Specialist lines underwriting agency, CFC Underwriting, has launched a revamped and upgraded cyber insurance product for global markets.
The new look product provides includes the provision of first party cover on an “each and every claim” basis, said CFC Underwriting, a Lloyd’s managing general agent.
This provision ensures that policyholders are not restricted by a policy aggregate and that the full benefits of cover are available each time a crisis strikes, even if they experience multiple cyber incidents in the same policy period, the company added.
The policy is also offers full retroactive cover as standard, which means that policyholders are covered for breaches they discover during the policy period, even if it first occurred long before, CFC explained, noting that this is a “particularly important feature” because Symantec has reported that the average time to discover a breach is 205 days.
“No modern business can escape cyber risk, but as cyber criminals have become more sophisticated and as we live in an increasingly connected world, the nature of cyber incidents is changing. Insurance policies have to evolve to reflect the changing environment,” said James Burns, CFC’s cyber product leader.
“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.
“We’ve built an extensive in-house incident response capability to ensure that cyber incidents are dealt with quickly and efficiently in real time. And because we want to encourage engagement with our experts as soon as possible for a swift resolution, we’re offering initial response services with no deductible payable by the insured.”
CFC’s new proposition also provides broader cover for senior executive officers who are regularly targeted in cyber attacks, covering theft of personal funds of individuals as well as those of the company. And if a suit is brought against directors and officers following a cyber attack, the policy provides affirmative cover in the event that their management liability policy doesn’t respond.
The product suite includes comprehensive computer crime cover, system repair costs and incident response costs in addition to the limit.
The maximum limit for the policy is $10 million / £10 million / €10 million – or the equivalent in local currency, said a representative of London-based CFC, which has clients in over 60 countries and is backed by 32 Lloyd’s syndicates.
Source: CFC Underwriting
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