2017 London Market Cyber Symposium

Cyber Symposium panel stage with Tim Berners-Lee speakingThank you to all those who joined us at the London Market Cyber Symposium last week. We hope everyone found the contributions by our three speakers – Mark Hughes from BT, Rob Wainwright from Europol, and Sir Tim Berners-Lee of ‘the Web’ fame – insightful and inspiring. We certainly also enjoyed the panel sessions, expertly moderated by Mark Geoghegan, and were pleased that so many thought-provoking questions were put to them by the audience. One of our personal highlights was seeing so many industry peers and partners in the same room – and quite a few of them strutting their stuff on the dancefloor later that night! For those who missed the chance to attend, we will be posting a highlights video of the event next week, so make a note to check back then. In the meantime, we hope you enjoy this selection of photos from the event.

 

CFC launches event package policy

CFC launches event package policyWe’re happy to announce that we have expanded our contingency insurance offering with the launch of a brand new event insurance package policy in the US and Canada.

This new solution enables brokers to deliver to their clients comprehensive event cancellation as well as general liability and property cover for the event all under one policy. Also available on a standalone basis, the event cancellation component covers the costs associated with an event being cancelled, abandoned, postponed, or relocated for reasons outside of the insured’s control, including the non-appearance of a participant.

Matt Helm, Contingency Practice Leader at CFC, explains: “When it comes to events, there are a lot of moving parts and a lot can go wrong if the unforeseeable happens. Historically, brokers have had to pull a patchwork of policies together to provide their clients with comprehensive cover. That has changed with the introduction of our new event insurance policy. Our broad package solution provides limits of up to $5m in the US and $10m in Canada, and gives brokers and clients a one-stop-shop saving them both time and money.”

CFC’s new product enables organisers to protect the financial investment of their event including everything from agreements with spectators, staff and performers to building and contents damage. Optional extras include cover for terrorism, adverse weather, earthquakes, communicable diseases and non-appearance.

The policy will be available in other territories in the following months. Stay tuned!

CFC to host Fringe event at BIBA 2017


CFC to host Fringe event at BIBA 2017 As the provider of BIBA’s cyber and product recall schemes, we are pleased to be hosting our first-ever fringe event at this year’s conference in Manchester.

The event will take place between 13.15 and 14.00 on Wednesday 10 May. To register to attend simply click on this link: https://www.biba2017.co.uk/the-fringe/wednesday-session-1. Places are limited and are on a first come first serve basis.

Following the recent launch of our cyber incident response app and revamp of our market-leading cyber product, the CFC session will focus on how the fast-paced nature of cyber threats and technological development necessitates ever-evolving insurance and incident response solutions. The event will also explore some of the myths and misunderstandings that surround the world of cyber insurance.

We will also be challenging delegates attending the event to show off their quirky side and compete for selfie stardom. Located on stand B51, brokers can visit our selfie booth and go a little wild with the props provided. Serious, goofy, funny or just downright strange … the best will be rewarded!

Selfie-snapping aside, delegates will have the opportunity to meet CFC’s underwriting experts managing both the cyber and the product recall schemes to find out more about each proposition and the benefits they deliver to BIBA members and their clients, as well as the many other specialty products available from CFC.

CFC Business Development Director, Pat Brice, says: “While insurance is undoubtedly a serious business, the coming together of the great and the good of our industry at BIBA 2017 is also an opportunity to have some fun. We’re all about looking at things differently, so we thought why not let BIBA delegates do the same, even if just for a few minutes! Of course we’ll also be talking about what’s going on in the market and what we’re doing to constantly challenge the status quo and deliver innovative insurance solutions for BIBA members.”

We look forward to seeing you there!

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!

2015 CFC Halloween Party photos now up!

Thank you so much to everyone who was able to attend our 5th annual Halloween Party in London a couple weeks ago. We hope you are all recovered from another great night and thanks for the awesome effort on costumes – we were all really impressed!

Take a look at the professional photos from the night in this post and if you want to comment, why not use Twitter hash #CFCHalloween2015

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2014 CFC Halloween Party photos are up!

Thank you so much to everyone who was able to attend our 4th annual Halloween Bash! You all really outdid yourselves with the tremendous effort on costumes and we hope you had a great time. We definitely had a blast.

Below are some professional pics from the night – browse away! To access the photo booth photos, click here and use the password PB8.

Did you have a great night? Tell us about it on Twitter using #CFCHalloween2014.

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2013 Halloween party photos!

We hope everyone who was able to attend our 3rd annual Halloween party has had time to recover – thank you so much for coming along! We all had a fantastic night and the effort made with costumes this year was amazing. Awarding a best-dressed on the night hardly seems fair looking back… there were just too many killer costumes to choose from!

Below are some pics from the night. To access the photo booth photos, click here and use the password PB18.

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