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CFC upgrades cyber product

CFC upgrades cyber product | Insurance Business

CFC upgrades cyber product
CFC Underwriting has launched its revamped cyber insurance product which will provide several innovative cover elements to protect policyholders against the emerging threats of the digital age.
 
With the upgraded product, CFC will provide first-party cover on an “each and every claim” basis to ensure that policyholders are not restricted by a policy aggregate. This will also make sure that full benefits of cover are available each time a crisis strikes, even if clients experience multiple cyber incidents in the same policy period.
 
The enhanced product also offers full retroactive cover as standard. This means that policyholders are covered for breaches discovered during the policy period but that first occurred long before.

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The new proposition also serves senior executive officers who are regularly targeted in cyber-attacks, covering theft of personal funds of individuals and of the company. Affirmative cover can also be provided if a suit is brought against directors and officers following a cyber-attack.
 
“Insurance policies have to evolve to reflect the changing environment,” said CFC cyber product leader James Burns.
 
“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,” he added.
 
Burns said CFC has built an in-house incident response capability to ensure that cyber incidents are dealt with quickly and efficiently in real time. Also, the company is offering initial response services with no deductible payable by the insured.
 
 
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