Specialist 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.
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.
20 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.”
14 Jul 15: Specialist lines underwriting agency, CFC, has extended its cyber product suite with the launch of a new policy developed specifically for US healthcare providers.
CFC’s Cyber Practice Leader, Vicky Paxton, says: “Healthcare companies have arguably become the largest target of hackers due to the vast amounts of highly sensitive data that they work with and store. To make matters more complicated, there is rigorous legislation surrounding the protection of this patient data, opening companies up to regulatory fines and investigations if they suffer a breach.”
She continues: “All of this means that healthcare companies have a unique risk profile that most standard cyber policies fail to cater for. With CFC’s experience in both healthcare and cyber, we thought it was a great opportunity to develop a policy for these companies that is truly fit for purpose.”
Innovative features of this new policy include cover for HIPAA corrective action plans, cover for bodily injury resulting from a cyber attack, cover for the costs associated with improving risk management controls in the period following a breach, and unlimited retroactive cover.
This is the first in a suite of cyber policies that CFC is creating for specific industry sectors and further new products will be introduced in the coming months.
16 May 2014: Specialist lines underwriting agency, CFC, today announced that Victoria Paxton has joined the business from Beazley as the Practice Leader for Cyber, Technology and Media.
A well-known and highly respected figure in the London market, Victoria is a renowned specialist in cyber with over 15 years experience in this class of business most recently as Beazley’s senior underwriter for cyber focusing on US healthcare. Previous to Beazley, she also excelled at roles at both Willis and Aon, and in 2012, was shortlisted for the Young Underwriter Meteor of the Year Award at the Insurance Insider Honours.
Having identified the new breed of risks posed by media and technological advance before the turn of the millennium, CFC pioneered the development of cyber liability to become one of the most pre-eminent insurers in the cyber market. CFC now has 13 year’s experience of writing innovative cyber policies that truly address the real risks faced by its clients in over 60 countries around the world. They have also built an impressive team that are changing the face of cyber cover and constantly innovating to address the changing landscape of cyber risk worldwide.
CFC Underwriting Director Andrew Holmes says: “We are delighted to welcome Vicky on board. Her appointment is part of a major investment we’re making in cyber and being able to attract one of the top underwriters from the current market leader is a real coup for us. I believe her appointment shows our commitment to bring on board leading industry professionals to drive constant expansion and innovation in existing lines of business as well as new areas at CFC.”
Commenting on her new role Paxton said: “I’ve always admired how CFC has been at the forefront of cyber risk and responsible for much of the innovation that we’ve seen in the market over recent years. It’s possibly the most dynamic class of business to be involved in as the risk landscape is constantly changing. I’m very excited at the prospect of being part of a business that is looking to push the boundaries in this area and others.”