The latest from CFC, who are pioneers when it comes to cyber risks, having developed a scheme for BIBA members some 20 years ago. People still bought newspapers back then and had an AA road atlas on the parcel shelf of a Vauxhall Astra. Here’s the word;
CFC and BIBA are proud to celebrate the specialist insurance provider’s 20 th year as the cyber insurance scheme provider to BIBA members.
“We’re immensely proud to be celebrating 20 years of our cyber partnership with BIBA,” said Pat Brice, Distribution Director, CFC. “When we first kicked things off in 2004, our mutual ambition was simple: to enable brokers to provide their clients with a tried and tested cyber product they could be confident in.
“Back then, there was little understanding of cyber as a relevant cover for SMEs and few businesses bought into the need for it. A key element of our partnership therefore has been to help shape and educate not only the industry as a whole but, more importantly, to help BIBA’s membership to deliver innovative cyber solutions to thousands of UK businesses,” continued Brice. “We’ve made significant progress both in educating the market and in developing the product itself, but there’s still a long way to go and we’re looking forward to working with BIBA to take things to the next level in the months and years ahead.”
Over the past 20 years, CFC’s cyber proposition has evolved almost beyond recognition and as a result, the BIBA cyber insurance scheme has moved on from the cyber liability policy with a promise to pay launched back in 2004 to today offering a full service proposition that promises to protect.
“The cyber product that BIBA members can access through our partnership with BIBA has become sleeker, simpler and packed with innovative services that make it one of the best investments any business can make,” added Brice. “It’s no longer a specialist product, rather something that any broker can upskill in to sell, as every one of their clients is likely to need it.”
Commenting on its partnership with CFC, Graeme Trudgill, CEO at BIBA said: “BIBA has always looked to support innovation. I was personally involved in launching the scheme with CFC in 2004, which was at that point ahead of its time. Since then CFC has blazed a trail in the cyber market to the point that CFC is synonymous with cyber insurance.
“However while we celebrate this anniversary, it’s important to acknowledge that a significant number of businesses do not have insurance protection against cyber-attack. This protection gap is even more worrying given the significant and pervasive cyber risk. Working together we believe that we can make strong inroads in closing the gap and bring more businesses on board and build cyber resilience across the country.”
Click here for more information about CFC’s cyber scheme for BIBA brokers.
For more information about CFC’s market leading cyber services, click here.
In addition to acting as BIBA’s cyber scheme provider, CFC also provides a product recall scheme for BIBA members. Read more about that scheme here .
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