Specialist insurance provider CFC has announced that it is introducing policy encryption for its cyber insurance policies, with the firm noting that it is the first provider in the industry to do so.
CFC suggests that providing this additional layer of security for its customers is another critical step to keeping them safe from cyber threats.
The firm will achieve this by leveraging its market-first mobile app for cyber to deliver the encryption key to insureds.
James Burns, Head of Cyber at CFC, said, “Our goal is to ensure that should a customer’s policy documents fall into the wrong hands, it can’t be used as leverage in an extortion attempt.
“While it’s rare for cyber policies to be the focus of a cyberattack, we have seen the size of some ransom demands closely correlate with the limits available under a customer’s cyber policy.
“Cyber extortion continues to be a leading cause of claims so it only makes sense for us to offer this additional layer of protection – and peace of mind – for our cyber customers.”
CFC states that an initial pilot of the new technology among UK customers has been well received, with brokers and customers applauding the ease of use and the extra security.
Burns continued, “Our broker partners see the value in policy encryption – not only in protecting their clients, but also as another differentiator in working with CFC.
“With over two decades in cyber, we’re constantly innovating solutions for our cyber customers, whether that’s our proactive cyber security services that protect them from the moment they bind, our industry-first mobile app, or our market-leading claims handling and incident response.”
In related news, CFC recently announced the appointment of Scott Bailey as Cyber Underwriting Leader.
Bailey returned to CFC after almost a decade of service at Markel International. Earlier in his career, Bailey spent 12 years working at CFC, where he managed the firm’s technology and media division.
