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New cyberinsurance policy developed for rail companies
eutsche-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.
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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.”
HUAWEI CYBER SECURITY TRANSPARENCY
CENTRE OPENS IN BRUSSELS
uawei has opened its Cyber
Security Transparency Centre
in Brussels, with more than 200
representatives from regulators, telecom
carriers, enterprises and the media
attending the event. Representatives
from the European Union, the GSMA and
the World Economic Forum spoke at the
opening ceremony.
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Safeguarding cybersecurity is
considered to be a responsibility held
by all industry players and society as
a whole. Growing security risks are
significant threats to future digital society.
The Cyber Security Transparency Centre
has three major functions:
First, the centre will showcase Huawei’s
end-to-end cybersecurity practices, from
strategies and supply chain to R&D and
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products and solutions. This will allow
visitors to experience cybersecurity
with Huawei’s products and solutions in
areas including 5G, IoT and cloud.
Second, the centre will facilitate
communication between Huawei and key
stakeholders on cybersecurity strategies
and end-to-end cybersecurity and
privacy protection practices.
Third, the centre will provide a product
security testing and verification platform
and related services to Huawei customers.
Ken Hu, Huawei’s Deputy Chairman,
said: “Trust needs to be based on facts,
facts must be verifiable and verification
must be based on common standards.
We believe that this is an effective model
to build trust for the digital era.”
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