Germany Launch Rail Tender

A novel insurance policy has been launched in Germany with an aim to mitigate the cybersecurity risks facing railway operators.Deutsche Verkehrs Assekuranz Vermittlungs is a bespoke insurance broker which is owned by national railway Deutsche Bahn 65 and insurers DEVK and Marsh. Through DVA policyholders will be getting discounts from specialist insurance provider Hiscox on the basis of their rail cyber index rating. In turn Hiscox will be working with Cylus a rail cybersecurity specialist to develop and assign these ratings.Design of the policy mainly aims at covering financial losses caused by railway-related cyber risks like network disruption caused by hackers accessing operational functions. Additionally it covers conventional cyber risks like loss of customer data IT system breakdowns or cyber extortion. This product apart from offering coverage also includes access to specialist IT consultants when a claim is lodged.Alexander Rassmann Head of Liability Financial Lines insurance at DVA said This policy has been developed in conjunction with railway companies and is tailor-made to provide cover for the unique cyber risks in rail. By combining Hiscoxs experience in insuring cyber-risks and Cyluss technology and domain expertise DVA is able to offer its clients the protection they need.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.