CFC has introduced an important update to its Cyber Proactive Response (CPR) coverage, now offering insurance policies specifically designed for the digital health, fintech, and technology sectors. This change, which took effect recently, replaces older cyber policy terms with new CPR wording aimed at addressing the unique challenges these industries face.
Tim Boyce, the deputy chief underwriting officer at CFC, highlighted that companies in these sectors are particularly vulnerable to cyber risks because of the sensitive data they manage. He pointed out that technology firms often hold massive datasets, fintech companies process significant financial transactions, and digital health providers keep highly confidential personal health information.
The new CPR offering is crafted to provide tailored protection for these industries. Boyce emphasized that this coverage includes proactive measures to help defend against cyber threats, ensuring that clients receive what CFC believes is the most comprehensive cyber insurance available. The updated policies come with several key features: built-in services for preventing cyberattacks, specific provisions for incidents involving artificial intelligence, coverage for revenue losses due to missed business opportunities, and reimbursement for emergency expenses following a cyber event.
The timing of this expansion is crucial, especially as concerns grow about IT system outages in the financial and insurance sectors. A recent report revealed that these outages can cost businesses an average of $2.2 million per hour, with many firms experiencing significant service disruptions weekly.
Moreover, artificial intelligence is becoming increasingly important in how companies manage their digital operations. A survey found that many organizations are adopting AI tools to minimize downtime and enhance their operational performance.
CFC’s 2025 Digital Healthcare Report also sheds light on the rising threats in the digital health market, particularly in the US, UK, Europe, and Australia. The report noted a significant increase in inquiries from the US and Australia, driven by a growing demand for digital care solutions. Cybercrime remains a pressing issue, with healthcare organizations reporting hundreds of data breaches that have affected millions of individuals and incurred substantial costs.
As cyber threats continue to evolve, CFC’s updated coverage aims to provide the necessary protection for businesses operating in these high-risk sectors, helping them safeguard their data and maintain trust with their clients.