CFC Underwriting, a Lloyd's managing general agent (MGA), has announced that it has revamped its existing cyber insurance product to include innovative cover elements to protect policyholders against the emerging threats of the digital age.
The new proposition includes the provision of first party cover on an "each and every claim" basis, ensuring that policyholders aren’t restricted by a policy aggregate and that the full benefits of cover are available each time a crisis strikes, even if they experience multiple cyber incidents in the same policy period, according to a press release.
The policy also offers full retroactive cover as standard in which the policyholders are covered for breaches they discover during the policy period, even if it first occurred long before. The company cited Symantec report saying that the average time to discover a breach is 205 days.
In addition, it provides broader cover for senior executive officers who are regularly targeted in cyber attacks, covering theft of personal funds of individuals as well as those of the company. And if a suit is brought against directors and officers following a cyber attack, the policy provides affirmative cover in the event that their management liability policy doesn’t respond.
The product suite includes comprehensive computer crime cover, system repair costs and incident response costs in addition to the limit.
James Burns, CFC’s cyber product leader, said: "No modern business can escape cyber risk, but as cyber criminals have become more sophisticated and as we live in an increasingly connected world, the nature of cyber incidents is changing. Insurance policies have to evolve to reflect the changing environment. We have completely reconstructed our proposition and now offer policyholders more than just a comprehensively worded policy, but rather an all-encompassing cyber incident solution."
He added: "We’ve built an extensive in-house incident response capability to ensure that cyber incidents are dealt with quickly and efficiently in real time. And because we want to encourage engagement with our experts as soon as possible for a swift resolution, we’re offering initial response services with no deductible payable by the insured."
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CFC Underwriting, MGA, Lloyd's, Cyber, London, UK