CFC has expanded its Cyber Proactive Response (CPR) coverage to include sector-specific insurance policies tailored to digital health, fintech, and technology clients.
This update, now in effect, replaced previous cyber policy terms with CPR wording.
Tim Boyce, deputy chief underwriting officer at CFC, said these industries face elevated cyber risks due to the nature of the data they handle.
“Technology companies hold some of the world’s largest data sets, fintech firms handle millions of dollars in transactions every minute, and digital health providers store highly sensitive personal health information,” he said.
He said the new CPR offering addresses these industries’ unique vulnerabilities with more proactive cyber protection.
“This ensures that digital health, fintech and tech companies benefit from what we believe is the broadest and clearest cyber coverage available – along with proactive protection against cyber threats,” Boyce said.
According to CFC, the updated cyber policies provide:
Commenting on the features, Boyce emphasized the need for insurers to act quickly during an incident.
“A cyber incident in any of these sectors could result in significant privacy breaches, immediate financial losses, reputational damage, and in the case of digital health, even risk to human life,” he said.
Data from New Relic’s 2024 State of Observability report showed average outage costs reaching US$2.2 million per hour, highlighting the financial impact of disruptions.
The report, based on a global survey of industry professionals, found that 48% of respondents in financial and insurance firms experienced at least one major service disruption each week.
AI is playing a central role in how firms approach digital oversight.
Forty-one percent of surveyed organizations reported implementing AI tools, such as automated root cause analysis, to reduce downtime.
The study also showed that firms are increasingly adopting cloud-based development, with 36% using cloud-native frameworks and 28% implementing containerized environments. Nearly half of those surveyed said observability tools directly improved uptime and operational performance.
CFC’s 2025 Digital Healthcare Report highlighted the cyber exposure of the growing digital health market, particularly in the US, the UK, Europe, and Australia.
Between 2022 and 2024, the firm saw a 40% increase in US market inquiries and a 92% rise in Australia, driven by demand for digital care and chronic condition management.
Cybercrime remained a key threat to the sector. In 2024, healthcare organizations reported 677 data breaches affecting more than 182 million people. The average cost per breach reached nearly US$11 million, nearly double the financial sector average.
