CFC Underwriting has announced the launch of a revamped cyber insurance offering.
The global firm has upgraded its cyber proposition with first party cover on an each and every claim basis, which means policyholders will not be restricted by a policy aggregate and will be covered for multiple cyber attacks.
The updated policy will also offer full retroactive cover as standard, which will cover policyholders if they discover a breach during their policy period, even if the event occurred before taking the cover.
James Burns, cyber product leader at CFC, said that with all businesses under cyber threat in an ever-changing environment, insurance needs to keep pace.
“Insurance policies have to evolve to reflect the changing environment,” Burns said.
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“We have completely reconstructed our proposition and now offer policyholders more than just a comprehensively worded policy, but rather an all-encompassing cyber incident solution.”
CFC has also built an in-house incident response team to help clients deal with cyber risk in real time. In a bid to speed up the process of reporting a cyber incident, the firm will offer initial response services with no deductible paid by the insured, Burns noted.
The revamped cyber product will also feature cover for senior executives who are increasingly becoming targets of cyber crime.
Senior executives will be covered for theft of personal funds, as well as those of the company, and will provide affirmative cover should directors and officers face a lawsuit in the wake of an attack, which their management liability policy doesn’t respond to.
The product suite will also include comprehensive computer crime cover, system repair costs and incident response costs.
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