CFC, the London-based managing general agent that specializes in emerging risks, announced it has expanded its cyber insurance product to include business interruption as well as a variety of cyber-crime activities.
With CFC’s new cyber insurance product, businesses will benefit from business interruption cover triggered by IT system failure as well as malicious cyber events, said CFC in a statement. The updated policy also provides full supply chain business interruption cover, extending to events that affect the insured’s systems, the systems of its technology suppliers as well as those of non-technology suppliers where named.
CFC said it is the only cyber insurance provider to offer this cover with unlimited reinstatements as standard. The product is available in all territories, a representative explained.
“Cyber insurance is about much more than a data breach. The costs associated with system failure or downtime following a cyber attack, like ransomware, can be hugely detrimental to a business and shouldn’t be overlooked when purchasing a cyber insurance policy,” said James Burns, cyber product leader at CFC. “By extending the triggers and breadth of our business interruption cover to address the real-world needs of our clients, CFC is delivering the most compelling first party cyber cover in the market.”
Additionally, CFC’s cyber insurance offering adds affirmative crime cover for a new type of cyber attack that is on the rise: cryptojacking. With cryptojacking, the hacker hijacks the processing power of a victim’s computer network in order to mine cryptocurrency for their own benefit, leaving the victim to foot the bill for the increased use of bandwidth. CFC’s new cyber policy also adds affirmative cover for the replacement of hardware.
“Cyber crime is the single biggest driver of cyber claims that we see worldwide, with hackers using a variety of methods and attacks to steal money and data from unsuspecting businesses. Our customers need to know they’re covered no matter the threat,” continued Burns.
Backed by Lloyd’s capacity, CFC’s cyber insurance policies offer comprehensive cover for business interruption, cyber crime, network security and privacy liability, and are supported by an in-house cyber incident response team. With nearly 20 years’ experience in cyber insurance, over 40,000 businesses in more than 60 countries purchase CFC’s cyber insurance products and incident response services, said the company.
As resources available on its website, CFC provides a business interruption case study and a comprehensive guide to cyber insurance.
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