It was one of the first companies to offer cyber insurance – dating all the way back to 1999 – and now CFC Underwriting is updating its product once again.
The specialist insurance provider has today announced the latest version of its product, introducing what it describes as “market leading” business interruption cover and expanded cover for a variety of cybercrime activities.
With the new product, businesses will see business interruption cover triggered by IT system failure, in addition to malicious cyber events. There is also full supply chain business interruption cover so that if the system of a technology supplier of the insured is impacted, or that of a named non-technology supplier, cover will kick in.
“Cyber insurance is about much more than a data breach. The costs associated with system failure or downtime following a cyberattack, like ransomware, can be hugely detrimental to a business and shouldn’t be overlooked when purchasing a cyber insurance policy,” said James Burns, cyber product leader at CFC. “By extending the triggers and breadth of our business interruption cover to address the real-world needs of our clients, CFC is delivering the most compelling first party cyber cover in the market.”
Furthermore, CFC’s offering also adds affirmative crime cover for cryptojacking – which is seen as one of the hottest new areas for crime in which a hacker hijacks the processing power of a computer network to mine cryptocurrency for their own benefit.
“Cybercrime is the single biggest driver of cyber claims that we see worldwide, with hackers using a variety of methods and attacks to steal money and data from unsuspecting businesses. Our customers need to know they’re covered no matter the threat,” continued Burns.
