Specialist lines underwriting agency, CFC, has extended its cyber product suite with the launch of a new policy developed specifically for U.S. healthcare providers.
According to CFC’s Cyber Practice Leader, Vicky Paxton, “Healthcare companies have arguably become the largest target of hackers due to the vast amounts of highly sensitive data that they work with and store. To make matters more complicated, there is rigorous legislation surrounding the protection of this patient data, opening companies up to regulatory fines and investigations if they suffer a breach.”
Paxton said healthcare companies have a unique risk profile that most standard cyber policies fail to cater for.
CFC’s new policy include cover for HIPAA corrective action plans, cover for bodily injury resulting from a cyber attack, cover for the costs associated with improving risk management controls in the period following a breach, and unlimited retroactive cover.
This is the first in a suite of cyber policies that CFC is creating for specific industry sectors and further new products will be introduced in the coming months.
CFC Underwriting is a Lloyd’s MGA specializing in developing and distributing insurance products for specific niche markets.
Based in London, CFC has 15,000 cyber clients in over 20 countries around the world. The company is backed by 32 Lloyd’s Syndicates.
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