Specialist insurer CFC has announced the release of its new cyber excess solution, which gives small and medium sized businesses access to up to $10 million of excess cyber capacity.
Offered globally and built for organisations with up to $1 billion in revenue, the policy also provides an automatic reinstatement of the excess limit as standard.
This is designed to help ensure that clients are protected against the likelihood of multiple cyber events during a single policy period.
“As cyber risk has become more pronounced and the severity of losses has gotten worse, organizations have been proactively buying increased limits on their cyber policies,” said James Burns, Cyber Product Leader at CFC.
“By providing a solution which gives clients not only the additional limit they need, but also an additional reinstatement of that limit in case the worst does happen again, we are ensuring ultimate peace of mind in an increasingly perilous cyber landscape.”
The new cyber excess offering will also feature several ‘dropdown’ coverages which can top up cover provided in the primary cyber policy.
These include Side A cover for lawsuits against directors and officers arising directly out of a cyber event, up to $1 million of primary cover for theft of funds of senior executive officers, and a top up of the primary limit for wire transfer fraud.
CFC will also provide policyholders with access to its full suite of cyber risk management tools, which include phishing simulations, breach monitoring, and incident response templates.