April 05, 2017
CFC Underwriting announced the launch of its revamped cyber insurance product.
In what represents a significant upgrade to its existing cyber proposition, the new look product provides a number of innovative cover elements to protect policyholders against the emerging threats of the digital age. This includes the provision of first party cover on an “each and every claim” basis, ensuring that policyholders aren’t restricted by a policy aggregate and that the full benefits of cover are available each time a crisis strikes. This will even be true if they experience multiple cyber incidents in the same policy period.
The policy is also one of the very few to offer full retroactive cover as standard meaning that policyholders are covered for breaches they discover during the policy period, even if it first occurred long before. Symantec has reported that the average time to discover a breach is 205 days, making this a particularly important feature.
James Burns, CFC’s cyber product leader said, “No modern business can escape cyber risk, but as cyber criminals have become more sophisticated and as we live in an increasingly connected world, the nature of cyber incidents is changing. Insurance policies have to evolve to reflect the changing environment. We have completely reconstructed our proposition and now offer policyholders more than just a comprehensively worded policy, but rather an all-encompassing cyber incident solution. We’ve built an extensive in-house incident response capability to ensure that cyber incidents are dealt with quickly and efficiently in real time. And because we want to encourage engagement with our experts as soon as possible for a swift resolution, we’re offering initial response services with no deductible payable by the insured.”