Specialist insurer CFC has announced the launch of a free tool designed to help brokers sell cyber insurance.
The new cyber risk heat map has been built from data that relates to 2,500 cyber claims that CFC has dealt with over the past 24 months, as well as trends that the firm’s incident response team is witnessing externally.
CFC explains that a colour-coded graph ranks the severity of various different industries’ exposure to business interruption losses, privacy, and cybercrime and also includes some examples of how these risks can develop for different types of companies.
James Burns, Cyber Product Leader at CFC, commented: “Cyber insurance has a long reputation as a privacy liability product for businesses that hold sensitive data – but privacy exposure isn’t the only risk facing businesses today.
“In fact, cybercriminals are increasingly targeting traditional industries that hold almost no sensitive data at all, whether through ransomware attacks that halt operations or business email compromise scams that result in wiring payments to fraudulent accounts.
“For brokers wanting to start a conversation about cyber insurance with their clients, it’s important to focus on areas that are relevant to the industry in which they operate. Our new cyber risk heat map helps them to easily identify the exposure hot spots for a wide range of industry sectors as well as providing a few scenarios specific to their client’s sector to get the conversation rolling.”
The new tool is free to download and provides brokers with another mechanism designed to help them cut through jargon and buzzwords that are prominent in the cyber risk landscape, ultimately helping brokers to show how cyber insurance works for specific industries, which in turn is hoped will increase demand for coverage.