Specialist lines underwriting agency, CFC Underwriting, has launched a cyber incident response application that will allow policyholders to notify a claim with a click of a button and receive specialist support from CFC’s global cyber incident response team.
In addition, users can access global cyber news and are able to configure the app so that excess insurers and other members of the policyholder’s incident response team are notified at the same time.
“The longer it takes a policyholder to notify us that they’ve suffered a cyber incident regardless of whether it is an extortion demand or a system outage, the more damaging the impact can be on their business,” said Anthony Hess, Head of Incident Response at CFC. “Using the app, it will take just seconds to notify us that something has gone wrong and less than half an hour for our network of experts to respond.”
Hess added that CFC’s cyber insurance proposition has evolved to become an incident response service as the number of cyber claims managed by CFC increased by 78 percent from 2015 to 2016 and the main types of attack being claimed for were privacy breaches and financial loss. Approximately 90 percent of its claims by volume were from businesses with less than $50 million in revenue.
CFC insures over 25,000 companies against cyber risk in a variety of industries located in over 20 countries around the world.
CFC’s cyber incident response app runs on iOS, Android and Windows mobile phones and further functionality will be added over the coming months.
CFC Underwriting a Lloyd’s MGA specializing in developing and distributing insurance products for niche markets. Based in London, CFC has clients in over 60 countries and is backed by 32 Lloyd’s Syndicates.