to continue to support our customers by accessing significant capacity in an efficient manner, and further complement our broad range of innovative cyber solutions,” said Thoms.


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