Global (re)insurance broker WTW has unveiled enhancements to its global cyber facility, CyXS.
WTW increased the maximum capacity of the CyXS facility by 50 per cent from US$50 million to US$75 million, in response to client feedback.
In addition, the number of participating Lloyd’s insurers has doubled, increasing from seven to 14.
Furthermore, the company has introduced new cyber physical damage cover, available as a standalone option or blended with traditional cyber coverage, as well as enhanced CyXS restore options to provide clients with flexibility.
Glyn Thoms, head of GB Finex, Cyber and TMT at WTW, says: "Our 2024 Global Directors' and Officers’ Survey underscores that cyber risk remains a top concern for directors globally.
“The enhancements to the CyXS facility are a direct response to this concern, ensuring that we continue to lead with solutions that are not only comprehensive but also adaptable to the varied needs of our clients across different industries and regions."
Andy Maher, head of cyber and technology at AXIS Capital, comments: “We are very pleased to continue as a leader of the WTW CyXS facility, which harnesses some of the key values that Lloyd’s markets bring to the cyber insurance space, ensuring the class keeps pace with and anticipates our mutual customers’ needs.”
