London-headquartered specialist insurer CFC has expanded its cyber insurance offering to include business interruption triggered by an IT system failure as well as a malicious event.
Also included in the updated policy is full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of technology suppliers as well as those of non-technology suppliers where named.
CFC states that it is the only provider of cyber insurance to offer this protection with unlimited reinstatements as standard.
“Cyber insurance is about much more than a data breach. The costs associated with system failure or downtime following a cyber attack, like ransomware, can be hugely detrimental to a business and shouldn’t be overlooked when purchasing a cyber insurance policy,” said James Burns, cyber product leader at CFC.
Affirmative crime cover has also been included, a move designed to protect against what is known as ‘cryptojacking’, when a hacker harnesses the processing power of a victim’s network to mine cryptocurrency.
“By extending the triggers and breadth of our business interruption cover to address the real-world needs of our clients, CFC is delivering the most compelling first party cyber cover in the market,” Burns added.
“Cybercrime is the single biggest driver of cyber claims that we see worldwide, with hackers using a variety of methods and attacks to steal money and data from unsuspecting businesses. Our customers need to know they’re covered no matter the threat.”
