Staff
News
CFC Underwriting revamps its cyber insurance product | Canadian Insurance
www/news

CFC Underwriting revamps its cyber insurance product

The product is designed to be an “all-encompassing cyber incident solution,” according to CFC’s cyber product leader

CFC Underwriting recently launched its updated cyber insurance product, which now offers full, retroactive coverage and first-party coverage on an “each and every claim” basis amongst other features.

The retroactive coverage is now a standard part of the policy and protects policyholders who discover breaches during the policy period even if the breach actually occurred long before the revelation.

“Symantec has reported that the average time to discover a breach is 205 days, making this a particularly important feature,” stated CFC Underwriting’s announcement.

The coverage of each and every claim will provide policyholders with protection each time a breach occurs even if they experience multiple cyber incidents in the same policy period.

Other features include broader coverage for senior executive officers that are regularly targeted in cyber attacks, which will include coverage for theft of personal funds of individuals and company funds. If a lawsuit is brought against directors and officers following a cyber attack, the policy provides affirmative coverage in the event that their management liability policy will not cover the situation.

The new version of the product also includes separate coverage for costs connected to the incident response, which could include a forensic investigation and breach notification. The purpose of that feature is “to protect the main policy limit to pay for subsequent costs to handle potential litigation or regulatory actions,” according to the product’s brochure.

“We have completely reconstructed our proposition and now offer policyholders more than just a comprehensively worded policy, but rather an all-encompassing cyber incident solution,” said James Burns, cyber product leader for CFC Underwriting.

“We’ve built an extensive in-house incident response capability to ensure that cyber incidents are dealt with quickly and efficiently in real time,” he added. “And because we want to encourage engagement with our experts as soon as possible for a swift resolution, we’re offering initial response services with no deductible payable by the insured.”

The product is available to Canadian brokers.