’We’re making it easier for brokers to open the door to the value of cyber cover to clients,’ says head
CFC has announced that its packaged policies for professional service businesses have been upgraded in what it described as a “game-changing” move.
In a statement released yesterday (21 November 2023, the specialist insurance provider explained that its cyber add-on to professional liability policies would now include “extensive cyber crime cover”.
The move will also see firms get access to CFC’s prevention services and incident response capabilities.
“Extending the current cyber add-on with new cyber crime cover and our proactive prevention service could well be a game-changer for SMEs unable to stretch budgets to full standalone cyber cover,” Tim Boyce, head of professions and healthcare at CFC, said.
”We’ve seen an increasing number choose our cyber add-on as part of their professional liability package over the past couple of years, demonstrating a growing awareness and understanding that cyber represents a potential risk to their business.
“At the same time, the threat landscape for cyber is constantly changing, so our new extension will not only bolster their cyber security, but help them keep up with the ever-changing nature of cyber risks.”
As part of the offering, the new coverage will allow firms to get instant threat alerts via CFC’s response app as well as free cyber security tools like phishing simulations, dark web monitoring and deep scanning.
It will also provide cover for funds transfer fraud and financial loss associated with a business interruption caused by a cyber event.
Protection against privacy liability and breach notification costs will also be on offer to businesses.
Boyce added: “With many SMEs buying a professional liability policy for the first time due to contractual obligations with their business partners, our cyber add-on makes it easy for them to also benefit from market-leading cyber protection at a price they can afford.
”At the same time, we’re making it easier for brokers to open the door to the value of cyber cover to these clients without having to bind another policy.
”Any increase in the number of SMEs purchasing some form of cyber cover is good news for those businesses and for our industry alike.”
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