Specialist insurer CFC has released a new solution that gives small- and medium-sized businesses access to up to £10 million of excess cyber capacity.
Offered globally and built for organisations with up to £1 billion in revenue, the policy also provides an automatic reinstatement of the excess limit as standard, to help ensure that clients are protected against the likelihood of multiple cyber events during a single policy period.
James Burns, cyber product leader at CFC, said of the new solution: “As cyber risk has become more pronounced and the severity of losses has gotten worse, organisations have been proactively buying increased limits on their cyber policies.”
“By providing a solution which gives clients not only the additional limit they need, but also an additional reinstatement of that limit in case the worst does happen again, we are ensuring ultimate peace of mind in an increasingly perilous cyber landscape.”
CFC’s cyber excess offering also features several ‘dropdown’ coverages that, if required, top up cover provided in the primary cyber policy that the client holds.
These include Side A cover for lawsuits against directors and officers (D&O) arising directly out of a cyber event, where their D&O policy excludes cyber claims; up to £1 million of primary cover for theft of funds of senior executive officers; and a top up of the primary limit for wire transfer fraud, a major source of cyber claims.
The solution also gives policyholders complimentary access to CFC’s full suite of cyber risk management tools, including phishing simulations, breach monitoring, incident response templates, and more.
Burns continued: “I believe this new excess solution gives our customers a simple and cost-effective way to address the risk of the growing frequency and severity of cyber-related losses.”
CFC appointed Roger Francis as its cyber claims director in July 2019. He leads the insurer’s cyber claims and incident response organisation, and oversees its cyber risk management services.
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