CFC expands CPR coverage into technology specific products

CFC has extended its Cyber Proactive Response (CPR) coverage to existing policies tailored for the digital health, fintech and technology sectors.

Tim Boyce, deputy chief underwriting officer at CFC, explained each of the sectors it is expanding the service into is a “prime target for cybercriminals” because technology companies manage vast amounts of “critical personal data”.

The firm believes the move will help it provide more proactive cyber attack prevention services in industry specific products – contractually embedded within the policy wording–as well as more affirmative cover for artifical intelligence (AI)-related events.

Boyce said: “Given their exposure, it made sense to immediately enhance the tailored coverage we offer these key sectors by replacing existing cyber wordings with our newly launched CPR coverage.

“This ensures that digital health, fintech and tech companies benefit from what we believe is the broadest and clearest cyber coverage available – along with proactive protection against cyber threats.”

‘Positive Impact’

Boyce explained that a cyber incident in these specific sectors “could result in significant privacy breaches, immediate financial losses, reputational damage and in the case of digital health, even risk to human life.”

He added: “Our new cyber wording not only helps prevent attacks, but also ensures our expert in-house teams can respond swiftly to minimise disruption and get businesses back on track.”