CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, today announces the launch of its new cyber product aimed at all businesses with revenues up to $250M.
Including two world firsts of coverage, 30 coverage enhancements and removing six exclusions, Cyber Proactive Response (CPR) is set to deliver the broadest, clearest cyber coverage in the world, revolutionising what brokers and their clients should expect from a cyber insurance wording.
“Having pioneered the concept of turning cyber insurance on its head to deliver a proactive service rather than a reactive policy, we’ve spent the last five years not only strengthening this proposition but also listening to what our brokers and their clients tell us they need. The launch of our new Cyber Proactive Response product is the culmination of that effort,” says CFC’s Global Head of Cyber, James Burns.
We’ve spent the last five years listening to what our brokers and their clients tell us what they need. The launch of our new Cyber Proactive Response product is the culmination of that effort. James Burns, Global Head of Cyber
In a groundbreaking first for the cyber insurance market, CFC’s new Cyber Proactive Response policy ensures that policyholders not only have access to unlimited reinstatements, but they'll also be offered at nil deductible.
For a lower premium, CFC also offers the option to pay only one deductible, no matter how many cyber events clients face within the policy term. CPR turns the insurance paradigm on its head by removing the cap on what CFC will pay, while implementing a cap on what clients will pay beyond their premium.
“It’s been the norm for cyber insurers to cap what they will pay by aggregating the limit available under the policy while uncapping what an insured might have to pay, by making the deductible applicable to every single claim,” explains Burns. “But in a world where it’s increasingly possible to suffer a cyber event multiple times throughout the life of a policy, we want to reverse that dynamic and remove the burden for insureds by capping the amount they will have to pay.”
But in a world where it’s increasingly possible to suffer multiple cyber events...we want to reverse the dynamic and remove the burden for insureds by capping the amount they will have to pay. James Burns, Global Head of Cyber
And in another world first, CFC has become the first cyber insurer to contractually provide proactive cyber attack prevention services to policyholders within the insurance policy wording, bringing it front and centre to what CFC believes businesses should be purchasing their policy for. CFC led the market in providing proactive services back in 2016, and has now responded to broker demand to contractually guarantee these services within the policy wording. This helps to refocus the point of comparison of cyber policies not just on coverage, but on the additional services within the insurance language which are a major draw to many SMEs buying cyber insurance.
Burns continues: “While including brand new elements of cover to now offer what we think is the broadest, most accessible cyber insurance policy available in the global market today, we recognise that fewer exclusions in a policy is equally important. While CFC has a track record of accepting 99% of all cyber claims, we want our clients to have complete confidence that we will be there for them at that critical moment when an incident strikes. CFC is on a mission to try and remove as many exclusions as possible from all our policies, and we’ve struck six from this new cyber product.”
CFC has introduced 30 enhancements to the coverage offered by its new product including:
- Interim payments for business interruption
- Income loss from lost or missed bids
- Affirmative coverage for AI events
- Theft of physical goods and invoice manipulation
- Full system failure coverage
- Emergency continuity costs
- Contingent bodily injury coverage
It is a game-changer for the cyber insurance industry. James Burns, Global Head of Cyber
CFC is undertaking a worldwide education programme for brokers over the coming weeks to help them understand the benefits that CPR delivers to their clients. This will include resources, webinars and events with case studies of triggers and clauses in action as well as simple tools to help them explain the protection it affords against the growing number of cyber threats that businesses both small and large in every industry sector face today.
“I’m hugely proud of the hard work the team has put in to bringing Cyber Proactive Response to the market,” concludes Burns. “We’re reinventing cyber coverage by building proactive into the heart of the policy, introducing world first elements of cover and removing exclusions. It is a game-changer for the cyber insurance industry.”
Brokers interested in learning more about CPR can tune into any of CFC’s educational webinars on-demand here.
