CFC wins four at the Cyber Rankings Awards

CFC wins four at the Cyber Rankings AwardsLast week, CFC attended the second annual Insurance Insider Cyber Rankings Awards in London. Based off the results of the publication’s Cyber Rankings Survey, these awards recognise the achievements of the market’s rising stars, most skilled practitioners, and most highly regarded companies.

We’re proud to announce that CFC won in four of the five underwriting categories, including two individual awards. Cyber Underwriter Matthew Lewis won in the Rising Star Underwriter category, and Corporate Cyber Practice Leader Andrew Prendergast won in the Cyber Underwriter of the Year category. For anyone who has worked with either, you’ll know they are greatly deserved. We’re so proud to have them on our team!

CFC’s Incident Response App, which provides policyholders with easy access to our 24/7 global cyber incident response centre, also won in the Cyber Innovation of the Year (underwriting) category. The app allows users to report incidents, notify claims and request urgent assistance at any time of the day or night.

Last but not least, CFC was voted Cyber Underwriting Firm of the Year for the second year running.

Thank you to Insurance Insider – the survey facilitators and event hosts – and to everyone who voted for us! We’re incredibly honoured.

Expert views at the fourth annual Cyber Symposium

Expert views at the fourth annual Cyber SymposiumThe 2016 Cyber Symposium held at a new location on the edge of the City was our most successful one yet.

Over 150 of our partners and peers in the London market came together to hear the views on the cyber insurance market from two distinguished industry speakers – Lloyd’s Chief Executive Officer Inga Beale and Pool Re Chief Executive, Julian Enoizi. We were also delighted to welcome Ciaran Martin – Chief Executive of the newly created National Cyber Security Centre, part of GCHQ – on to the panel to provide us with insight into the new organisation.

Inga concentrated on the ongoing debate as to whether the (re)insurance industry should be handing over cyber catastrophe risks to the state. While she acknowledged that the industry would not be able to cope with “mega risks”, she was crystal clear in her view that it can handle the vast majority of smaller ones. Work being done at Lloyd’s right now suggests that cyber exposures at syndicates are currently no bigger than some of the other risks the market takes on.

She also dismissed the idea of compulsory cyber insurance for businesses, saying it was a “blunt instrument”. In her view it would be far better to make companies disclose the robustness of their cyber security – and if they decide they need cyber insurance, then so much the better.

Highlighting the ”gulf” in existing insurance coverage around property damage arising from cyber risks, Julian pointed to several cyber attacks that resulted in physical damage to infrastructure. He confirmed that Pool Re is exploring expanding its terrorism remit to include property damage as a result of cyber terrorism – and in his view this would happen in 2017.

He reassured guests that Pool Re was supporting rather than trying to supplant the private market and that he believed that public-private partnership represented the way forward when it comes to systemic cyber exposure. His proposed model would take catastrophic risk away from the private market which would then encourage (re)insurers to put shareholder capital at risk knowing that they wouldn’t have to worry about systemic catastrophic risk.

In talking about the objectives of the new National Cyber Security Centre, Ciaran Martin said that there was a real need to “demystify” cyber security saying that a lot of it is pretty basic. In his view, there hasn’t been enough done to educate people about the risks of today’s tech-driven environment and that this is essential to improving the wider cyber infrastructure.

He also felt that government, media and industry each had a role to play by stopping the characterisation of cyber attacks as clever or sophisticated – the vast majority simply aren’t.

Ciaran believes that the cyber environment needs to mature to provide more evidence and data to help develop government policy as well as help our industry. He endorsed the point that no-one wants to nationalise risk, saying that the government and GCHQ have both been “adamant” on this in the past. Rather, he sees the need to encourage calm, rational dialogue between all parties so that eventually cyber risk is perceived as “normal” rather than catastrophic.

We’ll be sharing videos of each of our panelist’s presentations over the next few days and in the meantime, we’re already planning how we can top this year’s event in 2017!

Cyber rankings survey puts CFC on top

Cyber rankings survey puts CFC on topWe’re pleased to announce that CFC has topped the recent Cyber Rankings Survey conducted by The Insurance Insider.

Reviewing the merits of London’s cyber brokers and underwriters and conducted by independent and experienced research staff, CFC dominated the rankings with its staff taking the top three positions for underwriters. Graeme Newman and Andy Hall came in third and second place, respectively, with Alex Jomaa taking the top spot with 10 percent of broker respondents ranking him as best-in-class. Overall, five CFC underwriters placed in the top 10.

The survey measured a number of attributes including work ethic, creativity, technical knowledge, negotiating skills and communications skills.

JLT’s Jack Lyons, Paragon’s William Wright, and Tom Quy from Miller took the top three broker spots.

If you’d like full access to the survey data, contact The Insurance Insider’s commercial director Spencer Halladey. Or, to view the full story in the Insurance Insider, click here.

CFC launches global cyber risk portal

CFC launches global cyber risk portalSpecialist lines underwriting agency, CFC, has extended its cyber product suite with the launch of a new online hub enabling brokers to deliver an end-to-end solution to their clients.

Providing upfront advice and support to mitigate potential losses as well as enabling policyholders to access a post incident response centre, the hub is designed to deliver individual solutions to individual businesses.

CFC has partnered with several best of breed technology providers in order to provide their clients with unparalleled access to high quality risk management tools, templates and advice to help them avoid a breach. This includes everything from discounted access to encryption software and security monitoring to free privacy consulting and anti-virus technology. Understanding that different businesses have different gaps to fill, clients are able to choose the tools that best suit their individual needs.

The portal also delivers access to a global panel of partners handpicked by CFC to assist policyholders in the case of a cyber event. These include renowned experts in breach response, forensic accounting, security services and public relations.

CFC director, Graeme Newman, says: “The launch of our new online hub takes our cyber proposition to a new level. We’re focused not only on providing the best possible response should the worse happen, but also to try and help prevent a loss from occurring in the first place. Our cyber hub allows policyholders, regardless of size, sector or location, to access the information and tools that are the most relevant to their own operation and create a complete solution to their cyber needs from risk management to loss mitigation.”

Take a tour of the portal by clicking here.

CFC’s Cyber Risk Management Portal

Find out more about the CFC Cyber Risk Management Portal, our end-to-end risk management solution providing upfront advice and support to help avoid a loss as well as access to a post-incident response center should the worst happen.

Have a question? Contact your CFC underwriter today and we’ll do our best to assist you.
To read the press release about the portal, click here.

CFC announces partnership with leading cyber security ratings firm BitSight Technologies

CFC announces partnership with leading cyber security ratings firm BitSight Technologies20 Jul 15: Specialist lines underwriting agency CFC today announces its formal partnership with acclaimed cyber security ratings agency, BitSight Technologies.

CFC will use BitSight’s ratings tool to provide unprecedented levels of insight into the cyber threats that their clients face. Ratings are calculated on a daily basis by drawing on vast amounts of publicly accessible data, including observed security events involving botnets, malware distribution and email server configuration, which are then assessed for severity, frequency and duration. For CFC, these security ratings remove the need for more intrusive underwriting methods such as long questionnaires, on-site audits and software implementations.

CFC Director Graeme Newman comments: “We are incredibly excited about our partnership with BitSight. Their innovative analytic tools will provide an extra dimension to our underwriting and provide huge benefits to our insureds, through increased visibility of their security posture and active security alerts.”

As part of the partnership, all of CFC’s clients will receive pro-active alerts along with actionable information to mitigate risks when their security ratings drop significantly, and they will have access to BitSight services as an added resource.

“BitSight’s partnership with CFC marks a significant turning point in our efforts to broaden the adoption of Security Ratings in the cyber insurance market and across the world,” says Ira Scharf, General Manager of Insurance at BitSight. “This partnership with CFC, who are a leading provider of cyber insurance worldwide, will help to cement our status as the global standard in the security ratings industry.”

Jamie Bouloux joins CFC Underwriting

Jamie Bouloux joins CFC Underwriting4 Mar 15: Specialist lines underwriting agency, CFC, today announces that Jamie Bouloux has joined its corporate cyber practice.

A well-known and highly respected figure in the global cyber market, Jamie joins the business from AIG where he was head of cyber and technology liability for Europe, Middle East and Africa. In his new role at CFC, Jamie will be driving the development of its large corporate cyber product on a global basis.

CFC launched its specialist cyber product for large corporates last summer. Offering limits up to $40M, the product provides broad cover for system damage and business interruption on a full non-physical perils basis and extends cover to protect companies against technology supply chain failure.

CFC director, Graeme Newman says: “Cyber risk is no longer just about data breaches. Since launching this ground-breaking facility last year, we’ve helped some of the world’s biggest brands secure the level of coverage they need not just for a data breach but also catastrophic technology failure and outage. Given the level of demand we’re experiencing and the continually evolving cyber risk landscape, we’re committed to driving the development of our large corporate product offering and so I’m delighted to welcome Jamie to our team. He has tremendous knowledge of the global cyber market and in particular, his experience in Europe and the Middle East will help us build our presence outside the markets where we are well established such as the UK, Canada, Australia and the US.”

Commenting on his new role, Jamie Bouloux adds: “Cyber insurance is in the spotlight more than ever. Governments around the world might debate security and privacy issues however insurers can’t sit back and await the outcomes. Huge global companies are at increasing risk from a growing number of cyber threats and we have a responsibility to provide cover that is fit for purpose. CFC has long been at the forefront of cyber risk and I’m excited to have joined a business that isn’t afraid to look at things differently and push the boundaries.”