CFC introduces policy encryption for cyber insurance in ‘market first’
CFC Underwriting, a specialist insurance provider and Lloyd’s managing general agent (MGA), has introduced policy encryption for its cyber insurance policies – and claims it is the “first” provider in the industry to do so.
Leveraging its app for cyber to deliver the encryption key to insureds, CFC believes that providing this additional layer of security for its 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,” said 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. 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.”
Burns added: “Our broker partners see the value in policy encryption - not only in protecting their clients, but also as another differentiator in working with CFC. 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.”
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