Lloyd’s MGA, CFC Underwriting, Launches Cyber Incident Response App

CFC Underwriting, the London-based specialist lines underwriting agency, announced the launch of a new cyber incident response application.

The app allows policyholders to notify a claim with a click of a button and receive specialist support from CFC’s global cyber incident response team within minutes. In addition, users can access the latest global cyber news and are able to configure the app so that excess insurers and other members of the policyholder’s incident response team are notified at the same time.

“The longer it takes a policyholder to notify us that they’ve suffered a cyber incident, regardless of whether it is an extortion demand or a system outage, the more damaging the impact can be on their business,” said Anthony Hess, head of Incident Response at CFC.

“Our claims service is at the heart of our cyber proposition and we wanted to make it as straightforward as possible for policyholders to access our help. Using the app, it will take just seconds to notify us that something has gone wrong and less than half an hour for our network of experts to respond,” Hess said, explaining that the company’s cyber insurance proposition has evolved to become an incident response service.

Backed by 32 Lloyd’s syndicates, CFC insures over 25,000 companies against cyber risk in a variety of industries located in over 20 countries around the world, the company said, noting that the number of cyber claims managed by CFC increased by 78 percent from 2015 to 2016.

The main types of attack being claimed for by clients were privacy breaches and financial loss and approximately 90 percent of its claims by volume were from businesses with less than $50 million in revenue, it continued.

CFC’s cyber incident response app runs on iOS, Android and Windows mobile phones and further functionality will be added over the coming months.

Source: CFC Underwriting