Specialist insurance provider, CFC, is now offering small and medium-sized enterprises add-on cyber coverage to their packaged insurance policies for professional services businesses.
The insurer is offering broad cybercrime coverage, as well as giving SMEs access to proactive cyberattack prevention services and incident response capabilities.
“Extending the current cyber add-on with new cybercrime cover and our proactive prevention service could well be a game-changer for SMEs unable to stretch budgets to full standalone cyber cover,” says Tim Boyce, Head of Professions & Healthcare at CFC.
He added: “We’ve seen an increasing number choose our cyber add-on as part of their professional liability package over the past couple of years, demonstrating a growing awareness and understanding that cyber represents a potential risk to their business.
“At the same time, the threat landscape for cyber is constantly changing so our new extension will not only bolster their cyber security but help them keep up with the ever-changing nature of cyber risks.”
The new extension to the cyber add-on includes access to CFC’s proprietary proactive monitoring and threat intelligence services to help stop cyber attacks before they happen, as well as instant threat alerts via the insurer’s Response App – which also enables SMEs to report a cyber incident and access cyber security support.
Other key highlights include cover for funds transfer fraud which made up over a quarter (28%) of professions policyholder cyber claims in 2022; and cover for financial loss associated with business interruption caused by a cyber event, and the costs of restoring data and getting a business back up and running after a cyber event; among other benefits.
“With many SMEs buying a professional liability policy for the first time due to contractual obligations with their business partners, our cyber add-on makes it easy for them to also benefit from market-leading cyber protection at a price they can afford,” Boyce said.
“At the same time, we’re making it easier for brokers to open the door to the value of cyber cover to these clients without having to bind another policy. Any increase in the number of SMEs purchasing some form of cyber cover is good news for those businesses and for our industry alike.”
