Last 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.
Healthcare providers, like any business, are exposed to a range of cyber exposures, including malware attacks, which can have a devastating impact on their operations, especially in relation to system damage and business interruption costs.
In this month’s cyber claims case study we have reviewed a malware attack at a small hospital and how our policy assisted with making the hospital operational again. While many cyber policies exclude physical property and hardware replacement costs, the hospital’s cyber policy from CFC provided cover for these items.
Here are a few key points from the case study:
- Healthcare organisations have often seen their cyber risk as being primarily about data breaches, but the impact of other cyber events like malware attacks can be just as severe.
- Any business that relies on computer systems to operate can have a substantial exposure, particularly when it comes to system damage and business interruption costs.
- Some cyber insurance policies only cover data breaches, but it’s important to also consider operational interruption costs that could be incurred by a destructive malware
Read the full case study here and look out for our next Cyber Claims Case Study next month
Cyber risk often touches companies in unexpected ways. In May 2017, an engineering firm learned this when it lost access every last piece of data it held. This included all of the firm’s technical drawings, prints and complex design specifications.
We’ve created a in-depth case study about the event and how our policy helped calculate and cover the financial loss associated with total data re-creation. Here are a few takeaways:
• Even if an organisation is not storing personal data, they are still likely to have cyber exposures.
• Any business that relies on computer systems to generate or store business critical information is vulnerable to cyber risks if they lose or are unable to access their digital files, and purchasing a cyber insurance policy that provides appropriate cover is a key way of managing these risks.
• There is a key difference between data recovery and data re-creation. Lots of cyber policies will only cover the cost to recover data from back-ups, not the cost to re-create data. CFC’s cyber policy provides cover to re-create data from scratch.
Read the full case study by clicking on the link below, and stay tuned for more Cyber Claims Case Studies, now coming to you monthly.
Read the full case study here
We’re pleased to announce that we’ve partnered with CyberScout™, identity management and data theft service experts, to offer innovative, best-in-class cyber support services to our customers internationally.
“Cyber risk has become a fact of life for every organisation in today’s connected world,” said Anthony Hess, Head of Incident Response at CFC. “As cyber crime becomes more complex and sophisticated, partner network providers like CyberScout can round out in-house capabilities with their own expertise, and can offer innovative, high-quality services on a global scale.”
CyberScout provides CFC customers with help in three areas: identity theft remediation, consumer notification and cyber fraud monitoring. Our customers now have the option of direct access to CyberScout’s highly experienced fraud specialists. In annual customer surveys, CyberScout earns 99% satisfaction ratings, year after year. These services complement our current offerings which include a wide range of internal and partner-provided risk management services as well as our in-house incident response team, which is activated by an award-winning cyber incident response app 24 hours a day, 7 days a week.
“With this partnership, CyberScout looks forward to collaborating with CFC Underwriting and its underwriters in the London Market,” said Tom Spier, CyberScout’s International Director of Business Development. “Already CyberScout offers its services to millions of consumers in partnership with 16 of the top 20 U.S. property and casualty insurance carriers, and six of the top seven Canadian insurers, as well as global Lloyd’s Syndicates.”
We have developed our Cyber Incident Response app to make managing incidents easier, faster and more efficient – in other words, less stressful. It provides policyholders with easy access to our 24/7 global cyber incident response centre, and with a focus on customer service excellence, our app is a crucial tool for incident management. At the click of a button, users can report incidents, notify claims and request urgent assistance at any time of the day or night. The app also includes a wide array of additional features including cyber and tech news, policy reference and incident response team coordination.
Our video is a helpful guide to how the app works and its key benefits. Watch it today and then download the app to try it out yourself. It is available for free on Apple iTunes and Google Play platforms – simply search for ‘CFC cyber incident response’, and once installed, use our demo account to trial the service:
Share the video with your CFC cyber policyholder clients today and encourage them to give the app a go – we’re confident they’ll like it!