CFC encrypts cyber insurance policies
CFC encrypts cyber insurance policies
20 February 2023
Cyber specialist CFC has introduced policy encryption for its cyber insurance policies, and says it’s the first provider in the industry to do so.
The new measure aims to reduce leverage in the event of an extortion attempt. CFC’s mobile app enables it to deliver the encryption key to insureds.
Head of Cyber James Burns says although it is rare for cyber policies to be the focus of a cyberattack, CFC has seen ransom demands that closely correlate with the limits available under a customer’s cyber policy.
An initial pilot of the new technology among UK customers was well received, he said, with brokers and customers applauding the extra security.
“Our broker partners see the value in policy encryption,” Mr Burns said. “Cyber extortion continues to be a leading cause of claims so it only makes sense for us to offer this additional layer of protection.”
CFC has built market leading positions in Australia, the UK and Canada and is a top five provider in the US. Over 80,000 businesses use CFC cyber insurance coverage, and its premium is approaching $1 billion.
