CFC Extends Proactive Cyber Response & Coverage

Some welcome news from CFC on the cyber front;

 CFC, the specialist insurance provider and pioneer in emerging risk and a market leader in cyber, has extended the benefits of its new Cyber Proactive Response (CPR) coverage to existing policies tailored for the digital health, fintech, and technology sectors, effective immediately. 

“Each of these sectors is a prime target for cybercriminals due to the vast amounts of critical personal data they manage,” said Tim Boyce, Deputy Chief Underwriting Officer at CFC. “Technology companies hold some of the world’s largest data sets, fintech firms handle millions of dollars in transactions every minute, and digital health providers store highly sensitive personal health information.” 

“Given their exposure, it made sense to immediately enhance the tailored coverage we offer these key sectors by replacing existing cyber wordings with our newly launched CPR coverage. This ensures that digital health, fintech and tech companies benefit from what we believe is the broadest and clearest cyber coverage available—along with proactive protection against cyber threats.” 

Key benefits of integrating CFC’s CPR cyber coverage into these sector-specific policies include: 

·  Proactive cyber attack prevention services, contractually embedded within the policy wording 

·  Affirmative coverage for AI-related events, a critical addition given the growing use of AI and machine learning in these industries 

·  Coverage for income or fee loss from lost or missed bids, particularly relevant for tech and fintech firms competing for contract 

·  Emergency continuity costs, helping businesses remain operational during or after a cyber event –vital for digital health providers where patient care continuity is essential 

“The positive impact of incorporating our CPR coverage into our policies cannot be overstated,” concludes Boyce. “A cyber incident in any of these sectors could result in significant privacy breaches, immediate financial losses, reputational damage, and in the case of digital health, even risk to human life. Our new cyber wording not only helps prevent attacks but also ensures our expert in-house teams can respond swiftly to minimise disruption and get businesses back on track.”