The GDPR deadline is fast approaching, and unlike the current Data Protection Principles, it applies not just to data controllers (i.e. business who collect customer data and determine how that data is used), but also data processors (i.e. firms who handle or process data on behalf of data controllers). Many of the technology firms that CFC insures are data processors, and will therefore face new responsibilities and dramatically steeper penalties for failing to protect customer data.
In order to help these companies understand their GDPR exposure, CFC will be holding two seminars in partnership with top UK law firm Weightmans on 22 March and 23 March – GDPR for Data Processors. We will be exploring what GDPR means for data processors, what their obligations are, and what they need to know if their data is lost or stolen. To sign up for these events, simply RSVP using the button below.
GDPR for Data Processors
CFC is also offering a free, one-hour GDPR readiness phone consultation with Weightmans for all UK technology insureds. Interested customers can contact GDPR@cfcunderwriting.com to book their session.
GDPR Readiness Consultation
Unable to attend a seminar or just want to learn more? Download our one-page GDPR Quick Guide for Data Processors exploring what GDPR means for data processors and what these companies should do to prepare.
GDPR Quick Guide for Data Processors
CFC is proud to announce the appointment of Neil Beaton to build a new team focused on developing a suite of products for financial institutions.
Prior to joining CFC, Neil was Head of Financial Lines at Newline Group. He brings extensive experience of underwriting all types of financial institutions across a range of jurisdictions including the UK, Europe, the US, Asia Pacific and Australasia.
CFC Chief Underwriting Officer, Andrew Holmes, comments: “The look and feel of financial institutions is changing as they utilise more and more technology in their core operations. This evolution presents financial institutions with a new range of exposures which we believe the insurance market is not adequately addressing, whether that is a product designed for the new breed of Fintech companies or a crime proposition which properly caters for the way crime against financial institutions is committed in 2017. With CFC’s expertise in cyber and technology allied to Neil’s extensive experience of insuring financial institutions, we believe there is an exciting opportunity to bring a modern and relevant product set to this market.
“Neil is regarded in the London Market as a highly experienced financial institutions underwriter with a track record of sourcing and writing profitable business. I am delighted that we have attracted someone of his stature and skillset to create a suite of modern, market-leading products that will challenge the status quo of the financial institutions market.”
Today we’re happy to announce the launch of our revamped insurance proposition for technology companies worldwide.
In what represents a significant upgrade to our existing proposition, the new look product adds a number of valuable cover elements to protect technology companies against the emerging risks that they face in the running of their businesses.
This includes clear, unambiguous cover for breach of a client contract, which is available up to the full policy limit. Furthermore, the new policy reflects modern contracting practices within the technology industry by including an updated waiver of subrogation condition and a clear allocation of any future recoveries.
The new product also provides policyholders with CFC’s award-winning cyber cover including comprehensive cyber crime and access to its internal cyber incident response team with a nil deductible.
CFC’s Head of Emerging Risk, Matthew Taylor, says: “Our revamped product delivers next generation cover for next generation companies. The risks faced by tech businesses are changing as rapidly as technology itself and insurance policies have to evolve to reflect this. Having consulted with our broker partners and their clients, we’ve introduced some major enhancements to our existing product and we’re confident that CFC offers technology companies a well-rounded policy that truly meets their needs.”
Our product for technology companies also includes affirmative cover for bodily injury and property damage, cover for claims alleging an infringement of intellectual property rights, and because claims alleging negligent or unsatisfactory work are usually accompanied by a demand for a refund, the policy does not include a refund of fees exclusion like many others on the market.
We’ve enhanced our proposition for UK-based technology companies by adding the option of patent infringement cover – something rarely provided by other insurers to this industry sector.
Success in the tech sector often depends on the ability to create unique products and build on older ideas to develop new solutions. This means there is the risk of inadvertently trespassing onto others’ intellectual property (IP) which can result in costly legal proceedings.
CFC’s patent infringement cover helps tech businesses defend against these types of claims, covering legal fees and other expenses such as settlement pay-outs. Equally important, it gives insureds access to our experienced claims team and its selected panel of specialist patent litigators – a service that is essential in what is a highly specialised area of law that typically requires experienced counsel able to quickly establish a defence strategy.
CFC’s UK Tech & Media Team Leader, Kenny Carmichael, says: “Given the nature of the tech landscape, it is important for businesses to protect against patent risks. However, historically, this kind of cover for tech companies has been both complicated to obtain and often unaffordable. Recognising this gap, we streamlined our underwriting process for these types of risks, giving our clients the option to easily add broad, affordable patent cover to their policy.”
CFC’s existing policy for technology providers already provides defence of intellectual property rights infringement such as allegations of copyright or trademark infringement. It also includes extensive cyber and privacy cover as well as clear, unambiguous cover for breach of contract and bodily injury and property damage cover. Worldwide cover is provided as standard.
View the product leaflet here.
When an incident occurs, the key to successfully managing the situation is acting fast and getting the right support at the right time. Policy documents are often filed away for the records, not daily use or reference, and finding the correct phone number to report an incident can be a hassle when ransomware has the system in lock-down. That is why we have developed our Cyber Incident Response app – providing policyholders with easy access to our 24/7 global cyber incident response centre.
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.
Having been previously recognised for our exceptional use of technology to improve customer experience, we felt it was time to prove our innovation chops once more and develop a game-changer in incident response management. We are confident the app will prove a valuable complement to our in-house team of specialists, one of the largest and most experienced cyber claims teams in the London market. We plan to further expand app functionalities over the year and look forward to sharing these updates with our partners.
Download the app today
The app is available for free on Apple iTunes and Google Play platforms. Simply search for ‘CFC cyber incident response’, and once downloaded, use our demo account to trial the service.
- User: DemoUser@cfcunderwriting.com
- Password: D3M0U53R
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.”