Lloyd’s underwriting agency, CFC has made a major upgrade to its flagship cyber and privacy product policy in order to protect customers against the changing face of cyber crime and react to the constant changes in the legal and regulatory background.
“We identified a real need for a major overhaul in the way cyber cover is being underwritten and structured. Clients are increasingly worrying about the very real risk of reputational harm that stems from a security breach or systems outage – an area that is generally not well addressed by existing cyber products,” said Graeme Newman, director at CFC. “We are also seeing an increasing demand for more flexible privacy breach response solutions and tailored cover to address the contractual liability risks associated with data security.”
CFC added reputational harm to its system business interruption cover to provide protection against loss of future sales, not just the direct financial loss from an outage or security breach. CFC further enhanced CPM by adding third party breach notification cover to address growing contractual indemnities and warranties in relation to data security. CFC also removed the retroactive date so that coverage automatically extends back to previous unknown breaches and latent security defects in client networks
In addition to this enhanced data and privacy breach cover, CPM also includes a 24/7 breach hotline which provides clients with access to a range of advice including assessment of legal and contractual notice obligations, management of contact with impacted parties, advice on how to minimize the potential for lawsuits and regulatory enforcement actions and assistance with credit card related breaches.
CPM is a fully combined modular policy that is tailored to the individual needs of companies operating across the USA. Premiums start from as little as $500.
CFC Underwriting a Lloyd’s MGA specializing in developing and distributing insurance products for specific niche markets. Based in London, CFC has clients in over 60 countries around the world and is backed by 22 Lloyd’s Syndicates.
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