Markets/Coverages: CFC New Tool Helps Brokers Engage SMEs on Cyber

Specialist insurer CFC said it has a new tool available to brokers worldwide to help facilitate client conversations and unlock new streams of SME cyber clients.

CFC said its new bite-sized Cyber Threat Review reports hone in on the real threats that any one business actually faces.

Cyber Threat Reviews provide brokers with a side-by-side cost comparison of cybersecurity services available to clients for free with their policy, specific to their business risk, and benchmarked against their insurance premium.

“Existing reports available in the market have typically only ever been simple compilations of security hacks that companies would use to try and show prospective clients that they had weaknesses. They failed to provide a comprehensive report that actually correlated to true risk. As a result, SMEs have been overwhelmed with reams of stats and details of risks that they can’t relate to. It’s no wonder that many are turned off buying cyber insurance,” said CFC’s Head of Global Cyber Development, Lindsey Maher. “Our Cyber Threat Reviews eliminate confusion by cutting to the chase, only highlighting the actual threats an individual business faces.

Elements of the reports include:

• Breakdown of the threats and vulnerabilities specific to the individual business that have high likelihood of leading to a loss or claim, making it easier for brokers to discuss real day-to-day threats and their potential impact with their client.
• Dynamically populated costs attached to the cyber security services provided free with a CFC policy as a benchmark next to their premium, making it simpler for brokers to demonstrate the cost savings that their client can make by transferring risk to cyber insurance
• Calculation of the possible loss an individual business could face as a result of a ransomware attack, broken down into varying incident cost categories enabling brokers to clearly illustrate the sums a client would need to find if uninsured, demonstrating the value of the cost of insurance versus the cost of an attack
• Threat and risk descriptions and explanations to bring clarity to clients and demystify the common jargon used across the cyber industry

“If we want more SMEs to truly understand the value of cyber insurance and become proactive buyers, we need to cut out the jargon, remove the fear, uncertainty and doubt and deliver a clear picture of its many benefits to their business,” said Maher. “Cyber Threat Reviews take abstract cyber concepts and turn them into something concrete that brokers can put in front of their clients in just a handful of pages. We believe it will help them tap into the cyber market globally and develop new income streams which will ultimately increase global adoption rates.”

In addition to launching Cyber Threat Reviews, CFC has further enhanced the functionality of its Response App. With a new look and feel to further streamline the policyholder’s experience, CFC’s Response App delivers personalized cyber threat alerts, access to free cybersecurity tools and expert technical support, as well as an immediate alert the CFC cybersecurity team to any potential cyber incident.

Topics Cyber Agencies