CFC Underwriting, the specialist managing general agent, announced it is introducing policy encryption for its cyber insurance policies – and is the first provider in the industry to do so.
Leveraging its mobile app for cyber to deliver the encryption key to insureds, CFC believes that providing this additional layer of security for customers is another critical step to keeping them safe from cyber threats.
“Our goal is to ensure that should a customer’s policy documents fall into the wrong hands, it can’t be used as leverage in an extortion attempt,” commented James Burns, head of Cyber at CFC.
“While it’s rare for cyber policies to be the focus of a cyberattack, we have seen the size of some ransom demands closely correlate with the limits available under a customer’s cyber policy,” Burns added. “Cyber extortion continues to be a leading cause of claims so it only makes sense for us to offer this additional layer of protection – and peace of mind – for our cyber customers.”
An initial pilot of the new technology among UK customers has been well received, with brokers and customers touting the ease of use and applauding the extra security, CFC said.
“Our broker partners see the value in policy encryption – not only in protecting their clients, but also as another differentiator in working with CFC,” Burns said. “With over two decades in cyber, we’re constantly innovating solutions for our cyber customers, whether that’s our proactive cyber security services that protect them from the moment they bind, our industry-first mobile app, or our market-leading claims handling and incident response.”
A pioneer in the cyber insurance market, CFC has built market leading positions in the UK, Canada and Australia and is a top five cyber provider in the United States. Over 80,000 businesses have CFC’s cyber insurance coverage and CFC is now approaching $1 billion in cyber premium.
Headquartered in London, CFC has offices in New York, Austin, Brussels and Brisbane and employs nearly 700 staff.
Topics Cyber New Markets
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