Markets/Coverages: CFC Adds Cyber Proactive Response to More Industry Products

CFC said it has extended the benefits of its new Cyber Proactive Response (CPR) coverage to existing policies tailored for the digital health, fintech, and technology sectors, effective immediately.

“Each of these sectors is a prime target for cybercriminals due to the vast amounts of critical personal data they manage,” said Tim Boyce, deputy chief underwriting officer at CFC. “Technology companies hold some of the world’s largest data sets, fintech firms handle millions of dollars in transactions every minute, and digital health providers store highly sensitive personal health information.”

Related: CFC Says New Cyber Product Includes 2 Industry Firsts

Key benefits of integrating CFC’s CPR cyber coverage into these sector-specific policies include:

• Proactive cyber attack prevention services, contractually embedded within the policy wording
• Affirmative coverage for AI-related events, a critical addition given the growing use of AI and machine learning in these industries
• Coverage for income or fee loss from lost or missed bids, particularly relevant for tech and fintech firms competing for contract
• Emergency continuity costs, helping businesses remain operational during or after a cyber event –vital for digital health providers where patient care continuity is essential

“Given their exposure, it made sense to immediately enhance the tailored coverage we offer these key sectors by replacing existing cyber wordings with our newly launched CPR coverage,” Boyce continued. “This ensures that digital health, fintech and tech companies benefit from what we believe is the broadest and clearest cyber coverage available—along with proactive protection against cyber threats.”

SOURCE: CFC