Navigating the Skies: Cyber Risk Transfer Solutions for Aircraft Leasing Firms

In the vast landscape of cyber threats, one danger stands out as the most ominous for aircraft leasing firms - ransomware. Over the last three years, the aviation industry has faced a continued surge of ransomware incidents and the threat remains imminent.

Apr 24

Understanding Cyber Threats

With ransomware being such a large threat, firms are looking for methods of transferring associated risks. Key cyber threats include:

  • Social Engineering Fraud
    Social engineering involves the manipulation of people into performing actions or divulging confidential information, typically following a computer system hack.

  • Business Email Compromise
    Known as BEC, this cybercrime tactic involves a third party using email to trick someone into sending money or divulging confidential information. In aviation, the repercussions of falling victim to BEC can be financially devastating and operationally disruptive.

  • Ransomware Deployment
    Aircraft leasing firms are not immune to the dangers of ransomware, a type of malware that permanently blocks access to personal data unless a ransom is paid. 

Shielding Against Financial Fallout

Amid the looming threat of cyber attacks, aircraft leasing firms are seeking safety in cyber insurance policies. These comprehensive solutions not only cover financial losses but also assist in managing various risks associated with cyber threats. Areas of coverage include;

  • Liability Claims Due to Negligence
    If the ransomware spreads across the insured's systems due to an employee clicking on a phishing email, for example, this could leak sensitive information - which could lead to liability claims from third parties.

  • Business Interruption
    The ripple effects of a cyber attack extend to business interruption, leading to the loss of income. Cyber insurance cushions the financial blow, ensuring a smoother recovery process.

  • Voluntary Shutdown Coverage
    A strategic tool, allowing Chief Information Security Officers (CISOs) to voluntarily shut down systems, mitigating further financial loss during an ongoing cyber attack.

  • Extortion and Criminal Reward
    Cyber insurance goes beyond financial compensation, addressing the intricacies of extortion and even offering a unique criminal reward to incentivise the pursuit of cybercriminals.

Charting a Course to Cyber Resilience

As the frequency and intensity of cyber risks escalate, it is essential aircraft leasing firms purchase a comprehensive cyber policy. The recent cyber attack on a premier aircraft leasing asset manager serves as a stark reminder of the vulnerability of the aviation industry; when cybercriminals leaked important and sensitive data on the dark web.

In this turbulent digital sky, taking action is not just suggested; it is a necessity. Reach out today to Tom and Roxy at Consilium, our Cyber specialists, for expert risk management and insurance advice.

Secure your firm against the ever evolving threats in the cyber sphere and navigate the skies with confidence.

Tom Abbotts

Associate Partner - Cyber, Tech & Fintech

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