What’s new in the world of Cyber Insurance?
Specialist cyber insurance adviser Matthew Clark takes a look at the new features of CFC’s cyber incident response app
October is Cyber Security Awareness month. There’s a lot of chat about cyber out there at the moment and as a specialist adviser for cyber insurance I wanted to let you all know what’s grabbed my attention this month in the world of Cyber Insurance.
As the next generation of insurance advisory business, at Partners&. my team and I are always looking to work with the best. CFC Underwriting are pioneers in cyber insurance and have just launched an upgraded version of their award-winning cyber incident response app.
Why has that got my attention? The new features in the app really are market leading:
- Proactive Threat Intel Alerts: A key feature of the new app is the proactive capability to reach out directly to cyber insurance policy holders with targeted and time-sensitive threat intelligence, helping clients to better protect themselves from cyber incidents before they happen, and stay one step ahead of the attackers. These are not the usual ‘general advisories’ where underwriters see trends, although it’s that too – it’s specific alerts to do with that individual client!
- Ask the Expert: The app now boasts an ‘Ask the Expert’ service that provides policyholders with access to CFC’s in-house team of technical specialists, providing prompt answers to cyber risk mitigation, industry best practices, and compliance/legal enquiries
- Incident Reporting/Notification: The incident notification functionality still triggers an immediate call-back from the CFC Response IR team, but they have revamped the underlying questions set to better reflect the changing threat landscape
Having been impressed by what this app can offer, I asked CFC’s Cyber Development Leader Lindsey Nelson for some insight into how the app has been received so far:
“I genuinely believe this is a game-changer in the UK cyber market and takes risk management to the next level. It equally ensures longevity and stability of the cyber landscape specifically with the proactive alerts if we can get ahead of claims before they happen. We’ve been trialling this feature out very successfully in the last few weeks where we’ve found insured’s credentials over the dark web (as an example), alerted the policyholder and resolved the situation before they were even aware of an issue – and the feedback from clients has been outstanding.”
We at Partners&. are proud to have our cyber insurance services underwritten by CFC Underwriting and be able to offer our clients services at the forefront of the fight against cyber-crime.