CFC, renowned for its expertise in providing insurance solutions tailored to emerging risks and cyber threats, has unveiled a groundbreaking cyber insurance product named Cyber Proactive Response (CPR), specifically designed for enterprises with revenues up to £250 million. This product aims to redefine industry standards by offering expansive and transparent cyber coverage, marked by 30 enhancements and the elimination of six exclusions.
James Burns, the Global Head of Cyber at CFC, commented, “Having pioneered the concept of transforming cyber insurance from a reactive policy to a proactive service, we have dedicated the past five years to reinforcing this proposition. We’ve also paid close attention to feedback from our brokers and their clients. The launch of our new Cyber Proactive Response product is the culmination of that effort.”
The CPR policy ensures that policyholders benefit from unlimited reinstatements with zero excess. For those seeking a more economical option, clients can opt to pay a single deductible, irrespective of the number of cyber incidents during the policy term. This approach removes the cap on CFC’s payouts while placing a limit on client liabilities beyond their premium.
Burns explained, “It’s been standard practice for cyber insurers to aggregate the limit under the policy, capping their payouts while uncapping the insured’s potential liabilities through multiple deductibles for each claim. In a time where experiencing multiple cyber events within a policy’s duration is increasingly likely, we aim to shift this dynamic by capping client payments.”
CFC breaks new ground as the first cyber insurer to incorporate proactive cyber attack prevention services within its policy framework. This innovation shifts the focus from mere coverage comparison to the additional services embedded within the policy, which significantly appeal to many small and medium enterprises (SMEs) purchasing cyber insurance.
Burns added, “While introducing new coverage elements to offer what we believe is the most comprehensive and accessible cyber insurance policy globally, we recognize the importance of minimizing exclusions. With a track record of accepting 99% of cyber claims, we want our clients to have complete confidence in our support during critical incidents. Our mission is to remove as many exclusions as possible from all our policies, and we’ve eliminated six from this new cyber product.”
Among the 30 coverage enhancements, CPR includes interim payments for business interruptions, income loss from failed or missed bids, affirmative coverage for AI-related events, protection against the theft of physical goods and invoice manipulation, comprehensive system failure coverage, emergency continuity costs, and contingent bodily injury coverage.
In the upcoming weeks, CFC plans to roll out a global education initiative for brokers, featuring resources such as webinars and events that showcase case studies of triggers and clauses in practice. These resources are designed to help brokers understand the advantages of CPR for their clients.
Burns concluded, “I am immensely proud of our team’s dedication in bringing Cyber Proactive Response to market. We are revolutionizing cyber coverage by embedding proactive elements at the core of our policy, introducing world-first coverage components, and eliminating exclusions. This is a transformative moment for the cyber insurance industry.”
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