CFC, a specialist insurance provider and pioneer in emerging risk, today announced the release of its cyber excess solution, which gives small and medium sized businesses access to up to £10m of excess cyber capacity.
Offered globally and built for organizations with up to £1bn in revenue, the policy also provides an automatic reinstatement of the excess limit as standard. This helps to ensure clients are protected against the increasing likelihood of multiple cyber events during a single policy period.
“As cyber risk has become more pronounced and the severity of losses has gotten worse, organisations have been proactively buying increased limits on their cyber policies,” said James Burns, Cyber Product Leader at CFC. “By providing a solution which gives clients not only the additional limit they need, but also an additional reinstatement of that limit in case the worst does happen again, we are ensuring ultimate peace of mind in an increasingly perilous cyber landscape.”
CFC’s cyber excess offering also features several unique “dropdown” coverages which, if required, effectively top up cover provided in the primary cyber policy that the client holds. These include Side A cover for lawsuits against directors and officers arising directly out of a cyber event, where their D&O policy excludes cyber claims; up to £1m of primary cover for theft of funds of senior executive officers; and a top up of the primary limit for wire transfer fraud, a major source of cyber claims.
The solution also gives policyholders complimentary access to CFC’s full suite of cyber risk management tools – including phishing simulations, breach monitoring, incident response templates, and more – that can be used alongside any tools provided by the primary insurance provider.
Burns continues, “I believe this new excess solution gives our customers a simple and cost-effective way to address the risk of the growing frequency and severity of cyber-related losses.”
With 20 years’ experience in cyber insurance, CFC has one of the largest cyber underwriting teams in the world and the company’s award-winning cyber insurance products are trusted by over 40,000 businesses in more than 60 countries.