Deutsche-Verkehrs-Assekuranz-Vermittlungs-GmbH, a Germany-based insurance broker for rail, has created an innovative insurance policy to address the growing threat of cybersecurity 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, a leader in rail cybersecurity.
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 centre’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 specialised consultants, especially in the case of a claim.
Alexander Rassmann, Head of Liability / Financial Lines insurance at DVA, who led this collaboration, said: “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.
“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.”
Ole Sieverding, Underwriting Manager Cyber at Hiscox, said: “Cybercrime is one of the biggest security risks for businesses today. Unfortunately, the vast majority of companies are under-prepared.
“Thus, our cyberinsurance not only covers the financial loss of a cyberincident but also helps companies to raise awareness for cyberthreats and therefore actively mitigate the risks. Cylus’ cybersecurity solution perfectly complements the prevention strategy.”
Rotem Abeles, Head of Business Development at Cylus, said: “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 cyberthreats with lower premiums.
“Rail companies that deploy CylusOne – Cylus’ software-based cybersecurity solution – will be able to maintain safety and prevent service disruption resulting from cyberattacks, 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 signalling 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.