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Aviation Cyber Liability
Insurance

When it comes to cyber security aviation companies aren’t that much different than any other company. Aviation business such as FBOs, Manufacturers, Maintenance Companies, Insurance Companies, and Financial Companies can all be at risk of getting hacked.

Aviation Cyber liability insurance is a relatively new risk and threats for cyber risk seem to be ever increasing. Cyber risk a form of property and casualty insurance which most commonly is caused by some sort of cyber breach. Cyber liability can help protect the owner from cyber vulnerabilities that have cause a direct loss to the insured.

Coverage Highlights

  • Incident Response Costs
  • Legal and Regulatory Cost
  • IT security and forensic costs
  • Crisis communication costs
  • Privacy breach management costs
  • Third party privacy breach management costs
  • Post breach remediation costs
  • Funds transfer fraud
  • Theft of funds held in escrow
  • Theft of personal funds
  • Extortion
  • Corporate identity theft
  • Telephone hacking
  • Push payment fraud
  • Unauthorized use of computer resources
  • System damage and rectification costs
  • Income loss and extra expense
  • Additional extra expense
  • Dependent business interruption
  • Consequential repetitional harm
  • Claim preparation costs
  • Hardware replacement costs
  • Network security liability
  • Privacy liability
  • Regulatory fines
  • Technology errors and omissions
  • Court attendance costs

What Our Clients Are Saying...

One of the best practices is to implement 2 factor authentication across all of your secured portals such as email, banks, and any online password protected accounts. The most common underwriter for Cyber is Lloyd’s of London.

Cyber security is constantly evolving. Please contact our experts to discuss the insurance market and quotes. The aviation industry has unique risks and are targets for a data breach.

Insuring Clauses: The insurance company agrees to pay on your behalf any reasonable sums necessarily incurred by you, or on your behalf, as a direct result of a cyber liability.

Premium Breakdown

If you have elected to combine hull and liability coverage into one policy, the hull portion often accounts for approximately 70% of the overall premium.

Liability often accounts for the the remaining 30% of the total policy premium.

Example: If you have a $1,000,000 aircraft, the insurance company may rate the hull premium at 1%. This would result in a premium of $10,000. And with a $1,000,000 liability limit, it would be common to see the liability premium at $3,500. Total Premium would be $13,500.

The premium charged depends largely upon the experience and ability of the crew members. Aircraft owner/operators may improve their rates based on experience by verifying total hours flown as pilot in command and time in make and model. Pilot experience and training have become a HUGE part of rating the risk of a flight operation. Here is a list of approved flight schools for each make and model aircraft.

Common Cyber Risks Facing Aviation Businesses

Common Cyber Risks facing Aviation Businesses is financial assets, cyber extortion and bribery for accounts being breached and then locked for ransom. Cyber liability policies can help protect you and your business.

With aviation technology becoming more and more advanced the risk for aviation cyber liability insurance is becoming increasingly more important. The time to consider securing your business with cyber insurance is not after a data breach, it’s before.

 

What questions will aviation cyber insurance companies ask?

  1. How much do you spend on IT?
  2. Is your IT infrastructure primarily operated and managed in-house or outsourced?
  3. Please describe the type, nature and volume of the data stored on your network, including a rough estimate of the total volume of unique individuals you hold data on:
  4. Please describe your data retention policy, including details of how often you purge records that are no longer required:
  5. Please describe your data retention policy, including details of how often you purge records that are no longer required:
  6. Do you comply with any internationally recognized standards for information governance (if yes, which ones):
  7. How often do you conduct vulnerability scanning of your network perimeter?

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Airbus

Airbus

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Avanti EVO

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Beechcraft

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Bell

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Bombardier Challenger

Bombardier Global

Bombardier Global

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Cessna Caravan

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Cessna Citation

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Cessna Conquest

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Cessna Single Engine Piston

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Cirrus

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Daher

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Dassault Falcon

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De Havilland Canada

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Diamond

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Embraer

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Embraer Phenom

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Epic

Extra

Extra

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Game Composites

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Gulfstream

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Hawker

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Honda Jet

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Lancair Evolution

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Learjet

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Leonardo

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Maule

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McDonnell Douglas

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Pilatus

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Piper

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Piper Cheyenne

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Piper Piston

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Piper SuperCub

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Robinson

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Sikorsky

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Tecnam