CFC partners with Biba over launch of SME cyber cover extension

CFC has launched a new extension to its flagship cyber proactive response cover to fill the supply chain protection gap for SMEs.

The customer business interruption policy delivers protection for SMEs facing financial loss as a result of a major customer cancelling orders for a period of time due to a cyber attack.

The cover is available to all industry sectors and across all geographic areas.

Scott Bailey, head of global cyber underwriting, said: “The cyber attack suffered by Jaguar Land Rover demonstrated acute vulnerability in the supply chain because of dependence on one major customer whose business has effectively been shut down by cyber criminals.

“Whilst unable to operate its own business as normal during the attack and recovery period, JLR was forced to cancel orders with its hundreds of suppliers, decimating the short-term fortunes of many of its small business providers.

“We haven’t fully addressed the exposure faced by small businesses of a customer falling victim to a cyber attack and impacting the supply chain like this – until now. Our groundbreaking customer business interruption extension fills that protection gap.”

Partnership 

CFC has partnered with Biba in delivering the customer business interruption endorsement to its members across the UK.

CFC has been Biba’s dedicated cyber insurance scheme provider since 2004. 

Graeme Trudgill, chief executive at Biba, said: “We are seriously concerned that small and medium sized firms face a real risk of a drop off in demand if companies at the top of their supply chain suffer a cyber attack.

“We warmly welcome this innovative new insurance approach by long-term Biba scheme provider, CFC, to provide a customer business interruption extension to a cyber policy, which is potentially a game-changer for suppliers who rely on key customers. This is a new and helpful insurance solution for insurance brokers to provide to their clients.”