Broker News: Cyber Risk Cover for German Rail Companies Via DVA/Cylus

Deutsche-Verkehrs-Assekuranz-Vermittlungs-GmbH, the insurance broker for rail in Germany, created an innovative insurance policy to address the growing threat of cyber security attacks on rail companies. Through DVA, policy holders will be eligible for discounts from insurance provider Hiscox, based on their rail cyber index score, co-created with Cylus, the leader in rail cyber security.

The exclusive insurance product based on Hiscox’s “CyberClear” covers financial losses caused by railway-related cyber risks, such as rail network breakdowns caused by hackers entering the railway control center’s operational network. Other risks include train operating software, signals or switches being affected by hackers. In addition, the policy also covers conventional cyber risks such as loss of customer data, IT system breakdowns or cyber extortions. On top of the insurance coverage, it provides access to leading IT-security experts and specialized consultants, especially in the case of a claim.

“This new policy has been developed in conjunction with railway companies and is tailor- made to provide cover for the unique cyber risks of rail companies” as stated by Alexander Rassmann, Head of Liability / Financial Lines insurance at DVA, who led this collaboration. “By combining Hiscox’s proven experience in insuring cyber-risks and Cylus’ cutting-edge technology and domain expertise, DVA is able to offer its clients the protection they need.”

“Cyber crime is one of the biggest security risks for businesses today. Unfortunately, the vast majority of companies are underprepared,” states Ole Sieverding, Underwriting Manager Cyber at Hiscox. “Thus, our cyber insurance not only covers the financial loss of a cyber incident, but also helps companies to raise awareness for cyber threats and therefore actively mitigate the risks. Cylus’ cyber security solution perfectly complements the prevention strategy.”

“Cylus is thrilled to support DVA and Hiscox in accurately assessing cyber risks for rail companies, rewarding companies which take proactive steps to secure their operations from cyber threats with lower premiums” said Rotem Abeles, Head of Business Development at Cylus. “Rail companies that deploy CylusOne – Cylus’ software-based cyber security solution – will be able to maintain safety and prevent service disruption resulting from cyber- attacks, dramatically reducing their risk”.

CylusOne is the first-to-market cybersecurity solution designed to meet the unique needs of the rail industry. It provides unprecedented visibility into the rail signaling and control networks, enabling to instantly detect malicious activities before harm can happen. Once identified, CylusOne supplements the alerts with actionable insights, facilitating a fast and effective response.

About alastair walker 12495 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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