CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, today announced the launch of a new comprehensive insurance solution designed for mid-size to multinational tech companies.
CFC’s new proposition delivers comprehensive tech and cyber coverage to tech businesses with over $250M in revenue.
“The global value of intangible assets has reached a record high of almost USD 80 trillion, largely driven by innovations like AI and the increasing importance of technology in everyday life. Accordingly, tech companies hold vast amounts of data that they have to protect. At the same time, the value of their intellectual property is growing at an unprecedented scale,” said Michael Brunero, Head of Tech, Media & IP at CFC.
This is the most exposed industry across the size spectrum and as an innovator in building insurance solutions to cover these exposures, we’re using our years of underwriting and claims expertise to bring comprehensive new cover to this market. Michael Brunero, Head of Tech, Media & IP at CFC
In addition to delivering cover which addresses the costs associated with delays, mistakes, oversights and miscommunication along with other traditional and emerging risks that technology companies face, CFC’s new proposition offers additional benefits including:
- access to award-winning proactive cyber protection including vulnerability scanning, threat hunting, threat and claims intelligence to prevent incidents from occurring and a highly experienced incident response team should the worse happen
- a specialist in-house tech and cyber claims team with experience of handling thousands of technology and cyber claims every year
- flexible underwriting approach and broad appetite when it comes to territories and business activities
Brunero continued: “Few markets have the capability, or interest, to assist start-ups and micro-SMEs all the way up to larger corporate clients through their company lifecycle. CFC has traditionally helped protect SMEs in the tech space, however, as we have developed our specialist knowledge and expertise in the tech sector over the past two decades, we feel this is the right moment to diversify our portfolio and extend our expertise to larger corporate tech businesses.”
CFC’s Tech Practice currently serves 25,000 tech businesses around the globe while its large corporate cyber team has the ability to write up to USD30 million and leads many large towers for multibillion dollar global multinational companies in addition to writing approximately USD125 million GWP in primary business.
“The fusion of our experience of insuring businesses at the cutting edge of technology and providing cyber cover for large corporate organisations over the past 25 years now means that we’re able to offer comprehensive cover for tech companies as they grow through the cycle from pre-revenue to become large multinationals,” concluded Brunero.
For more information about CFC’s new solution, click here.
