CFC unveils cyber response app

CFC unveils cyber response app | Insurance Business Canada

CFC unveils cyber response app

Under cyber-attack?

There’s an app for that.

Learn more about cyber insurance here.

CFC Underwriting announced on Monday its new cyber incident response app that puts policyholders in touch with their provider “within minutes”.

The app also connects to a cyber incident news feed.

“The longer it takes a policyholder to notify us that they’ve suffered a cyber incident regardless of whether it is an extortion demand or a system outage, the more damaging the impact can be on their business,” Anthony Hess, head of incident response at CFC, said.

“Our claims service is at the heart of our cyber proposition and we wanted to make it as straightforward as possible for policyholders to access our help. Using the app, it will take just seconds to notify us that something has gone wrong and less than half an hour for our network of experts to respond.”

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The insurer said it insures over 25,000 companies against cyber threats in more than 20 countries.

Cyber claims to CFC increased by 78% between 2015 and 2016, CFC said, adding privacy breaches and financial loss were the most common claims.

Around 90% of those claims came from businesses pulling in less than $50 million in revenue.

“Our cyber insurance proposition has evolved to become an incident response service. We’re committed to continual investment in our team, service and systems to ensure our policyholders experience an exceptional claims service,” Hess said.

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