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In a move that is set to redefine the landscape of cyber insurance, CFC, a leader in the insurance sector known for addressing emerging risks, has recently announced the launch of its new Cyber Proactive Response (CPR) cover. This innovative product is designed for businesses with revenues up to $250 million, marking a significant step forward in how cyber risk is managed and insured. The CPR policy includes groundbreaking features such as unlimited reinstatements with zero excess, the option to pay only one deductible per policy term, and proactive cyber attack prevention services integrated directly into the policy wording[1][2][3].
CFC's CPR policy stands out by offering 30 coverage enhancements and removing six exclusions, making it one of the broadest and most accessible cyber insurance policies available today. It introduces features that directly address the evolving cyber threats faced by businesses, including:
CFC has become the first cyber insurer to include proactive cyber attack prevention services within the policy itself. This shift emphasizes not just reactive coverage but proactive measures to prevent cyber incidents. By including these services in the policy, CFC redefines how cyber insurance is perceived, focusing on prevention rather than just financial compensation post-event[1][3].
One of the most significant advantages of the CPR policy is its offer of unlimited reinstatements with zero excess. This means that businesses do not have to worry about running out of coverage even in the event of multiple cyber attacks within a single policy term. Additionally, for a lower premium, clients can opt to pay only one deductible, regardless of how many cyber events occur during the policy term. This feature caps the financial burden on the insured, providing peace of mind in an era where multiple attacks are increasingly common[1][3].
The launch of CPR represents a paradigm shift in cyber insurance. By removing exclusions, enhancing coverage, and providing proactive services, CFC challenges traditional models where insurers cap payouts while potentially leaving insureds with substantial deductibles across multiple claims. This new approach ensures that businesses face capped financial exposure, aligning with the growing need for comprehensive risk management strategies in the face of evolving cyber threats[1][3].
To support the roll-out of CPR, CFC is initiating a worldwide education program for brokers. This initiative will include webinars, resources, and case studies that demonstrate how CPR can benefit clients, helping brokers to better understand and communicate the policy’s advantages. The program aims to ensure that brokers are well-equipped to present the benefits of CPR to their clients, enhancing the value proposition of this innovative cyber insurance solution[1][3].
The launch of CFC's Cyber Proactive Response marks a significant milestone in the cyber insurance industry. As cyber threats continue to rise both in frequency and complexity, innovative policies like CPR will play a crucial role in ensuring businesses are adequately protected. By focusing on proactive measures, comprehensive coverage, and client-centric policies, CFC sets a new standard for what businesses should expect from their cyber insurance providers.
CFC's Cyber Proactive Response is not just a new insurance product; it's a strategic shift in how businesses can protect themselves against cyber risks. With its commitment to proactive prevention and comprehensive coverage, CPR stands as a testament to innovation in risk management. As the cyber landscape continues to evolve, products like CPR will be crucial in helping businesses navigate these challenges with confidence.
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