CFC, a specialist insurer, has launched a new cyber insurance product called Cyber Proactive Response (CPR) designed for businesses earning up to $250 million. This innovative offering includes features that set it apart from other cyber insurance policies on the market.
One of the standout benefits of CPR is the provision for unlimited reinstatements without any deductible. This means that policyholders can claim multiple times without facing out-of-pocket costs for each incident. Additionally, if a business experiences several cyber events during the policy term, they will only need to pay one deductible instead of a separate one for each event.
James Burns, CFC’s global head of cyber, explained that traditionally, cyber insurers limit the payout while imposing multiple deductibles on claims. With the rise in frequency of cyber incidents, CFC aims to ease this burden for its clients by offering a more straightforward and supportive claims process.
In another first for the industry, CPR includes proactive cyberattack prevention measures directly in the policy. This addition responds to requests from brokers and reflects a growing recognition of the need for preventive measures in the face of rising cyber threats.
The CPR policy also boasts 30 coverage enhancements and eliminates six common exclusions found in standard cyber insurance policies. Some key enhancements include interim payments for business interruptions, coverage for income loss from missed bids, affirmative coverage for AI-related incidents, protection against theft of physical goods, and emergency continuity costs.
CFC has a strong track record, accepting 99% of all cyber claims, and aims to provide clients with peace of mind during critical moments when incidents occur. With this new product, the company is committed to reducing exclusions and making cyber insurance more accessible for businesses.
Overall, CFC’s Cyber Proactive Response product represents a significant shift in the cyber insurance landscape, focusing on comprehensive support and proactive measures to help businesses better manage cyber risks.