CFC Revolutionizes Cyber Insurance: Launches "Game-Changer" for Brokers

In an ambitious move to transform the landscape of cyber insurance, CFC, a pioneering insurance provider, has unveiled a groundbreaking new product designed to set a new standard for the industry. Dubbed the Cyber Proactive Response (CPR), this innovative offering not only reduces the burden on businesses but also empowers brokers with tools to combat the ever-evolving threat of cyber attacks. This development comes as businesses, ranging from small startups to large enterprises, are increasingly recognizing the importance of robust cyber security measures in protecting their operations.

What is Cyber Proactive Response (CPR)?

CFC's Cyber Proactive Response (CPR) is a cutting-edge cyber insurance product that caters to businesses with revenues up to £250 million. This product is revolutionary for several reasons:

• Broad Coverage Enhancements: CPR includes 30 key enhancements in coverage, ensuring that businesses are better protected against a wide array of cyber threats. These enhancements encompass crucial areas such as interim payments for business interruption, income loss from missed bids, affirmative coverage for AI events, and more.
• Zero Deductible Option: The policy offers the option for unlimited reinstatements with zero deductible, or alternatively, the option to pay just one deductible, regardless of the number of cyber events occurring during the policy term. This unique feature significantly reduces the financial risk and burden on businesses in the event of multiple attacks.
• Proactive Attack Prevention: CFC becomes the first insurer to contractually provide proactive cyber attack prevention services as part of the policy wording. This emphasizes a shift from mere coverage to proactive protection strategies, aligning with the evolving needs of businesses in the digital age.

Key Features of CPR

Here are some of the standout features of CFC’s Cyber Proactive Response:

• Unlimited Reinstatements: This allows businesses to have their insurance coverage reinstated as many times as needed without financial penalty.
• Proactive Cyber Prevention Services: CFC integrates proactive measures into the policy, enabling businesses to prevent cyber attacks before they occur.
• Enhanced Coverage Areas:
• Business Interruption Payments: Ensures that businesses receive interim payments in case of interruptions.
• Contingent Bodily Injury: Offers protection against physical injuries resulting from cyber incidents.
• AI and System Failure Coverage: Provides affirmative coverage for AI-related and system failure incidents.
• Reduced Financial Burden: By offering a single deductible option or zero deductible, CFC aims to cap the financial outlay for businesses, providing them with predictability and protection.

Impact on Brokers

CFC’s innovative approach doesn’t just stop at policyholders; it also empowers brokers with game-changing tools to deliver better services to their clients. Here’s how:

• Simplified Portfolio Management: Alongside CPR, CFC’s new portfolio quoting service allows brokers in the US to automate the quoting process for thousands of policies. This not only streamlines their workflow but also opens up new opportunities for growth by enabling them to cross-sell products more efficiently.
• Educational Programs: CFC is launching a global education program for brokers, which will include resources, webinars, and events. This program aims to help brokers understand and communicate the benefits of CPR to their clients, educating them on the triggers and clauses in action.

A New Era in Cyber Insurance

The launch of CPR marks a significant shift in how cyber insurance is perceived and delivered. Traditionally, cyber policies have focused on reactive measures, but CFC’s proactive approach resets expectations by integrating prevention services into the policy itself.

This development is particularly timely, as the cyber threat landscape continues to evolve and intensify. With more businesses falling prey to sophisticated cyber attacks, the need for comprehensive and proactive cyber protection has never been greater. CFC’s leadership in this space is set to influence the broader insurance industry, urging others to rethink their strategies and offer more holistic solutions.

Why This Matters for Businesses

In today’s interconnected world, no business is immune to cyber threats. Whether it’s a small startup or a large enterprise, being protected against cyber risks is crucial for operational continuity and reputation management. Here are a few reasons why CPR matters for businesses:

• Comprehensive Protection: CPR offers a breadth of coverage that addresses many of the emerging cyber risks businesses face today.
• Predictable Costs: By capping deductibles and offering zero deductible options, businesses can better manage their cybersecurity budgets.
• Proactive Measures: The inclusion of proactive prevention services ensures that businesses can take proactive steps to avoid cyber incidents in the first place.

Conclusion

CFC’s Cyber Proactive Response is not just a new product; it represents a paradigm shift in how cyber insurance is approached. By combining broad coverage, unlimited reinstatements, and proactive prevention services, CFC is positioning itself as a leader in the cyber insurance space. This move underscores CFC’s commitment to addressing the evolving needs of businesses and brokers alike, setting a new standard for what is expected of cyber insurance in the modern era.

As the digital landscape continues to evolve and threats become more complex, innovations like CPR will play a crucial role in safeguarding businesses from cyber risks. Whether you are a broker looking to enhance your offerings or a business seeking comprehensive cyber protection, CFC’s CPR is poised to be a game-changer in the industry.