CFC upgrades cyber cover as attacks increasingly target business leaders

Specialist MGA CFC has expanded its flagship cyber proactive response (CPR) policy with new protections for senior executives, enhanced artificial intelligence (AI) coverage and a longer business interruption indemnity period.

The update is designed to reflect the changing nature of cyber risk as attacks increasingly target both businesses and the people running them.

Among the key changes is the introduction of executive cyber protection, which provides cover for personal cyber incidents, cyber extortion and social engineering attacks affecting senior business leaders.

The policy will also cover temporary relocation costs for executives and their immediate families following credible threats of physical violence linked to cyber extortion events, alongside access to trauma counselling services.

Scott Bailey, head of global cyber underwriting at CFC, said: “Cyber attacks no longer stop at the organisation’s network. Increasingly, they target the people responsible for running the business.

“Senior executives can face unique personal exposures during high pressure extortion and social engineering events, involving credible threats, harassment or physical security concerns affecting their families.”

Strengthened AI coverage

Alongside the executive protection measures, CFC has strengthened its affirmative AI coverage.

The revised wording explicitly covers AI-enabled social engineering attacks, deepfakes, voice cloning, AI impersonations and large language model-related threats such as “LLMjacking”.

The MGA said the changes were intended to provide greater certainty for businesses and brokers as organisations increasingly adopt AI technologies and seek clarity around how cyber insurance responds to emerging risks.

CFC has also extended the standard indemnity period for business interruption losses from 12 months to 18 months, arguing that many organisations continue to experience financial impacts long after systems have been restored following a cyber event.

Bailey said: “Cyber risks continue to evolve rapidly, whether through the growing adoption of AI technologies, increasingly targeted attacks against senior executives or the longer-term consequences of business interruption events.

“At CFC, we believe cyber insurance should evolve alongside those challenges.”