January 09, 2019
CFC has expanded its cyber insurance offering to include business interruption triggered by an IT system failure as well as a malicious event.
Also included in the latest version of its cyber insurance product is full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of technology suppliers as well as those of non-technology suppliers where named.
In a company statement CFC said that it is the only provider of cyber insurance to offer this protection with unlimited reinstatements as standard.
James Burns, cyber product leader at CFC said: “Cyber insurance is about much more than a data breach. The costs associated with system failure or downtime following a cyber attack, like ransomware, can be hugely detrimental to a business and shouldn’t be overlooked when purchasing a cyber insurance policy,”
In addition, crime cover has been included for cryptojacking which is a new type of cyber attack that is on the rise. Cryptojacking is where the hacker hijacks the processing power of a victim’s computer network in order to mine cryptocurrency for their own benefit, leaving the victim to foot the bill for the increased use of bandwidth.
Burns added: “By extending the triggers and breadth of our business interruption cover to address the real-world needs of our clients, CFC is delivering the most compelling first party cyber cover in the market,”
“Cybercrime is the single biggest driver of cyber claims that we see worldwide, with hackers using a variety of methods and attacks to steal money and data from unsuspecting businesses. Our customers need to know they’re covered no matter the threat.”