The new product aims to protect smaller businesses against multiple cyber events
Specialist insurer CFC has today launched a new cyber excess product, offering small to medium-sized enterprises (SMEs) up to £10m of excess cyber capacity.
The solution, which is provided globally for businesses with up to £1bn in revenue, further awards an automatic reinstatement of an organisation’s excess limit as standard. According to James Burns, cyber product leader at CFC, this is to ensure that SMEs are protected against the likelihood of multiple cyber events occurring during a single policy period.
“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.”
The cyber excess product also provides additional dropdown options, which can be used to top-up an organisation’s primary cyber policy.
For example, SMEs can access Side A cover for lawsuits against directors and officers arising directly out of a cyber event, where its directors’ and officers’ insurance policy excludes cyber claims; up to £1m of primary cover for theft of funds of senior executive officers; and a top-up of the primary limit for wire transfer fraud, which is a major source of cyber claims.
Policyholders can also use CFC’s suite of cyber risk management tools; this includes phishing simulations, breach monitoring and incident response templates.
Burns added: “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.”
Subscribers read more