CFC introduces policy encryption for cyber insurance in another market first
CFC announced today that it is introducing policy encryption for its cyber insurance policies – and is the first provider in the industry to do so.
CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, announced today that it is introducing policy encryption for its cyber insurance policies – and is the first provider in the industry to do so.
Leveraging its market-first mobile app for cyber, Response, to deliver the decryption 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,” says James Burns, Head of Cyber at CFC. “While it’s rare for cyber policies to be the focus of a cyberattack, cyber extortion continues to be a leading cause of claims. It only makes sense for us to offer this additional layer of protection – and peace of mind - for our cyber customers.”
It only makes sense for us to offer this additional layer of protection – and peace of mind - for our cyber customers
An initial pilot of the new technology among UK customers has been well received, with brokers and customers touting the ease of use and applauding the extra security.
Burns continues: “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.”
A pioneer in the cyber insurance market, CFC has built market leading positions in the UK, Canada and Australia and is a top five provider in the United States. Over 80,000 businesses trust CFC’s cyber insurance coverage and CFC is now approaching $1BN in premium.
Read more about CFC’s market leading cyber proposition here.
CFC is a specialist insurance provider, pioneer in emerging risk and market leader in cyber. Our global insurance platform uses cutting-edge technology and data science to deliver smarter, faster underwriting and protect customers from today’s most critical business risks.
Headquartered in London with offices in New York, Austin, Brussels and Brisbane, CFC has nearly 700 staff and is trusted by more than 100,000 businesses in 90 countries. Learn more at cfcunderwriting.com and LinkedIn